US Experience - Regulatory changes for the insurance industry

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The current shutdown in the US may be dominating the headlines but before the shutdown there was significant regulatory activity in the insurance industry that should not be forgotten. In July we saw the International Association of Insurance Supervisors identify the methodology for determining which global insurers will be Globally Systemically Important Insurers (G-SIIs). This and other associated announcements have sparked controversy as there will be additional obligations on G-SIIs.

We also seen at the National Association of Insurance Commissioners' joint Executive Committee and Plenary teleconference a number of proposals on captive and special purpose vehicle transactions, principles-based reserving (PBR) and corporate governance being adopted. To add to this activity, the New York Department of Financial Services (NDFS) has established a Private Equity Issues Working Group to review and address concerns arising from the increased investment activity of privacy equity in insurers. The NDFS has acted on its own initiative to impose higher policyholder protection standards for these types of transactions.

The regulatory activity is significant. To read more about what these changes mean please click here .

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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