NAIC

News & Analysis as of

Focus On International Standards

The influence of international standards on the direction of insurance regulation in the United States has dominated public discussion about insurance regulation during recent years. Nowhere was that more evident than in...more

NAIC Planning to Require Cybersecurity Insurance Data Submission

The National Association of Insurance Commissioners’ (“NAIC’s”) Cybersecurity Task Force and Property and Casualty Insurance Committee are jointly considering whether to require a cybersecurity insurance coverage supplement...more

Insurance Regulatory Bellwether: NAIC Adopts 12 Principles for Effective Cybersecurity for Regulators

The National Association of Insurance Commissioners (“NAIC”) is all over cybersecurity. On April 16, 2015, as a part of its aggressive work plan to help the insurance sector come up with an effective cybersecurity framework...more

Ohio Proposed Rule Regarding Alternative Reserve Methodology For Special Purpose Captives

The Ohio Department of Insurance has proposed a new rule, Rule 3901-11-05 (the “Proposed Rule”), to establish a process and method that allow a special purpose financial insurance company captive (a “SPFIC Captive”) to...more

Where Are We Now? The NIST Cybersecurity Framework One Year Later

The National Institute of Standards and Technology (NIST) released its Cybersecurity Framework (Framework) almost 15 months ago and charged critical infrastructure companies within the United States to improve their...more

NAIC Adopts Cybersecurity Regulatory Principles – What’s Important to the Regulators

File this under: A View Into What the Regulators Deem Important. The National Association of Insurance Commissioners (NAIC), the standard-setting organization in the U.S. insurance industry created and governed by the chief...more

Privacy & Cybersecurity Update - April 2015

In This Issue: - DOJ Issues Cyber Preparation and Response Guidance - RadioShack’s Plan to Auction Customer Data Highlights Issues Over Treatment of Such Data as an Asset - Google v. Vidal-Hall and...more

IREG Update

Cybersecurity and the Insurance industry - Cybersecurity is quickly emerging as a top policy issue for insurance regulators. Speaking at a Dow Jones Risk & Compliance forum last week, on April 21, 2015, New York...more

NAIC Provides Insurers and Regulators with Guidance on Data Security

Cybersecurity risks have become more significant as critical consumer financial and health information is increasingly stored in electronic form. On April 16, 2015, the National Association of Insurance Commissioners (NAIC)...more

Telematics and Usage-Based Insurance: Benefits, Challenges, and the Future

The NAIC’s Center for Insurance Policy and Research (CIPR) released a white paper in March 2015 providing an excellent overview of the brave new world of automobile “telematics” data and their use in premium rate-making by...more

Regulators Examining Cybersecurity Policies and Practices for the Insurance Industry

Shortly after the discovery of a cybersecurity breach at the health insurance company Anthem, Inc., the National Association of Insurance Commissioners (NAIC) called for a multi-state examination of Anthem’s cybersecurity...more

Title Insurance Regulatory and Legislative Update - April 2015

Title Guaranty Fund Guidelines Adopted: The Title Insurance Task Force met at the NAIC Spring National Meeting in Phoenix, Arizona and adopted the “Title Insurance Guaranty Association-Title Insurance Consumer Protection Fund...more

Recent Developments on Variable Annuity Captive Reinsurance and Hedging Risk Evaluation; and Impacts on VA Issuers

In the midst of the broader discussion within the insurance regulatory community regarding the financial risks potentially posed by captive reinsurers, the National Association of Insurance Commissioners (NAIC) has recently...more

Update on Cybersecurity Issues – New York Section 308 Letter & NAIC Spring National Meeting

Cybersecurity continues to be an emerging regulatory issue in the insurance industry, as evidenced by recent actions taken by the New York Department of Financial Services (the “DFS”) and the National Association of Insurance...more

Protecting the Data Lode: NAIC Addresses Cybersecurity

With cyber-attacks and data breaches making frequent headlines, the NAIC in November 2014 took steps to promote protection of insurance industry information by creating the Cybersecurity (EX) Task Force. The task force will...more

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

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