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
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 January 17, 2024, the New York State Department of Financial Services (NY DFS) released for public comment a proposed circular letter (Proposed Letter) to regulate the use of artificial intelligence systems (AIS) and...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 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
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 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
As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more
5/11/2022
/ Business Strategies ,
Climate Change ,
Corporate Governance ,
Department of Insurance ,
Disclosure Requirements ,
Financial Reporting ,
Financial Stability Board ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Assessment ,
Risk Management ,
Risk Mitigation ,
Task Force on Climate-related Financial Disclosures (TCFD)
State and federal policymakers, including the National Association of Insurance Commissioners (NAIC) and Senator Sherrod Brown (D-OH, Chair of the Senate Banking, Housing and Urban Affairs Committee) have recently taken a...more
Climate change continues to preoccupy the public and policymakers, and a number of legal and regulatory initiatives in the US, UK, and elsewhere are currently underway that may affect insurers. This report provides a...more
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
1/6/2022
/ Advisory Committee ,
Annuities ,
Artificial Intelligence ,
Big Data ,
California Consumer Privacy Act (CCPA) ,
Cannabis Products ,
Climate Change ,
Credit Ratings ,
Cybersecurity ,
Environmental Social & Governance (ESG) ,
General Data Protection Regulation (GDPR) ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Popular ,
Privacy Policy ,
Private Equity ,
Regulatory Standards ,
Reinsurance ,
Technology ,
Underwriting
As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more
12/3/2021
/ Business Strategies ,
Climate Change ,
Corporate Governance ,
Department of Insurance ,
Disclosure Requirements ,
Financial Reporting ,
Financial Stability Board ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Assessment ,
Risk Management ,
Risk Mitigation ,
Task Force on Climate-related Financial Disclosures (TCFD)
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
11/18/2021
/ Administrative Departments ,
Business Strategies ,
Climate Change ,
Final Guidance ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
NAIC ,
NYDFS ,
Risk Factors ,
Risk Mitigation ,
State Administrative Agencies ,
Supervisory Guidance ,
Task Force on Climate-related Financial Disclosures (TCFD)
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
The EU-US Insurance Dialogue Project (“Project”) began in early 2012 as an initiative by the European Commission, the European Insurance and Occupational Pensions Authority (EIOPA), the Federal Insurance Office (FIO) of the...more
11/8/2021
/ Artificial Intelligence ,
Big Data ,
Cross-Border ,
Cyber Threats ,
Cybersecurity ,
EU ,
Insurance Industry ,
International Harmonization ,
NAIC ,
Popular ,
Regulatory Agenda ,
Technology Sector ,
Working Groups
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
10/13/2021
/ Dodd-Frank ,
Foreign Entities ,
Insurance Industry ,
Jurisdiction ,
Model Rules ,
NAIC ,
NYDFS ,
Preemption ,
Reciprocity Rules ,
Reinsurance ,
UK ,
US-EU Covered Agreement ,
USTR