Mad Dogs and Panameños!
The Wonder Years - Rediscovering the Magic of Split Dollar Life Insurance
On Demand Insurance is Here But Will it Stay?
On 28 January 2022, IVASS launched a public consultation on a draft regulation providing rules related to the obligation to communicate to IVASS data and information on non-life premiums collected in Italy by insurance...more
Although the 2018 Farm Bill carved out hemp from the federal Controlled Substances Act, few court rulings have addressed the legal distinction between federally-legal hemp and federally-illegal cannabis. A new opinion from...more
On June 3, amendments to New York insurance regulations, available here, became effective that will permit the New York Superintendent of Financial Services to act as group-wide supervisor of internationally active insurance...more
The comments by regulators during the NAIC Artificial Intelligence (EX) Working Group (AI WG) calls provide insight into regulators' views on insurers' use of artificial intelligence and may foretell areas for future...more
FCA’s Call for Input on Open Finance - Open Finance refers to the extension of open-banking-like data sharing and third-party access to a wider range of financial sectors and products, including in the insurance market....more
The UK Financial Conduct Authority (FCA) has published Sector Views, its annual report examining how each financial sector is performing....more
The fair treatment of vulnerable customers is a key priority for the FCA. It is an important topic not least because the FCA considers that half of UK adults (25.6 million people) display one or more characteristics of...more
Like a game of whack-a-mole, new or existing NAIC groups are being tasked to consider the various regulatory issues that are popping up from insurance innovation....more
With M&A activity for life insurers or blocks of in-force business poised for a possible spike, acquirers of life businesses should consider factors that are peculiar to, or disproportionately affect, the life and annuity...more
The New York Department of Financial Services’ (DFS) January 2019 insurance circular letter, which advised New York-licensed life insurance carriers on the use of external consumer data and information sources in...more
States continue to puzzle together the duty of care financial professionals owe, or disclosures financial professionals make, to consumers. Ideally, states would ensure that the pieces fit together. However, as reflected in...more
Effective July 24, 2018, New Mexico adopted the NAIC Credit for Reinsurance Model Regulation. New Mexico adopted the Model Rule as “part of a broad effort to modernize reinsurance regulation and to conform with the...more
On 16 June Legislative Decree No. 68/2018 aimed at implementing the IDD (the “Legislative Decree“) was published on the Italian Official Journal. ...more
On 8 June IVASS launched three public consultations on its draft regulations providing for secondary level legislation regarding insurance and reinsurance distribution, pre-contractual transparency requirements to be met in...more
On May 31 and June 1, several teams competed over proposed revisions to the Suitability in Annuity Transactions Model Regulation (#275) (Suitability Model) at the in-person meeting of the National Association of Insurance...more
Earlier this month, Georgia enacted SB 381, which provides that a non-admitted insurer domiciled in Georgia is deemed a domestic surplus lines insurer, if all qualifications are met, and can sell surplus line products in...more
The notice for the new long-term and short-term PPRs was published on 15 December 2017 in the Government Gazette. Remember that the PPRs apply to natural persons and juristic persons whose asset value or annual turnover is...more
On April 11, 2018 Nebraska Gov. Pete Ricketts (R) signed Legislative Bill 815 into law, joining the surge of states amending their insurance laws regarding when ceding insurers may claim credit for reinsurance....more
On April 27, New York's Department of Financial Services (NY DFS) issued its updated proposed First Amendment (Updated First Amendment) to New York's Suitability in Annuity Transactions, 11 NYCR 224 (the Annuity Suitability...more