NAIC

News & Analysis as of

NAIC Amps Up Cybersecurity Oversight

The NAIC has begun its efforts to amp up state insurance department oversight of cybersecurity practices with the release of two documents for public comment. The first, entitled Principles for Effective Cybersecurity...more

Evolving Audit Committee Standards for Texas Insurers

Effective January 1, 2010, the National Association of Insurance Commissioners (NAIC) adopted the Annual Financial Reporting Model Regulations (Model Audit Rule), which among other requirements, substantially expanded the...more

NAIC Considers Proposal Which Might Expand The Market For Cat Bonds Among Life Insurance Companies

At the November 17, 2014 meeting of the Valuation of Securities Task Force of the NAIC’s Financial Condition (E) Committee, a proposal was received from the North American CRO [Chief Risk Officers] Council to modify the...more

Interim TRIA Guidance Issued By Department Of Treasury

As previously reported, the Terrorism Risk Insurance Act (“TRIA” or the “Program”) was re-authorized and signed into law on January 12, 2015 (the “Reauthorization Act”). On February 4, 2015, the Department of Treasury...more

Cyber Risk as a Regulatory Issue: Tales of Encryption

Spurred by the prescient reporting found in this space (and, just maybe, by the Anthem data breach, which occurred a week later), insurance regulators have recently engaged in a flurry of regulatory activity relating to cyber...more

Insurance Topics We Will Be Watching in 2015

With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2015. Forces, trends and events that we believe will affect regulation, transactions and...more

New Year, New Potential for UK and European Private Placements

Week two of the New Year marked a significant step in the development of the European Private Placement Market: The Loan Market Association (LMA) launched template documents for use in European private placement transactions....more

Florida Implementing New Insurance Agency Licensing Law

In 2014, the Florida Legislature enacted a law that makes significant changes to the way insurance agencies are licensed in Florida. The new law amends Florida’s insurance agency licensure law, and is intended to streamline...more

Expect Focus - Spot The Regulator, Volume IV, Fall 2014

In This Issue: - IN THE SPOTLIGHT ..Crisis Management: Five Steps to Take Before Providing That Comment - LIFE INSURANCE ..Third Circuit Limits ERISA Fiduciary Liability to those with Ultimate...more

National Association of Registered Agents and Brokers Reform Act of 2015 Signed Into Law

The National Association of Registered Agents and Brokers Reform Act of 2015 (NARAB Reform Act) amends the Gramm-Leach-Bliley Act and establishes the National Association of Registered Agents and Brokers (Association). ...more

Connecticut Revises Financial Reporting Requirements

The Connecticut Insurance Department has issued two Bulletins revising certain financial reporting requirements for certain insurers. Bulletin FS-4AR-14 (November 25, 2014) revises the annual financial filing requirements...more

Several Large Insurance Industry Mergers Announced as 2014 Comes to a Close

As 2014 came to a close, several significant insurance industry transactions were announced that, if completed, will likely reshape several segments of the insurance industry in 2015. Each of them, of course, will require...more

Will Any Matters Addressed at the NAIC’s 2014 Fall National Meeting Reach the Playoffs?

Like hopeful NCAA college football teams, several matters affecting life and annuity products looked, in 2014, like they would make the playoffs and finally be resolved in early 2015. - The review of Principle-Based...more

Florida Remains a Non-Member of The Interstate Insurance Product Regulation Commission

During the Summer NAIC meeting, the Interstate Insurance Product Regulation Commission (IIPRC) confirmed it does not recognize Florida as having entered the IIPRC Compact because Florida’s Compact Statute contains material...more

NAIC Approves Seven Foreign Countries As Qualified Jurisdictions For Reinsurance Collateral Reduction Requirements And Announces...

At its December 11, 2014 meeting, the National Association of Insurance Commissioners (NAIC) approved seven foreign countries as Qualified Jurisdictions so that reinsurers licensed and domiciled in those jurisdictions will be...more

The National Association of Insurance Commissioners Weigh in on Issues of Network Adequacy

Network adequacy—a health plan’s ability to provide timely access to a sufficient number in-network providers—has become a matter of increased scrutiny during these early years of ACA implementation; Many consumer and...more

National Association of Insurance Commissioners Releases Draft Model Law Updating Managed Care Adequacy Model Act

On November 12, 2014, the National Association of Insurance Commissioners (“NAIC”) released a draft model law updating the NAIC’s Managed Care Network Adequacy Model Act. The NAIC regularly creates model laws to serve as...more

NAIC Adopts Corporate Governance Annual Disclosure Models – What All Insurers Need To Know

Insurers should be preparing now to comply with a significant new annual filing requirement on corporate governance. Understanding the type and scope of information that must be filed is critical to preparing for this new...more

NAIC 2014 Fall National Meeting and Congressional Hearing on Global Standards in Insurance Regulation

The National Association of Insurance Commissioners (NAIC) met for its Fall National Meeting in Washington, D.C. from November 14th through November 19th. As with prior meetings, competition among state, Federal and...more

FIO Focus, No.67 - Hearing on the Impact of International Regulatory Standards

On November 18, 2014, the Housing and Insurance Subcommittee of the House Committee on Financial Services held a hearing on “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II.”...more

Special Edition: Title Insurance Regulatory and Legislative Update

New York Title Insurance Agent Licensing Statute: Business entities and individuals who meet the conditions set forth in New York Insurance Law section 2101(y)(1) are required to become licensed. Business entity licensees...more

Trick or Treat? Halloween Meeting of NAIC's Contingent Deferred Annuity Working Group

During its October 31 conference call, the NAIC's Contingent Deferred Annuity (CDA) Working Group startled issuers and those considering issuing CDAs by reawakening a discussion on whether CDAs should contain nonforfeiture or...more

Rhode Island Division Of Insurance Amends Credit For Reinsurance Regulation

Effective September 2, 2014, Insurance Regulation 59 entitled “Credit for Reinsurance” is amended to update the regulation to the current version of the National Association of Insurance Commissioners (NAIC) Model Regulation...more

FIO Focus, Issue No. 62: FIO Issues Second Annual Report

Pursuant to its mandate under the Dodd-Frank Act, the Federal Insurance Office (FIO) recently issued its second Annual Report on the Insurance Industry (Report). The Report provides information about the financial condition...more

Expect Focus - Regulators Are Watching: New Products, New Opportunities, New Risks - Volume III, Summer 2014

In This Issue: - IN THE SPOTLIGHT ..Standard CGL Policy Form Adds Data Breach Coverage Exclusion - LIFE INSURANCE ..Class Claims Against Lincoln National Barred in Section 419 Action – Again ...more

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