State regulators are taking action on the use of artificial intelligence in insurance. To date, nearly a dozen states have adopted some form of the National Association of Insurance Commissioners (NAIC) Model Bulletin on the...more
On May 31, Gov. DeSantis signed a new law that enacts several wide-ranging regulatory requirements on insurers transacting business in Florida. The regulatory changes instituted by the new Insurer Accountability Act, which...more
The concept of “control” of insurers received significant attention from state insurance regulators last year and will receive even more in 2023. We wrote a brief report in April 2022 following the New York Department of...more
We previously reported on regulators’ increased attention to the use of big data systems, including external consumer data and information sources, algorithms and predictive models. Recent announcements in Colorado, Louisiana...more
Internationally active insurance groups (IAIGs) will want to consider the implications of recent guidance from international insurance regulators on capital standards. These standards mandate the relevant amounts of capital...more
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
On 23 December 2021 IVASS published a set of clarifications regarding a number of Italian provisions governing the insurance distribution activity. Following a series of meetings held between the Italian insurance...more
On 12 January 2021, the China Banking and Insurance Regulatory Commission (CBIRC) issued the Regulating the Informatization Work of Insurance Intermediaries Measures (Insurance Intermediaries Measures), which took effect on 1...more
A very warm welcome to our fifth issue of Conyers Coverage. This issue is a roundup of recent legal and regulatory measures affecting the insurance industry. Among a number of items, Rob has prepared an update on Cayman’s...more
In December 2020, as part of its review to update Bermuda’s commercial insurance regime, the Bermuda Monetary Authority (BMA) issued a consultation paper proposing the introduction of an Internationally Active Insurance Group...more
The tracker covers a range of developments across the region, including steps taken by the Chinese authorities to decentralise regulations in the insurance sector, a new amendment bill passed by the Hong Kong Legislative...more
In the few short weeks since our last report on climate change and the US insurance industry, the volume of climate change news has been extraordinarily high. The range of developments has been broad to say the very...more
At the beginning of the year, we published a short report on the surge in year-end insurance regulatory activity concerning climate change risks (available here). January was another busy month, and we report below on...more
The SIF update reports on the work undertaken by SIF and its members during January to June 2020. The report includes individual updates from 14 member regulators on recent sustainable insurance initiatives and activities,...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 Kansas Insurance Department (“Kansas Department”) recently issued a Summary Order against a Missouri-domiciled third party administrator (“Company”) revoking the Company’s Kansas non-resident TPA license....more
Arizona jumped out front of the pack with the introduction of Senate Bill No. 1557, titled "Annuity Transactions; Requirements," which would amend Arizona's suitability requirements for annuity transactions. Senate Bill No....more
Vermont Regulatory Action: A Reminder that Insurers Must Maintain Oversight of Their TPA and PBM Business Partners The Vermont Department of Financial Regulation (the “Department”) recently took significant enforcement...more
The Vermont Department of Financial Regulation (the “Department”) recently took significant enforcement action against an insurer after determining that the insurer had violated various provisions of Vermont’s insurance laws,...more
The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e - newsletter, which offers a legal and regulatory update covering France and Europe for April 2018. ...more
The tracker covers a range of developments including the Hong Kong Insurance Authority’s newly issued Guideline on Qualifying Deferred Annuity Policy, the Monetary Authority of Singapore’s Guidance to Capital Markets...more
1. IVASS monitoring KIDs of insurance-based investment products (IBIPs) - On 10 July, IVASS launched a preliminary public consultation which could possibly be followed by a tendering procedure for the selection of a...more
On 20 May 2019, the FCA published findings from its multi-firm review into the supervision by principal firms of their appointed representatives (“ARs“) in the investment management sector (“Investment Management Sector...more
The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e - newsletter, which offers a legal and regulatory update covering France and Europe for March 2019. ...more