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Another Bout in the NAIC Best Interest Standard Title Fight

In response to the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group’s (Suitability WG) proposed revisions to the "Suitability and Best Interest Standard of Conduct in Annuity...more

State Suitability, Fiduciary Duty and Disclosure Initiatives Roundup

States are stampeding to impose additional duties on those who provide financial advice or make recommendations to consumers. Some of these initiatives result from the states’ belief that action is required to wrangle...more

Expect Focus - Life Insurance, Volume IV, December 2017

EXPECTFOCUS is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Newsletter...more

Did Santa Give the Insurance Industry a Lump of Coal or a Diamond in the Rough? The Proposed Suitability and Best Interest...

As reported in our November 28 client alert, the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group (Suitability WG) circulated the proposed Suitability and Best Interest Standard of...more

The Ghosts of Christmas Past, Present, and Future Haunt Insurers’ Use of Big Data and Algorithmic Tools

Watching as legislators, regulators, and policymakers’ consider what changes, if any, are necessary for insurers’ use of big data and algorithmic tools, is like being visited by the Ghosts of Christmas Past, Present, and...more

The NAIC Says Aloha

The National Association of Insurance Commissioners held its Fall National Meeting December 2-4 in Hawaii, saying aloha to 2017 and aloha to 2018. Key takeaways include...more

New York Department of Financial Services Rings in the New Year with New Suitability Requirements for Insurance Companies

New York’s Department of Financial Services decided to bid farewell to 2017 and ring-in the new year by proposing to amend Suitability in Annuity Transactions, 11 NYCR 224 (the Annuity Suitability Rule). On December 27, 2017,...more

NAIC Insurance Data Security Model Law – States Are Next

On October 24, the National Association of Insurance Commissioners (NAIC) Executive (EX) Committee and Plenary granted final approval to Version 6 (with technical corrections) of the Insurance Data Security Model Law (Model)....more

NAIC Cybersecurity Working Group Votes to Approve Insurance Data Security Model Law

The National Association of Insurance Commissioners (NAIC) Cybersecurity (EX) Working Group (Cybersecurity WG) approved Version 6 (Finalized) of its Insurance Data Security Model Law (Model) on August 7 at the NAIC Summer...more

New York DFS Requests Information on Use of External Consumer Data and Information Sources in Life Insurance Underwriting

On June 29, the New York Department of Financial Services (DFS) initiated an investigation into the use of external (i.e., not provided by the consumer) consumer data or information sources in connection with underwriting by...more

Expect Focus - Life Insurance: Risky Business, Volume I, March 2017

Regulators Demand Third-Party Risk Management - While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated...more

Sprouting Activity at the NAIC

Various NAIC groups have planted seeds for a number of regulatory initiatives that impact life insurers. The Cybersecurity Task Force has been tilling the ground in preparation for a third draft of the NAIC Cybersecurity...more

CFPB's Project Catalyst Highlights Innovation Opportunities

On October 25, the Consumer Financial Protection Bureau (CFPB) released its "Project Catalyst Report: Promoting Consumer-Friendly Innovation." ("CFPB Report"). The CFPB Report reviews what the CFPB "has learned about a range...more

UK’s FCA Weighs in on Insurers’ Use of Big Data

On September 21, the United Kingdom's financial regulator, the Financial Conduct Authority (FCA), released a "Feedback Statement" after completing a review of insurance industry responses to its November 2015 "Call for...more

FTC's Big Data Report Provides Road Map for Insurers Using Big Data

On January 6, the Federal Trade Commission ("FTC") released a report entitled "Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues" ("Report") that follows the FTC's September 15, 2014 workshop on "the...more

Laws Governing Data Security and Privacy – U.S. Jurisdictions at a Glance (updated for 2016)

The chart blow constitutes a summary of the laws of various jurisdictions that govern data breach notifications. Please see full Publication below for more information. ...more

NAIC's Market Regulation Committee Adopts Broad Charge to Explore Insurers' Big Data Use

On December 11, the Market Regulation and Consumer Affairs (D) Committee (Market Reg Committee) of the National Association of Insurance Commissioners (NAIC) adopted the following charge... ...more

Will the UK's Scrutiny of Insurers' Use of Big Data Impact U.S. Regulators?

On November 24, the United Kingdom's financial regulator, the Financial Conduct Authority (FCA), issued a "Call for Inputs" regarding insurers' use of Big Data. The FCA asked for views, supported by examples and evidence, of...more

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