NAIC

News & Analysis as of

IREG Update - Insurers and big data

Insurers and big data - Insurance companies are increasingly using “big data” to optimize all aspects of their businesses—from claims processing and marketing to underwriting and pricing. Recognizing this trend among...more

Privacy & Cybersecurity Newsletter: April 2016

What seems like a long time ago now, in 2011 PricewaterhouseCoopers (PwC) warned that “there is no question that law firms are among the companies being targeted by cyber criminals.” Despite this, many law firms believed (or...more

Technological and Information Concerns Highlight NAIC Spring 2016 National Meeting

The National Association of Insurance Commissioners (NAIC) Spring 2016 National Meeting, which was held from April 3 – 6 in New Orleans, offered insight into numerous issues being considered by state commissioners nationwide....more

Office Of Financial Research Issues Brief Analyzing Disclosures By Insurers Of 2014 Data Related To Captive Transactions

On March 17, 2016, the Office of Financial Research, an agency created by the Dodd-Frank Act of 2010 to analyze risk to the financial system, released a brief discussing “recent policy measures” by the NAIC “and the data that...more

IREG Update - Department of Health and Human Services and the Centers for Medicare and Medicaid Services take action to change the...

Department of Health and Human Services and the Centers for Medicare and Medicaid Services take action to change the risk adjustment methodology - In February, we wrote about the controversial effect of the federal risk...more

NAIC Preliminary Draft Insurance Data Security Model Law Draws Praise and Criticism

Early this month, the NAIC Cybersecurity (EX) Task Force released a preliminary working and discussion draft of an Insurance Data Security Model Law. While praise worthy in its effort to provide uniformity for data security...more

Highlights from the 12th Annual Insurance Public Policy Summit

For the 12th consecutive year, Faegre Baker Daniels and FaegreBD Consulting partnered with Networks Financial Institute (NFI) and the Scott College of Business at Indiana State University to present the Insurance Public...more

IREG Update - Changing exposures and concerns for directors and officers of private and nonprofit companies

Changing exposures and concerns for directors and officers of private and nonprofit companies - Last month, insurance professionals gathered in New York to attend the Professional Liability Underwriting Society’s D&O...more

The 2017 Exchange Regulations: Network Adequacy Challenges Remain

The Centers for Medicare and Medicaid Services (CMS) recently issued the final 2017 Benefit and Payment Parameters Rule (Final Rule) and concurrently released a final 2017 Letter to Issuers (Letter to Issuers) in the...more

NAIC IUL Illustration (A) Subgroup Approves Proposed Revisions to Actuarial Guideline 49 for Exposure and Comment

On February 24, the IUL Illustration (A) Subgroup of the Life Actuarial (A) Task Force approved proposed revisions to Actuarial Guideline 49 (A.G. 49) for exposure and comment. Among other things, A.G. 49, which was adopted...more

Insurance 2015 year-end review and forecast for 2016

Our Year-End Review and Forecast for 2016 reviews some of the more notable events and trends in the insurance industry over the past 12 months. Our crystal ball is a bit clouded by the scale and speed of changes we see, but...more

Maine Amends Rule Regarding Credit For Reinsurance

Effective January 24, 2016, Maine amended Bureau of Insurance Rule 740, Credit for Reinsurance, in order to implement the newly adopted provision of the Maine Credit-for-Reinsurance Act that allows reduced collateral for...more

NAIC Adopts Amendments To Credit For Reinsurance Model Law

The NAIC Executive (EX) Committee and Plenary adopted amendments to the Credit for Reinsurance Model Law (#785). These amendments are part of a larger effort to modernize reinsurance regulation in the United States. The...more

Federal court dismisses latest class action challenging long-term care insurance rate increases

On February 12, 2016, in Toulon v. Continental Cas. Co., an Illinois federal court dismissed with prejudice the latest class action suit against a long-term care (LTC) insurance company challenging the propriety of premium...more

NAIC Promotes Officers, Elects New Secretary-Treasurer

On February 7, 2016 during the Plenary meeting of the NAIC, members elected Wisconsin Commissioner Ted Nickel to fill the vacant President-Elect position. Sharon P. Clark resigned as Kentucky Insurance Commissioner on...more

"Cadillac" Healthcare Tax Delayed to 2020

The so-called "Cadillac Tax" on certain high-cost healthcare plans that was scheduled to take effect in 2018 has been delayed until January 1, 2020. This legislative change, which is part of the Consolidated Appropriations...more

Washington Adopts New Rules Regarding Credit For Reinsurance

The Office of the Insurance Commissioner for Washington State recently adopted rules that amend the existing Credit for Reinsurance rules within the state. In addition, that office adopted new rules to conform Washington’s...more

Women-Owned Small Businesses Can Now be Awarded Sole Source Federal Contracts

Effective December 31, 2015, contracting officers can make sole source awards to Women-Owned Small Businesses (WOSBs) and Economically Disadvantaged Women-Owned Small Businesses (EDWOSBs). See FAR 19.1506. ...more

Proposed Regulations Adopting NAIC’s Internal Audit Function Requirements Announced

Large insurers should be preparing now to comply with proposed regulations that adopt the NAIC’s internal audit function requirements. The internal audit function is designed to provide independent, objective and reasonable...more

Life and Annuity Series: Captive Reinsurance Class Actions

There have been several new class actions filed recently challenging “shadow insurance” transactions between life insurance companies and their “captive reinsurers.” Three of those class actions are in federal court in New...more

IREG Update - FHFA cuts off FHLB access to captives

FHFA cuts off FHLB access to captives - After considering input received in more than 1,300 comment letters submitted in response to a proposed rule issued in 2014, the Federal Housing Finance Agency (FHFA) issued its...more

Price Optimization: 2015 Year in Review and a Look Ahead

2015 saw approximately one-third of U.S. states join the first state, Maryland, in issuing guidance to property and casualty insurers with respect to price optimization; action by the National Association of Insurance...more

National Association of Registered Agents and Brokers Gets its First Board Nominees

On January 12, 2015, as part of H.R.26 (the Terrorism Risk Insurance Program Reauthorization Act of 2015), legislation authorizing the formation of the National Association of Registered Agents and Brokers (NARAB) became law....more

IREG Update - Price optimization

Price optimization update - Background - In June 2015, we reported that while four states had issued formal bulletins and memoranda prohibiting the practice of price optimization by property and casualty insurers,...more

NAIC Evaluates Insurer’s Use of Variable Annuity Captives, Price Optimization, and Big Data

At the National Association of Insurance Commissioners (NAIC) Fall National Meeting, regulators and consumer representatives continued to seek transparency on insurers’ use of annuity captive reinsurance transactions (VA...more

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