NAIC Report – 2019 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2019 Fall National Meeting from December 7 through 10 in Austin, Texas. Notable developments from the Fall National Meeting include:

..Bermuda, Japan and Switzerland were approved as Reciprocal Jurisdictions for purposes of the revised Credit for Reinsurance Model Law and Regulation, and the NAIC took additional steps to implement the reinsurance collateral provisions of the US-EU/UK Covered Agreements.

..Innovation and technology in the insurance industry continues to garner significant attention from regulators, including the use of data, predicative analytics and artificial intelligence, as well as the need to modernize existing regulations.

..The Privacy Protections (D) Working Group held its first meeting and began its work to review and consider updates to state privacy laws and regulations.

..State insurance regulators and industry representatives discussed international regulatory developments, including IAIS adoption of ComFrame and the insurance capital standard (ICS), as well as field testing of the US Global Capital Calculation.

The following are some highlights from the Fall National Meeting. We do not cover every meeting in this report; rather, we comment on select noteworthy developments and matters of interest to our clients.

Please see full Alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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