Insurance Regulations

News & Analysis as of

Federal Regulation of Fixed Equity Indexed Annuities Redux?

When SEC Commissioner Luis A. Aguilar recently cited "the need for the Commission and state regulators to focus on combatting fraud involving complex securities" including "equity-indexed annuities," he did not discuss...more

Statutory Accounting Fraud Under RICO

Echoing New York’s regulatory criticism concerning the use of captive reinsurers and similar allegations in recent class actions filed against several New York life insurers, an annuity contract owner has filed a putative...more

The Insurance Examination Privilege Just Became Important

When a U.S. insurance regulator investigates market conduct or financial solvency, its work is governed by a state law based on the NAIC Model Law on Examinations. Like the Model Law, all state laws strictly protect the...more

Credit For Reinsurance Laws – 2015 Legislative And Regulatory Developments

During the first half of 2015, state legislatures and state insurance departments continued to revise state credit for reinsurance laws and regulations. The majority of these legislative and regulatory developments are due to...more

IREG Update

State insurance commissioners take on price optimization - To date, four states—California, Florida, Maryland and Ohio—have issued formal bulletins and memoranda, prohibiting the practice of “price optimization” by...more

Striking Down Regulation On Replacement Cost Estimates, A California Court Heads Off Policyholder Litigation

Last week, in Association of California Ins. Cos. v. Jones, B238622 (Cal. Ct. App. Apr. 8, 2015), a California appellate court affirmed a decision that invalidated a regulation governing estimates of replacement costs made by...more

2013 Insurance Industry Year End Review and Forecast for 2014 (Global)

The tectonic plates of insurance regulation are shifting – with reverberations across the industry. The industry is also faced with significant commercial pressures, including a flood of third-party capital; persistent...more

Top Regulatory Issues for the Insurance Industry in 2014?

The answer depends on whom you ask, of course - and, as Hilary Rowen, partner at law firm Sedgwick LLP, noted: it can also differ by insurance industry sector. Here’s what we heard back....more

FIO Focus - December 2013, Issue No. 44

The Federal Insurance Office (FIO) released its long-awaited report, "How to Modernize and Improve the System of Insurance Regulation in the United States" (Report) on December 12, 2013. In its Report, the FIO acknowledges...more

California Insurance Laws Enacted in 2013

October 13, 2013 was the deadline for Governor Jerry Brown to act on bills passed by the California Legislature this year. Here are summaries of noteworthy insurance-related bills which Governor Brown signed into law. Unless...more

"Hot fun in the summertime": insurance regulatory activity heats up

The now iconic song of 1969 aptly describes the insurance regulatory activity we are seeing in the summer of 2013. During the last two weeks of July, the International Association of Insurance Supervisors (IAIS)...more

Australia: Section 6 - Charges doesn't extend to Defence Costs

In a unanimous decision, five justices of the New South Wales (NSW) Court of Appeal found that in circumstances where a section 6 (s6) charge has been asserted on insurance moneys, that charge would not extend to insurance...more

Superstorm Sandy – NY Governor Cuomo Issues Executive Order Regarding Adjuster Licenses

It has been a month since Superstorm Sandy hit the east coast causing tens of billions of dollars of damage to homes and businesses. On the insurance front, various states have revised regulations or issued executive orders...more

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