Louisiana recently amended its statutes regulating managing general agents (MGAs). Certain of the amendments conform Louisiana law to the National Association of Insurance Commissioners MGA Model Act (NAIC Model) adopted in...more
On January 17, 2024, the New York State Department of Financial Services (NYDFS) issued a proposed Circular Letter that provides guidance for authorized insurers using external consumer data and information sources (ECDIS)...more
As a leader in insurance innovation, we are excited to invite you to join us for McDermott’s second annual InsurTech Summit 2023, a curated half-day program featuring top insurance-focused venture capital investors, start-up...more
The concept of “control” of insurers received significant attention from state insurance regulators last year and will receive even more in 2023. We wrote a brief report in April 2022 following the New York Department of...more
2/7/2023
/ Acquisitions ,
Banking Sector ,
Financial Services Industry ,
Insurance Industry ,
Insurance Regulations ,
Investment Management ,
Investors ,
NAIC ,
New York ,
NYDFS ,
Private Equity ,
Regulatory Oversight ,
Shareholder Rights
We previously reported on regulators’ increased attention to the use of big data systems, including external consumer data and information sources, algorithms and predictive models. Recent announcements in Colorado, Louisiana...more
2/2/2023
/ Artificial Intelligence ,
Colorado ,
Data Collection ,
Data Privacy ,
Data Protection ,
Financial Services Industry ,
Insurance Industry ,
Insurance Regulations ,
Life Insurance ,
Louisiana ,
Money Laundering ,
New York ,
NYDFS ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Factors
In our report published on April 26, 2022, we discussed the New York Department of Financial Services’ (NYDFS) Circular Letter No. 5 in which it reminded the industry that acquiring less than 10% of an insurer’s voting...more
5/6/2022
/ Corporate Counsel ,
Corporate Governance ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Documentation ,
Holding Companies ,
Insurance Industry ,
NAIC ,
New York ,
NYDFS ,
Private Equity ,
Reinsurance Agreements ,
Working Groups
On April 19, 2022, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 5, reminding owners and potential purchasers of shares of insurance companies that acquiring less than 10% of the company’s...more
For much of the past 10 years, the National Association of Insurance Commissioners (NAIC) and individual state insurance regulators have highlighted their awareness of the increasing number of insurers controlled by private...more
Washington State Insurance Commissioner Mike Kreidler released Technical Assistance Advisory 2021-01 (Advisory) on February 19, 2021, summarizing current Washington State law and taking a very conservative view on what...more
On July 21, 2020, the New York Department of Financial Services (NYDFS) announced that it had filed its first enforcement action under 23 NYCRR 500 (the “Cybersecurity Regulation”) against First American Title Insurance (the...more