News & Analysis as of

Request For Information Insurance Industry

Zelle  LLP

When Are Insurance Code Chapter 542 Penalties Not Owed?

Zelle LLP on

There are a litany of deadlines an insurer must be mindful of, and this is especially true in Texas, which imposes a number of statutorily prescribed deadlines during the claim adjustment process. The Texas Prompt Payment of...more

Eversheds Sutherland (US) LLP

NAIC releases highly-anticipated draft model bulletin on artificial intelligence systems used by insurers

On July 17, 2023, the Innovation, Cybersecurity and Technology (H) Committee of the National Association of Insurance Commissioners (NAIC) released for comment a highly anticipated model bulletin (Model Bulletin) on...more

Hinshaw & Culbertson - Insights for Insurers

Comments Due to the Federal Insurance Office on its Wide-Ranging Work Relating to the Insurance Sector and Climate-Related...

President Biden’s May 20, 2021 Executive Order on Tackling the Climate Crisis at Home and Abroad set forth the Administration's policy to “organize and deploy the full capacity of its agencies to combat the climate crisis to...more

Akin Gump Strauss Hauer & Feld LLP

Treasury Department Seeks Public Input on Insurance Sector and Climate-Related Financial Risks

The November 15, 2021, deadline is approaching to submit comments to the Treasury Department’s Federal Insurance Office (FIO) on its Request for Information (RFI) seeking input on FIO’s future work concerning the insurance...more

Hinshaw & Culbertson - Insights for Insurers

California is the Next State to Request Business Interruption Coverage Information from Insurers

On March 26, 2020, California's Department of Insurance (the "Department") issued an "urgent data survey" to all admitted and non-admitted insurance companies, seeking information about coverage for COVID-19 business...more

Carlton Fields

The Fiduciary Rule Status Update

Carlton Fields on

On April 8, the Department of Labor published the so-called "Fiduciary Rule." It defines who is an employee benefit plan’s "fiduciary" for purposes of the Employee Retirement Income Security Act (ERISA) and the Internal...more

Eversheds Sutherland (US) LLP

NYDFS Makes Inquiry into Life Insurers’ Use of Algorithmic Underwriting

On June 29, 2017, the New York Department of Financial Services (NYDFS) issued an information request pursuant to Section 308 of the New York Insurance Law addressed to all life insurers and fraternal benefit societies...more

Carlton Fields

New York DFS Requests Information on Use of External Consumer Data and Information Sources in Life Insurance Underwriting

Carlton Fields on

On June 29, the New York Department of Financial Services (DFS) initiated an investigation into the use of external (i.e., not provided by the consumer) consumer data or information sources in connection with underwriting by...more

Carlton Fields

Minnesota Discovers Limits To Its Regulator’s Power Over Insurers

Carlton Fields on

In Minnesota, the Commissioner of the Department of Commerce regulates the insurance industry, and he has a statutory right to conduct investigations “related to the duties and responsibilities entrusted to” him. Last month,...more

Cozen O'Connor

The Third Parties (Rights against Insurers) Act 2010 and Its Impact on Subrogated Claims

Cozen O'Connor on

It has been some time coming, but on August 1, 2016, the operative provisions of the Third Parties (Rights against Insurers) Act 2010 (the Act) will come into force. The Act will significantly improve the subrogation...more

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