The National Association of Insurance Commissioners (NAIC) held its 2025 Summer National Meeting from August 10 – 14 in Minneapolis, Minnesota, where “Minnesota Nice” was on full display, even by the protestors who...more
8/22/2025
/ Asset Management ,
Capital Requirements ,
Collateralized Loan Obligations ,
Insurance Contracts ,
Insurance Industry ,
Investment ,
NAIC ,
Regulatory Oversight ,
Regulatory Requirements ,
Reinsurance Agreements ,
Reporting Requirements ,
Risk Assessment ,
Risk Management
On July 7th, the NAIC’s Big Data and AI Working Group (Working Group) exposed a draft of an AI Systems Evaluation Tool (Evaluation Tool). The stated purpose is to provide regulators with a tool that enables them to identify...more
7/30/2025
/ Algorithms ,
Artificial Intelligence ,
Compliance ,
Consumer Protection Laws ,
Data Collection ,
Financial Services Industry ,
Insurance Industry ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Management ,
Technology
The Consumer Financial Protection Bureau recently signaled a retreat from its regulatory and enforcement posture by outlining its 2025 supervisory and enforcement priorities and rescinding 67 regulatory guidance documents. In...more
Property insurers have faced significant headwinds in recent years due to the combination of severe weather events, inflation, volatility in reinsurance availability and pricing, regulatory uncertainty and technological...more
I. Recap of 2024 Climate Initiatives - Last year featured a number of investigations and initiatives by state and federal officials regarding the impact of climate risk on the affordability and availability of insurance....more
In our recent webinar, members of the Eversheds Sutherland Insurance Practice Group discussed noteworthy developments from the National Association of Insurance Commissioners (NAIC) Fall National Meeting that was held in...more
11/26/2024
/ Artificial Intelligence ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
IAIS ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Privacy Laws ,
Reinsurance ,
Safe Harbors ,
Technology
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
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
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
5/7/2024
/ Insurance Industry ,
Life Insurance ,
Model Rules ,
NAIC ,
New Amendments ,
NYDFS ,
Proposed Rules ,
Public Comment ,
Regulatory Agenda ,
Regulatory Requirements ,
Reinsurance ,
Reinsurance Agreements ,
State and Local Government
On February 26, 2024, the Connecticut Insurance Department (the CID) adopted Bulletin No. MC-25 on the “Use of Artificial Intelligence Systems in Insurance” (Connecticut Bulletin). This Connecticut Bulletin is similar to the...more
3/15/2024
/ Artificial Intelligence ,
Compliance ,
Corporate Governance ,
Insurance Industry ,
Model Rules ,
NAIC ,
NIST ,
Popular ,
Regulatory Oversight ,
Risk Management ,
State Insurance Administrations
On November 17, 2023, the United States Treasury Department’s Federal Insurance Office (FIO) and the Volatility and Risk Institute at the NYU Stern School of Business jointly hosted a conference on Catastrophic Cyber Risk and...more
On September 28, 2023, the Colorado Division of Insurance (CDI) released the first-of-its kind draft proposed regulation (Testing Regulation) for testing the outcomes of certain life insurance underwriting practices for...more
On November 1, 2023 the Department of the Treasury’s Federal Insurance Office (FIO) formally submitted a request to proceed with a climate-related financial risk data collection for homeowners’ multi-peril underwriting data...more
The Colorado Division of Insurance (CDI) adopted a new regulation on September 21, 2023 (Final Regulation) establishing requirements governing the use of external consumer data and information sources (ECDIS), as well as...more
10/2/2023
/ Algorithms ,
Anti-Discrimination Policies ,
Artificial Intelligence ,
Big Data ,
Casualty Insurance ,
Department of Insurance ,
Final Rules ,
Insurance Industry ,
Life Insurance ,
Predictive Analytics ,
Property Insurance ,
Proposed Legislation ,
Proposed Regulation ,
Risk Management
The National Association of Insurance Commissioners (NAIC) held its 2023 Summer National Meeting from August 12 to 16 in Seattle, Washington. As has become the norm, a number of relevant NAIC working groups and task forces...more
On July 17, 2023, the Innovation, Cybersecurity and Technology (H) Committee of the National Association of Insurance Commissioners (NAIC) released for comment a highly anticipated model bulletin (Model Bulletin) on...more
7/27/2023
/ Artificial Intelligence ,
Casualty Insurance ,
Comment Period ,
Corporate Governance ,
Insurance Industry ,
Model Forms ,
NAIC ,
Property Insurance ,
Regulatory Oversight ,
Request For Information ,
Risk Management ,
Third-Party Service Provider ,
Unfair or Deceptive Trade Practices
On May 26, 2023, the Colorado Division of Insurance (CDI) exposed, for public review and comment, a significantly revised draft of its proposed regulation (the Revised Draft Reg.) addressing the governance and risk management...more
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
New York Senate Bill 4007 and Assembly Bill 3007, which represent Governor Kathy Hochul’s state budget proposal, include provisions to amend Article 77 of the New York Insurance Law, the Life Insurance Company Guaranty...more
In December 2022, the National Association of Insurance Commissioners (NAIC) Big Data and Artificial Intelligence (H) Working Group published a Report on the use of artificial intelligence (AI) and machine learning (ML)...more
On February 1, 2023, the Colorado Division of Insurance (CDI) released a draft of the first of several regulations to implement S.B. 21-169, Colorado’s 2021 law prohibiting insurers from using external consumer data and...more
On Wednesday February 1, 2023, the NAIC Privacy Protections Working Group (the Working Group) released a draft of a new model law for comment, the Insurance Consumer Privacy Protection Model Law (#674) (the Proposal), which...more
2/10/2023
/ California Consumer Privacy Act (CCPA) ,
Data Security ,
General Data Protection Regulation (GDPR) ,
GLBA Privacy ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Insurance Industry ,
NAIC ,
Personal Information ,
Privacy Laws ,
Privacy Policy ,
Proposed Rules ,
Working Groups
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
1/27/2023
/ Accounting Standards ,
Casualty Insurance ,
Cybersecurity ,
Environmental Social & Governance (ESG) ,
General Meetings ,
Information Reports ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Private Equity ,
Property Insurance ,
Reinsurance ,
Securities ,
Technology
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
9/19/2022
/ Casualty Insurance ,
Cybersecurity ,
Data Privacy ,
Data Security ,
Environmental Social & Governance (ESG) ,
Information Reports ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Private Equity ,
Property Insurance ,
Reinsurance ,
Working Groups
The National Association of Insurance Commissioners (NAIC) held its 2022 Spring National Meeting from March 4 to 8 in Kansas City, Missouri. Although the meeting was held in a hybrid in-person and remote format, roughly 1,500...more