On September 4, the California Privacy Protection Agency issued an enforcement advisory regarding “choice architectures that have the substantial effect of subverting or impairing a consumer’s autonomy, decision-making, or...more
Last Lap in SEC RILA Rulemaking Critical Unresolved Issues -
Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more
5/29/2024
/ Artificial Intelligence ,
Broker-Dealer ,
CFTC ,
Climate Change ,
Cybersecurity ,
Disability Discrimination ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
NLRB ,
Private Equity ,
Private Funds ,
Private Placements ,
Proposed Legislation ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Whistleblower Protection Policies ,
Whistleblowers
On April 26, the Federal Trade Commission announced its final rule updating the health breach notification rule. According to the FTC, the update seeks to “clarify” the scope of the rule by adding new definitions and revising...more
Drivers, start your engines. It has been months of high speed for privacy, cybersecurity, and artificial intelligence....more
5/16/2024
/ Algorithms ,
Artificial Intelligence ,
California Privacy Protection Agency (CPPA) ,
Cybersecurity ,
Data Brokers ,
Data Privacy ,
Data Security ,
Healthcare ,
Insurance Industry ,
Life Insurance ,
Machine Learning ,
NAIC ,
TCPA
Employers are gathering more and more data on job applicants and employees. From using artificial intelligence (”AI”) and credit scores for pre-employment screenings, biometrics for clocking-in and out, and digital...more
As the health care industry continues reeling from the recent Change Healthcare ransomware attack that crippled large portions of the U.S. health care system, health care providers are naturally reminded of the importance of...more
3/12/2024
/ Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Protection ,
Data Security ,
Electronic Protected Health Information (ePHI) ,
Hackers ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
Personally Identifiable Information ,
Popular
A string of putative class actions has been filed against life insurance companies for allegedly violating section 20(b) of Illinois’ Genetic Information Privacy Act (GIPA) by using applicants’ family medical history in...more
1/22/2024
/ Consumer Insurance Products ,
Genetic Materials ,
Health Insurance ,
Illinois ,
Insurance Industry ,
Life Insurance ,
Medical History ,
Personally Identifiable Information ,
Putative Class Actions ,
Statutory Violations ,
Underwriting
Step right up as we discuss some of 2023’s most notable cybersecurity and privacy regulatory and litigation developments and tips for keeping your program flying high. Regulatory Activity New regulatory requirements now in...more
1/18/2024
/ Class Action ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Employee Benefits ,
Insurance Brokers ,
Investment Adviser ,
NAIC ,
Popular ,
Retirement Plan ,
Securities and Exchange Commission (SEC)
Funds Not Caged by SEC Names Rule Amendments: Roaming Room Remains -
The SEC recently adopted amendments to its investment company “names” rule that apply to most SEC-registered funds, including underlying funds in which...more
1/11/2024
/ Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Industry ,
Investment Funds ,
Life Insurance ,
Proposed Rules ,
Putative Class Actions ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Traders ,
Whistleblowers
Regulators Hit Jackpot: Off-Channel Communications -
Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more
10/11/2023
/ Annuities ,
Artificial Intelligence ,
Best Interest Standard ,
Breach of Contract ,
Class Action ,
COBRA ,
Consumer Financial Products ,
Consumer Insurance Products ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employment Litigation ,
Federal Arbitration Act ,
Financial Contracts ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Health Insurance ,
Insider Trading ,
Insurance Fraud ,
Insurance Litigation ,
Insurance Regulations ,
Interlocutory Appeals ,
Investment Management ,
Life Insurance ,
Money Market Funds ,
Mutual Funds ,
NAIC ,
NLRA ,
NLRB ,
No-Action Letters ,
Non-Compete Agreements ,
NYDFS ,
Regulatory Requirements ,
Retirement ,
Robocalling ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
State and Local Government ,
Wage and Hour
With generative AI becoming increasingly prevalent, businesses face a spectrum of opportunities, challenges, and risks. While some organizations have been quick to bring generative AI into the fold, the majority are still...more
The National Association of Insurance Commissioners’ Privacy Working Group has been feverishly shuffling and re-dealing its new privacy model, but its luck may be running out....more
As technologies like ChatGPT and other artificial intelligence tools have entered the mainstream, billions of individuals have used such tools for assistance with everyday tasks, both personal and professional. These tools,...more
Generative AI has captured the public’s attention and promises to transform the way we live and work. The technology, however, implicates a number of important cybersecurity and privacy considerations for organizations. This...more
In April and May, the NAIC Privacy Protections Working Group held the first three of its biweekly calls to discuss its recipe for a new privacy model, “Insurance Consumer Privacy Protection Model Law #674.” During the...more
On June 6, 2023, Gov. Ron DeSantis signed S.B. 262 into law, adding Florida to the list of states passing new privacy laws this year. While much of S.B. 262 will only impact companies with annual revenues of more than $1...more
For broker-dealers distributing and selling variable annuities, examinations will test for compliance with Reg BI and FINRA Rule 2330 because both standards apply to variable annuity sales. Firms distributing and selling...more
Website technologies run the gamut from session replay to pixels and other digital advertising technologies. These technologies are ubiquitous and deployed by organizations around the world to enhance the experience of...more
The first round on the Insurance Consumer Privacy Protection Model Law (#674) started on March 21 as the NAIC’s Privacy Protections Working Group (PPWG) held its first open meeting to discuss the draft privacy model. The...more
Website technologies (such as cookies, session-replay software, and other tools) are fueling a rise in privacy class actions and drawing regulators’ scrutiny. Plaintiffs’ attorneys are pursuing these claims under a variety of...more
Class action privacy litigation’s icy grip tightened around financial services providers in late 2022, and the forecast shows no signs of melting. The plaintiffs’ creeping application of old law to new technologies is...more
More than 25 years have elapsed since the SEC adopted Exchange Act Rule 17a-4(f) governing electronic recordkeeping by broker-dealers. In an effort to update the rule to reflect “technology neutral” concepts, the SEC adopted...more
On February 1, the NAIC’s Privacy Working Group’s new privacy model germinated. After months of development, the exposure draft, titled “Insurance Consumer Privacy Protection Model Law #674” (Proposed Model), has finally...more
Website tracking technologies have become ubiquitous as a means for companies to monitor traffic to their websites and enhance the user experience. Class actions alleging insufficient notice and consent related to those same...more
Lemonade Inc.’s recently proposed settlement of class action claims alleging that it failed to sufficiently disclose, and secure necessary consent for, its collection and use of biometric information is a prime example of the...more