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NAIC

Summer 2017 Sees Hot Developments in Regulating Insurer Capital and Life Reserve Financing

At the recent National Association of Insurance Commissioners (NAIC) Summer National Meeting held in Philadelphia from August 6, 2017, to August 9, 2017, the NAIC continued its work on group capital calculation standards,...more

NAIC Insurance Data Security Model Law to Be Presented for Adoption

by Baker Donelson on

Insurers and organizations regulated by state insurance departments need to be prepared to meet the requirements of the model data security law, which may be finalized this year. In late 2014, the National Association of...more

NAIC Cybersecurity Progress

by Locke Lord LLP on

On August 7, 2017, the NAIC’s Cybersecurity (EX) Working Group met in its continuing effort to develop a model cybersecurity law for the insurance industry. This effort, which commenced over a year ago, has taken a new...more

NAIC Report: 2017 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) met in Philadelphia, Pennsylvania for the 2017 Summer National Meeting from August 5-9. Commissioners, staff and interested parties alike converged in Philadelphia...more

NAIC Insurance Data Security Model Law Poised for Adoption

On August 7, 2017, the National Association of Insurance Commissioners (“NAIC”) Cybersecurity Working Group adopted as final, over one dissenting vote, the sixth draft of the NAIC Data Security Model Law. The next day, the...more

NAIC Takes Major Step Toward Final Approval of Insurance Data Security Model Law

In a flurry of approvals last week, the National Association of Insurance Commissioners (NAIC) took substantial steps toward finalizing its proposed Insurance Data Security Model Law during the 2017 NAIC Summer National...more

Interim Study Committees Set to Meet This Week

by Faegre Baker Daniels on

In the May 25 meeting of the Indiana Legislative Council, council leadership and members assigned topics to study in interim study committees. Those committees are set to start meeting this week. The committee meetings on the...more

NAIC Cybersecurity Working Group Votes to Approve Insurance Data Security Model Law

by Carlton Fields on

The National Association of Insurance Commissioners (NAIC) Cybersecurity (EX) Working Group (Cybersecurity WG) approved Version 6 (Finalized) of its Insurance Data Security Model Law (Model) on August 7 at the NAIC Summer...more

Captive Insurance Update | Issue No. 1 | 2017 - A summary of state and federal developments in the captive insurance industry

Changes at the Top - Republican Phil Scott was elected Governor of Vermont in November 2016, having previously served as Lieutenant Governor for six years. Governor Scott has re-appointed Michael Pieciak to serve as the...more

Capital Standards for US Insurers – What’s New?

The federal government, state insurance regulators and international regulatory bodies are all actively engaged in the development of capital standard calculations to be employed in the supervision of entities in their...more

West Virginia OIC Releases Summary of 2017 Insurance Legislation

by Steptoe & Johnson PLLC on

The West Virginia Office of the Insurance Commissioner has released Informational Letter No.199 summarizing significant insurance legislation enacted during the 2017 Regular Session and First Special Session of the West...more

NAIC Insurance Summit 2017: Innovation and Disruption Are Top of Mind for State Regulators

by Mintz Levin on

From May 22-26 Mintz Levin participated in the annual NAIC Insurance Summit in Kansas City. A main theme of this year’s Summit was technology and innovation. The Summit was remarkable in that it served as a meeting grounds...more

NAIC Report: 2017 Spring National Meeting

The NAIC’s 2016 Annual Report is titled, “Inspiring Innovation” and the themes of innovation and the new capabilities that technology offers were evident throughout the weekend. In March, the NAIC announced the creation of a...more

US-EU Covered Agreement: An Overview

On January 13, 2017, the then-US Secretary of the Treasury and the then-US Trade Representative (USTR) notified Congress that they had negotiated a covered agreement with the European Union (EU). Once the Covered Agreement...more

Expect Focus - Life Insurance: Risky Business, Volume I, March 2017

by Carlton Fields on

Regulators Demand Third-Party Risk Management - While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated...more

Sprouting Activity at the NAIC

by Carlton Fields on

Various NAIC groups have planted seeds for a number of regulatory initiatives that impact life insurers. The Cybersecurity Task Force has been tilling the ground in preparation for a third draft of the NAIC Cybersecurity...more

New York’s Cyber Regulation: A National Blueprint?

New York’s top banking regulator would like the state’s new sweeping – and highly detailed – cybersecurity regulation to serve as a national model for insurance companies in safeguarding their institutions from cybercrime....more

Kansas Strengthens Third Party Administrator Laws

by Polsinelli on

Kansas Senate Bill No. 22, which became effective on March 9, 2017, amends the Kansas Third Party Administrator laws and appears designed to make them more robust by incorporating much of the language from the new National...more

NAIC Model Cyber Law: Yet Another Regulatory Measure

The National Association of Insurance Commissioner’s (NAIC) model cybersecurity law will take center stage later this week at the group’s annual meeting in Denver. In its third draft, the Insurance Data Security Model...more

South Dakota Adopts Credit For Reinsurance Model Law

by Carlton Fields on

On March 6, 2017, the Governor of South Dakota signed into law House Bill 1045 conforming South Dakota law to the current version of the Credit for Reinsurance NAIC Model Law (Model 785). ...more

Issues to watch at the Denver NAIC Meeting

by Dentons on

As we head to the NAIC Spring National Meeting in Denver this weekend, here are just a few of the issues the Dentons IREG team will be engaged in...more

Excess and Surplus Lines Laws in the United States

by Locke Lord LLP on

Preface States’ Implementation Of NRRA IN 2016 - The Nonadmitted and Reinsurance Reform Act (“NRRA”) came into effect on July 21, 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The...more

Prospects Fade for NAIC Unclaimed Life Insurance and Annuities Model Act

by Carlton Fields on

The prospects for an NAIC Unclaimed Life Insurance and Annuities Model Act (“Model Act”) appear to be fading based on developments at the Unclaimed Life Insurance Benefits (A) Working Group’s March 7 meeting. The Working...more

The Empire (State) Strikes Back: Six Highlights of New York’s New Cybersecurity Regulations for Financial Institutions

by Poyner Spruill LLP on

The New York Department of Financial Services (NYDFS)’s finalized Cybersecurity Requirements for Financial Services Companies (“regulations”), went into effect on March 1, 2017. NYDFS has provided a 6 month safe harbor to...more

It’s March 1: The Cybersecurity Goal Post Has Been Moved

In an effort to combat the growing prevalence of large-scale corporate cyberattacks, the New York Department of Financial Services (“NYDFS”) is rolling out a revamped cybersecurity regulation for financial services companies...more

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Cybersecurity

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