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NAIC

NAIC Co-Hosts Webinar on Wearable Devices

by Locke Lord LLP on

On Monday, November 13, the National Association of Insurance Commissioners, in conjunction with the Center for Insurance Policy and Research and The Griffith Insurance Education Foundation, presented a webinar entitled...more

Tax Cuts and Jobs Bill Update, November 14: Major Insurance Industry Changes

As noted in a previous Eversheds Sutherland Legal Alert, on November 2, the House Ways and Means Committee released the “Tax Cuts and Jobs Act” (H.R. 1) (the House Bill). An amended version of the House Bill (the Ways and...more

NAIC Working Group Exposes Proposed Revisions to Life and Health Guaranty Association Model Act

by Locke Lord LLP on

On October 27, the NAIC Model Law (E) Working Group released an exposure draft of its proposed revisions to the Life and Health Guaranty Association Model Act (#520), intended to address the financial challenges of Long Term...more

Is the Relationship With Regulators in Latin America Still “One-To-One

by Zelle LLP on

Insurance regulations can influence the results of a business to the point of either facilitating an endeavor or making it hardly viable. Traditionally, insurers and reinsurers dealt with Latin American regulators on a...more

Forward Vision: New York’s Cybersecurity Regulation Imposes a Series of Deadlines

by Locke Lord LLP on

New York’s cybersecurity regulation that went into effect in March has far reaching implications. The first transition date for implementation of several requirements of the state’s Department of Financial Services regulation...more

Privacy & Cybersecurity Update - October 2017

In this month's edition of our Privacy & Cybersecurity Update, we examine the European Commission's annual review of the Privacy Shield, a potential threat to the European Union's "standard contractual clauses," a push by...more

NAIC Adopts Insurance Data Security Model Law

by Morgan Lewis on

On October 24, 2017, during a joint meeting of the National Association of Insurance Commissioners (NAIC) Executive (EX) Committee and Plenary, the NAIC officially adopted the Insurance Data Security Model Law (Model Law) to...more

‘Tis the Season . . . for Insurance Model Laws

by Faegre Baker Daniels on

They seem to come earlier every year, don’t they? Grab your seasonally spiced latte and huddle around the bonfire to read the final version of the Insurance Data Security Model Law (Data Security Model) adopted by the...more

U.S. Covered Agreement Policy Statement Affirms U.S. State-Based Regulation Of Insurance

by Carlton Fields on

We have posted several times on the negotiation and finalization of the Covered Agreement (“the Agreement”) negotiated by the Obama Administration and approved by the Trump Administration with the European Union....more

NAIC Insurance Data Security Model Law – States Are Next

by Carlton Fields on

On October 24, the National Association of Insurance Commissioners (NAIC) Executive (EX) Committee and Plenary granted final approval to Version 6 (with technical corrections) of the Insurance Data Security Model Law (Model)....more

NAIC Adopts Model Cybersecurity Law

by Locke Lord LLP on

Based largely on the NY DFS Cybersecurity Regulation that became effective March 1, 2017, the NAIC has adopted a Model Cybersecurity Law that would, once adopted by the various states, establish significant requirements for...more

Expect Focus - Life Insurance, Volume III - September 2017

by Carlton Fields on

EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Publication...more

Expect Focus - Life Insurance, Volume III - September 2017

by Carlton Fields on

EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Publication...more

New Notice Requirement for Insurers under Florida’s Viatical Settlement Act

by Locke Lord LLP on

Florida has recently adopted amendments to its Viatical Settlement Act. One of the new provisions, Section 626.99292 Notice to life insurance policyholders, provides: “(1) A life insurer shall provide an individual life...more

Florida may have outlawed the secondary sale of policies if at any time during the five year period post issuance there was a loan...

by Locke Lord LLP on

Florida has recently adopted amendments to its Viatical Settlement Act. One of the new provisions, Section 626.99287 Contestability of viaticated policies, provides as follows: - (2) Except as hereinafter provided...more

NAIC Big Data Working Group Update

by Carlton Fields on

Regulators are hard at work considering insurers’ use of big data and analytics. The Big Data (Ex) Working Group, chaired by Oregon Commissioner Laura Cali Robison, adopted three charges for 2017. Briefly, these charges are...more

NAIC Cybersecurity Working Group Votes to Approve Insurance Data Security Model Law

by Carlton Fields on

The National Association of Insurance Commissioners (NAIC) Cybersecurity (EX) Working Group (Cybersecurity WG) approved Version 6 (Finalized) of its Insurance Data Security Model Law (Model) on August 7 at the NAIC Summer...more

UPDATE: US and EU Negotiate Covered Agreement on Insurance and Reinsurance Regulation

by Locke Lord LLP on

As discussed in our prior QuickStudy issued on January 18, 2017, the US Federal Government and the European Union have come to an agreement on wide-ranging changes to reinsurance and establishment standards for the operation...more

US-EU Covered Agreement: An Overview

On January 13, 2017, the then-US Secretary of the Treasury and the then-US Trade Representative (USTR) notified Congress that they had negotiated a covered agreement with the European Union (EU). After a period of uncertainty...more

A Note on Investment Security: Reinsurance Investment Security Subgroup’s Recent Decision

The National Association of Insurance Commissioners (NAIC) Reinsurance Investment Security Subgroup (the Subgroup) was formed earlier this year with representatives from eight states: Connecticut, California, Colorado,...more

“Yet Another Record-Breaking Storm”: Assessing Climate Risk

by Locke Lord LLP on

Hurricane Harvey brought “500-year” rainfall and flood conditions to Southeastern Texas for the third time in three years, according to the Washington Post. According to Moody’s Analytics, estimates of the combined Texas and...more

Summer 2017 Sees Hot Developments in Regulating Insurer Capital and Life Reserve Financing

At the recent National Association of Insurance Commissioners (NAIC) Summer National Meeting held in Philadelphia from August 6, 2017, to August 9, 2017, the NAIC continued its work on group capital calculation standards,...more

NAIC Insurance Data Security Model Law to Be Presented for Adoption

by Baker Donelson on

Insurers and organizations regulated by state insurance departments need to be prepared to meet the requirements of the model data security law, which may be finalized this year. In late 2014, the National Association of...more

NAIC Cybersecurity Progress

by Locke Lord LLP on

On August 7, 2017, the NAIC’s Cybersecurity (EX) Working Group met in its continuing effort to develop a model cybersecurity law for the insurance industry. This effort, which commenced over a year ago, has taken a new...more

NAIC Report: 2017 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) met in Philadelphia, Pennsylvania for the 2017 Summer National Meeting from August 5-9. Commissioners, staff and interested parties alike converged in Philadelphia...more

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