NAIC

News & Analysis as of

NAIC Cybersecurity Task Force Weighs Credit Freezes

On May 24-25, the NAIC Cybersecurity (EX) Task Force held an interim meeting to hear comments from various industry trade organizations and other interested parties on the proposed Insurance Data Security Model Law exposed...more

Insurers Face Increasing Data Breach Notice Obligations

Earlier this year, the National Association of Insurance Commissioners’ (NAIC) Cybersecurity Task Force proposed a comprehensive model law that covers, among other things, data security breach reporting. The model law...more

NAIC Task Force Continues Work on Insurance Data Security Model Law

On May 24 and 25, the National Association of Insurance Commissioners (the NAIC) Cybersecurity (EX) Task Force (the Task Force) hosted a meeting in which state insurance commissioners and interested parties were invited to...more

Pennsylvania Insurance Department Amends Requirements For Qualified And Certified Reinsurers To Conform With NAIC’s Model Law And...

On May 14, 2016, Pennsylvania issued Bulletin No. 16-819, advising that the Pennsylvania Insurance Department amended Chapter 161 of the Pennsylvania Insurance Code related to the requirements for qualified and certified...more

The Federal Reserve Board Outlines Approach For Capital Rules For Federally Supervised Insurance Groups

At the NAIC’s tenth International Insurance Forum, Daniel K. Tarullo, a member of the Board of Governors of the Federal Reserve System (FRB), outlined the FRB’s plans for: - ..the capital and liquidity rules for...more

Looming Preemption: State Regulators Consider Ramifications of U.S. / EU Bilateral Insurance Agreement

Earlier this month at the National Association of Insurance Commissioners (NAIC) Insurance Summit, a panel of regulators – Tennessee Commissioner Julie McPeak, Maine Superintendent Eric Cioppa, and Iowa Commissioner Nick...more

TPA Agreement Filing and Compliance Requirements

The NAIC Model Third Party Administrator Act and almost every state that has enacted laws regulating TPAs require such agreements to comply with the following...more

IREG Update - The NAIC takes on cybersecurity

The NAIC takes on cybersecurity - The subject of cybersecurity risks, which the National Association of Insurance Commissioners' Chief Security and Information Officer Frosty Mohn presented at NAIC's Insurance Summit in...more

IAIS Secretary General Considers Path to International Cybersecurity Standard

Last week, the National Association of Insurance Commissioners (NAIC) hosted the 2016 NAIC International Insurance Forum. The Forum addressed topics such as the management of catastrophic disaster risks, industry perspectives...more

Reinsurance (E) Task Force Of The NAIC Meets In New Orleans

The minutes of the April 4, 2016 task force meeting included the following seven items of activity: - Adopted its Jan. 6, 2016 and Dec. 9, 2015 minutes (which were attached), which reflected the adoption of revisions to...more

NAIC Report: 2016 Spring National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2016 Spring National Meeting from April 1 through April 6 in New Orleans, Louisiana. As host, Louisiana provided beautiful weather and bountiful great food....more

Nebraska Department Of Insurance Issued Notice Of Adoption Of Amendments To Credit For Reinsurance Rules

On February 25, 2016, the Nebraska Department of Insurance issued a notice to all insurers that amendments to Chapter 65, “Credit for Reinsurance”, of the Insurance Department Rules, have been filed with the Secretary of...more

IREG Update - Key changes for ACA CO-OP boards: a look at new regulations taking effect this week

Key changes for ACA CO-OP boards: a look at new regulations taking effect this week - On May 6, 2016, the US Department of Health and Human Services (HHS) released an interim final rule with comment (IFC) to bolster the...more

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

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