The New York Department of Financial Services (DFS) has issued Insurance Circular Letter No. 5 (2021) (Circular Letter) relating to insurer diversity in the boardroom and C-suite. The Circular Letter outlines new...more
All firms should take note of the FCA’s latest feedback on SMCR implementation. In its latest piece of feedback on firms’ implementation of the SMCR, the FCA indicated that firms must improve their implementation of the...more
In August, Kevin Kelcourse, the associate director for examinations at the SEC’s Boston Regional Office, confirmed that his office has been making "surprise" examination visits to registered advisers in the region. ...more
The Tennessee Department of Commerce and Insurance has substantially revised its rules for captive insurance companies. Significant changes include...more
In response to substantial industry frustration with the examinations and investigations conducted by the Minnesota Department of Commerce, the 2017 session of the Minnesota Legislature just enacted several significant...more
- AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial - Potential Secondary Effects of Regulatory Examinations: Evidentiary Issues and Preclusion in Parallel Litigation - On The Horizon: Global...more
Increasingly aggressive and adversarial examinations by state regulators can expose insurers to troubling evidentiary issues in subsequent individual and class action litigation. Plaintiffs’ counsel may seek to admit into...more
Shortly after the discovery of a cybersecurity breach at the health insurance company Anthem, Inc., the National Association of Insurance Commissioners (NAIC) called for a multi-state examination of Anthem’s cybersecurity...more
On February 8, 2015, the New York State Department of Financial Services (“DFS”) issued a Report on Cyber Security in the Insurance Sector (the “Report”) and disclosed a series of steps it will be taking to bolster...more