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Highlights from the NAIC Summer 2024 National Meeting

In our recent webinar, members of the Eversheds Sutherland Insurance Practice Group discussed noteworthy developments from the National Association of Insurance Commissioners (NAIC) Summer National Meeting that was held in...more

United States Treasury Department-approved surety bond insurers: Will you be ready to take advantage of the new reduced collateral...

What You Need to Know About the New Classes of Treasury-Authorized Reinsurers in Advance of the August 9, 2024 Implementation Date - As we reported in our June 24, 2024 Legal Briefing, the US Department of the Treasury...more

Treasury updates rules governing "T-Listed" surety companies

The US Department of the Treasury (Treasury) has finalized a long overdue update to federal rules governing the Federal surety bond program (Program). The Final Rule (Rule) adds two new classes of reinsurers, including...more

NYDFS proposes reinsurance amendments to remain compliant with NAIC accreditation standards and modify reciprocal jurisdiction...

On April 24, 2024, the New York State Department of Financial Services (NYDFS) published Proposed Rule Making for the 13th Amendment to Insurance Regulation 17, 20 and 20-A (Proposed Amendment), which purports to implement...more

NAIC Report - 2023 Spring National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2023 Spring National Meeting March 21-25 in Louisville, Kentucky. The agenda for this National Meeting was limited, with a number of NAIC working groups...more

NAIC Report - 2022 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2022 Fall National Meeting from December 12-16 in Tampa, Florida. The agenda for this National Meeting was limited, with a number of NAIC working groups...more

NAIC Report - 2022 Summer National Meeting

Innovation, Cybersecurity, and Technology (H) Committee Adopts Request for Modernized Privacy Protections Model Law; Receives Working Group Reports - The Innovation, Cybersecurity, and Technology (H) Committee met on...more

Treasury publishes highly-anticipated notice of proposed rulemaking to update credit for reinsurance rules for Treasury-listed...

The US Department of the Treasury (Treasury), Bureau of the Fiscal Service (Fiscal Service) has published a Notice of Proposed Rulemaking relating to the federal regulations governing the corporate Federal surety bond program...more

NAIC report - 2021 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2021 Fall National Meeting from December 11 to 16 in San Diego, California. The meeting was held in a hybrid in-person and remote format due to the ongoing...more

New York joins the roster of states now accepting applications for reciprocal jurisdiction reinsurers

New York has joined the handful of states that are now accepting applications from non-US reinsurers for recognition as a reciprocal jurisdiction reinsurer under new rules that allow US domestic ceding insurers to receive...more

NAIC Report - 2021 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2021 Summer National Meeting from August 14 to 17 in Columbus, Ohio. The meeting was held in a hybrid in-person and remote format due to the ongoing COVID-19...more

NAIC Report – 2019 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2019 Fall National Meeting from December 7 through 10 in Austin, Texas. Notable developments from the Fall National Meeting include: ..Bermuda, Japan and...more

NAIC Report – 2019 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2019 Summer National Meeting from August 3 through August 6 in New York City. Typically the sleepier one among the NAIC’s three national meetings, this year...more

NAIC’s work on revisions to credit for reinsurance model law and regulation is nearly complete

The National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has approved proposed revisions to the Credit for Reinsurance Model Law (Model Law) and the Credit for Reinsurance Model Regulation (Model...more

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). After a period of uncertainty...more

NAIC 2019 Spring National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2019 Spring National Meeting from April 5 through 9 in Orlando, Florida. This meeting was distinguished by a very large class of new commissioners (15 in...more

NAIC Issues Updated Revisions to Credit for Reinsurance Model Law and Regulation to Address Covered Agreements

The National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has issued updated proposed revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model Regulation (Credit for...more

NAIC’s work continues on proposed changes to credit for reinsurance model law and regulation to address Covered Agreements

Throughout 2018, the National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has been working on proposed revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model...more

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). After a period of uncertainty...more

NAIC Report – 2018 Summer Annual Meeting

The National Association of Insurance Commissioners (NAIC) held its 2018 Summer National Meeting from August 4 through 7 in Boston, Massachusetts. Baseball and weather were pervasive topics, with the Red Sox’ sweep of the...more

Rhode Island statute on voluntary restructuring of solvent insurers amended to provide increased options and greater flexibility

Earlier this month Rhode Island Governor Gina Raimondo signed into law changes to the state’s runoff statute that are intended to make it a more attractive channel for insurers and reinsurers seeking to separate, transfer and...more

NAIC exposes proposed changes to credit for reinsurance model law and regulation to address the US-EU Covered Agreement

On June 21, 2018, the National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force exposed proposed revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model Regulation...more

NAIC considers changes to Credit for Reinsurance Model Law and Regulation to address the US-EU Covered Agreement

The National Association of Insurance Commissioners (NAIC) held a public hearing in New York on February 20, 2018, to receive comments on the steps it should take to address the reinsurance collateral provisions of the...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 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

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