News & Analysis as of


South Carolina Enacts First Insurance Cybersecurity Act Based on NAIC Model Law

Cybersecurity is a critically important topic for the insurance industry. The highly sensitive consumer financial and health information that is collected by insurers presents an especially alluring target for cyber...more

South Carolina Enacts First Insurance Data Security Act

by Ballard Spahr LLP on

South Carolina has become the first state to enact a version of the Insurance Data Security Model Law, which was drafted by the National Association of Insurance Commissioners (NAIC) in 2017. Governor Henry McMaster signed...more

NAIC’s Center for Insurance Policy and Research Hosts Webinar About the Insurance Needs of the Cannabis Industry

by Locke Lord LLP on

On Wednesday, the NAIC’s Center for Insurance Policy and Research hosted a webinar entitled “Weeding Through the Unique Insurance Needs of the Cannabis Industry.” The webinar kicked off with comments from Dave Jones,...more

NAIC International Insurance Forum Wrap-Up

by Locke Lord LLP on

The NAIC International Insurance Forum held May 14 – 15 in Washington, D.C. brought together distinguished panelists and speakers providing insight on several insurance topics of interest. A discussion of several of these...more

Kentucky Adopts 2016 Amendments To NAIC Credit For Reinsurance Model Law

by Carlton Fields on

On April 26, 2018, Governor Matt Bevin of Kentucky signed House Bill No. 464, adding Kentucky to a growing list of states to have amended their Insurance Codes to conform with the 2016 amendments to the NAIC Credit for...more

NAIC Holds International Insurance Forum in Washington

by Locke Lord LLP on

This week the NAIC held its annual International Insurance Forum in Washington, D.C. The event featured speakers from around the globe and included industry leaders, regulators, academics, trade group leaders and consumer...more

South Carolina becomes First State to enact Insurance Data Security Law based on NAIC Model

by Locke Lord LLP on

The NAIC adopted an Insurance Data Security Model Law. On May 3, 2018, the South Carolina Governor made South Carolina the first state in the nation to adopt a comprehensive cybersecurity statute for the insurance industry,...more

Nebraska Adopts Reinsurance Credit Amendments To Insurance Law Based On NAIC Model

by Carlton Fields on

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

Insurance Industry Cybersecurity Law Moves Closer to Becoming a Reality

The insurance industries in South Carolina and Rhode Island may soon be required to adopt formal data security safeguards, a movement sparked by the National Association of Insurance Commissioners’ (NAIC) Insurance Data...more

The Intersection of Big Data and Insurance Regulation

A look at big data – the collection, storage and use of diverse amounts of information by insurance companies – and the regulatory issues it poses. ...more

InsurTech and the Changing Distribution Model

Saul Ewing Arnstein & Lehr's Jeremy Heinnickel provides a brief review of InsurTech and four common regulatory issues that could arise when introducing a new insurance distribution model. ...more

Expect Focus - Life Insurance, Volume I, March 2018

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

Treating Debt as Equity — Emerging Standards in Insurance Regulation

Recent efforts by the National Association of Insurance Commissioners (NAIC), the principal standard-setting body for insurance regulation in the U.S., to establish a “group capital” standard (that is, capital-adequacy rules...more

Michigan Amends Reinsurance Credit Statute To Conform To NAIC Model Law

by Carlton Fields on

On April 10, 2018 Michigan Governor Rick Snyder (R) signed Michigan Senate Bill 638 into law to amend the state’s insurance code to conform to the National Association of Insurance Commissioner (“NAIC”)’s model law on...more

NAIC Panels to Begin Work on Model Law to Extend Covered Agreement to Non-EU Jurisdictions

by Locke Lord LLP on

The National Association of Insurance Commissioners (NAIC) has directed its committees to move forward with amending the Reinsurance Model Law and Regulation (Models) to be consistent with the EU/U.S. Covered Agreement...more

The New California Department of Insurance Expedited Title Company Application Process: Fact or Fiction?

Obtaining a California underwritten title company license is generally a lengthy process. Once the application is filed with the California Department of Insurance (CDI), it can take a minimum of 6 to more than 12 months...more

West Virginia Amends Credit For Reinsurance Statute To Conform To NAIC Model, Effective January 1, 2019

by Carlton Fields on

West Virginia House Bill 4230, approved by Governor Justice on March 27, amends the statutory requirements relating to when an insurer may claim credit for reinsurance to conform to the NAIC model law....more

NAIC Disclosure Developments

by Carlton Fields on

Annuity Illustration Standard Changes: On March 2, the Annuity Disclosure (A) Working Group of the National Association of Insurance Commissioners agreed to recommend the adoption of a revision to the NAIC’s Annuity...more

Another Bout in the NAIC Best Interest Standard Title Fight

by Carlton Fields on

In response to the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group’s (Suitability WG) proposed revisions to the "Suitability and Best Interest Standard of Conduct in Annuity...more

Insurers Keep Providing Corporate Governance Disclosures Without Complaint—Yet

by Carlton Fields on

Following the financial crisis, the NAIC undertook a solvency modernization initiative (SMI) to update insurance regulators on insurance companies’ regulatory frameworks. One part of the SMI, meant to keep regulators informed...more

Covered Agreement Implementation Discussions Move Forward

by Locke Lord LLP on

The National Association of Insurance Commissioners (NAIC) held a public hearing on February 20, 2018 to discuss the reinsurance provisions of the Bilateral Agreement between the U.S. and the EU on Prudential Measures...more

A Closer Look at the NAIC Insurance Data Security Model Law

by Locke Lord LLP on

Following New York’s lead after the Department of Financial Services (the NYDFS) promulgated its Cybersecurity Regulation, in October 2017 the NAIC adopted its Insurance Data Security Model Law (the NAIC Model) to establish...more

NAIC Report - 2018 Spring National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2018 Spring National Meeting from March 24 through 27 in Milwaukee, Wisconsin. The winds off Lake Michigan were chilly, but the welcome was warm....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

Update On NAIC Action To Implement The Covered Agreement

by Carlton Fields on

We recently posted a Special Focus article on a hearing held by the NAIC’s Reinsurance Task Force concerning the implementation of the reduced collateral for reinsurance provisions of the Covered Agreement between the U.S....more

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