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NAIC Insurance Industry Life Insurance

Eversheds Sutherland (US) LLP

Highlights from the NAIC Summer 2024 National Meeting

In our recent webinar, members of the Eversheds Sutherland Insurance Practice Group discussed noteworthy developments from the National Association of Insurance Commissioners (NAIC) Summer National Meeting that was held in...more

Locke Lord LLP

NAIC Privacy Protections Working Group Takes First Step on Its New Path ‎Forward

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The Privacy Protections (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) met on Wednesday June 12, 2024, to consider which proposed path forward to pursue as it considers a new NAIC privacy...more

Carlton Fields

Racing Ahead: Privacy, Cybersecurity, and AI Heats for the Life Insurance Industry

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Drivers, start your engines. It has been months of high speed for privacy, cybersecurity, and artificial intelligence....more

Eversheds Sutherland (US) LLP

NYDFS proposes reinsurance amendments to remain compliant with NAIC accreditation standards and modify reciprocal jurisdiction...

On April 24, 2024, the New York State Department of Financial Services (NYDFS) published Proposed Rule Making for the 13th Amendment to Insurance Regulation 17, 20 and 20-A (Proposed Amendment), which purports to implement...more

Locke Lord LLP

NAIC Model Bulletin on the Use of AI Systems by Insurers Adopted in Eight States

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Nevada has adopted the NAIC Model Bulletin on the Use of AI Systems by Insurers along with seven other states, including Alaska, Connecticut, Illinois, New Hampshire, Nevada, Rhode Island and Vermont....more

Locke Lord LLP

Artificial Intelligence Regulation in the ‎Insurance Industry – 2023 a Year in Review

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2023 has been a very productive year for regulators advancing their efforts to understand new technologies and consider whether and how to regulate the rapidly developing technologies, including artificial intelligence,...more

Paul Hastings LLP

An Eye on Insurance: Recent Developments in Insurance Regulation

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The last months of 2023 capped off another major year for insurance regulation, with state insurance regulators and the National Association of Insurance Commissioners undertaking a number of initiatives that will affect the...more

Bressler, Amery & Ross, P.C.

State Regulation of Annuity Suitability and the Best Interests

Suitability in the sale of annuity products has been a topic of state regulation since at least 2003 - well before the federal focus on “Best Interest.” State insurance regulators have overseen the sale of annuities to ensure...more

BCLP

The Future of Insurance - Colorado’s New ECDIS and AI Model Regulations

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On September 21, 2023, the Colorado Division of Insurance adopted a Final Regulation implementing S.B. 21-169, the 2021 law governing Colorado-licensed insurers’ use of external consumer data and information sources (ECDIS),...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

Competing Duties Of A Life Insurance Agent: The Potential For A Conflict Of Interest In The Sale Of Life Insurance Policies And...

The legal and regulatory scheme is set up in favor of life insurance companies to the detriment of the agents and customers. The imbalance of duties imposed upon a life insurance agent in the sale of life insurance policies...more

Faegre Drinker Biddle & Reath LLP

2023 NFI Insurance Public Policy Summit Highlights “Balancing Act”

The “balancing act” of insurance regulation across jurisdictions, policymakers, and stakeholders took center stage at the 18th Annual Networks Financial Institute Insurance Public Policy Summit on May 17 in Washington D.C....more

Carlton Fields

Opening Day: Regulators Showcase Big Data Initiatives at NAIC Spring Meeting

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Few things thrill baseball fans more than opening day. They come with a mix of excitement and trepidation. For many of them, it’s the first day they get to see their favorite team showcase its talents, and their first glimpse...more

Eversheds Sutherland (US) LLP

NAIC Report - 2023 Spring National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2023 Spring National Meeting March 21-25 in Louisville, Kentucky. The agenda for this National Meeting was limited, with a number of NAIC working groups...more

