Under Federal Law, the Group Capital Calculation (GCC) is the means through which states put in place a “worldwide group capital calculation” to avoid the European Union from imposing a group capital requirement of its own on...more
In 2020, the National Association of Insurance Commissioners (the NAIC) revised the Insurance Holding Company System Regulatory Act (the “Model Law”) and Insurance Holding Company System Model Regulation (the “Model...more
The Hong Kong government recently announced that the insurance group-wide supervision framework (GWS framework) will commence on 29 March 2021. The GWS framework will be implemented via the Insurance (Amendment) (No. 2)...more
On Monday, August 17, 2015, California Assembly Bill 553 was signed by Governor Jerry Brown, and became immediately effective. AB 553 adopts much of the NAIC’s Model Corporate Governance Annual Disclosure Model Act, along...more
September 30, 2014, was the deadline for Governor Jerry Brown to take action on bills passed by the California Legislature during the 2014 regular legislative session. Here are summaries of noteworthy insurance-related bills...more
Pennsylvania insurers should be aware that proposed changes to Pennsylvania’s Insurance Holding Company regulations impose significant new requirements – especially for management agreements, service contracts, tax allocation...more
The New York Department of Financial Services has adopted amendments to its insurance holding company regulation, which are intended to (i) harmonize the regulation to the NAIC’s Model Insurance Holding Company System...more