Eversheds Sutherland (US) LLP

NY Governor’s budget includes proposal to expand Life Insurance Company Guaranty Corporation to health insurance

New York Senate Bill 4007 and Assembly Bill 3007, which represent Governor Kathy Hochul’s state budget proposal, include provisions to amend Article 77 of the New York Insurance Law, the Life Insurance Company Guaranty...more

Eversheds Sutherland (US) LLP

NAIC Life and Annuities (A) Committee adopts amendments to Actuarial Guideline 49-A

On February 24th, the NAIC Life Insurance and Annuity (A) Committee (A Committee) adopted amendments to Actuarial Guideline (AG) 49-A to address a concern raised by state insurance regulators regarding the use of...more

Kramer Levin Naftalis & Frankel LLP

NAIC Announces 2023 Priorities

The National Association of Insurance Commissioners (NAIC) recently announced its regulatory priorities for 2023. Insurers should consider the extent to which these matters impact them and the prospect that insurance...more

Eversheds Sutherland (US) LLP

NAIC Report - 2022 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2022 Fall National Meeting from December 12-16 in Tampa, Florida. The agenda for this National Meeting was limited, with a number of NAIC working groups...more

Eversheds Sutherland (US) LLP

NAIC Indexed Universal Life Illustration Subgroup solicits comment on options to revise Actuarial Guideline 49-A and to open NAIC...

On October 12th, the NAIC Life Insurance and Annuity (A) Committee’s Indexed Universal Life (IUL) Illustration (A) Subgroup (IUL Subgroup) exposed for comment four options to amend Actuarial Guideline (AG) 49-A to address a...more

Eversheds Sutherland (US) LLP

NAIC Report - 2022 Summer National Meeting

Innovation, Cybersecurity, and Technology (H) Committee Adopts Request for Modernized Privacy Protections Model Law; Receives Working Group Reports - The Innovation, Cybersecurity, and Technology (H) Committee met on...more

Carlton Fields

NAIC Proposes Actuarial Guidelines for Index-Linked Variable Annuities

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On July 25, 2022, the Index-Linked Variable Annuity (A) Subgroup of the NAIC’s Life Insurance and Annuities (A) Committee issued for public comment an exposure draft of proposed actuarial guidelines for index-linked variable...more

Carlton Fields

NCOIL Protests Insurers’ Offers of Enhanced Cash Surrender Values

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The National Council of Insurance Legislators (NCOIL) unanimously agreed to waive a red flag protesting insurers’ offers of enhanced cash surrender values. At its summer meeting, NCOIL adopted a Resolution Identifying Certain...more

Mitchell, Williams, Selig, Gates & Woodyard,...

National Association of Insurance Commissioners (NAIC) 2022 Summer Meeting Summary

The Mitchell Williams Insurance Regulatory team of lawyers recently attended the National Association of Insurance Commissioners (NAIC) 2022 Summer National Meeting which was held in Portland, Oregon on August 9-13th. We have...more

Locke Lord LLP

Senate Banking Committee Chair Urges FIO And the NAIC To Monitor Private Equity and Affiliated Offshore Reinsurance in the Life...

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Earlier this month, United States Senator Sherrod Brown (D-OH), Chair of the Banking, Housing, and Urban Affairs Committee, urged the Federal Insurance Office (FIO) and the National Association of Insurance Commissioners...more

Eversheds Sutherland (US) LLP

NAIC’s LATF solicits feedback on options to address concerns related to AG 49-A

​​​​​​​On August 15th, the NAIC’s Life Actuarial (A) Task Force (LATF) re-exposed for comment four options to address a concern raised by state insurance regulators regarding the use of illustrations for indexed universal...more

Carlton Fields

Coming Out of Winter Hibernation

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The Life Insurance and Annuities (A) Committee sprang into action during the NAIC Spring 2022 National Meeting in April. The A Committee discussed recent activities and 2022 plans for its Life Actuarial Task Force (LATF), its...more

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