In 2020, the National Association of Insurance Commissioners (the NAIC) revised the Insurance Holding Company System Regulatory Act (the “Model Law”) and Insurance Holding Company System Model Regulation (the “Model...more
The National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has approved proposed revisions to the Credit for Reinsurance Model Law (Model Law) and the Credit for Reinsurance Model Regulation (Model...more
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
The National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has issued updated proposed revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model Regulation (Credit for...more
This is our pick of the key recent legal and regulatory issues affecting the insurance and reinsurance sector. Non Party PI Insurers Liable for Costs - In the January 2019 case of Various Claimants v Giambrone the...more
Throughout 2018, the National Association of Insurance Commissioners (NAIC) Reinsurance (E) Task Force has been working on proposed revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model...more
We have posted a number of times on the Covered Agreement between the U.S. and the E.U. concerning the reduction of collateral requirements for reinsurance provided by reinsurers domiciled in the E.U. ...more
We have previously reported on the NAIC’s strategy of assisting the states in the implementation of the Covered Agreement through revisions to the Credit for Reinsurance Model Law and the Credit for Reinsurance Model...more
A notice confirming the entry into force of the bilateral agreement between the EU and the US on insurance and reinsurance measures was published in the Official Journal of the EU (“OJ“) on April 9, 2018. The notice states...more
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
In a much anticipated public hearing, The National Association of Insurance Commissioners (“NAIC”) discussed how U.S. states should address the elimination of reinsurance collateral requirements for EU reinsurers of U.S....more
The National Association of Insurance Commissioners (NAIC) held a public hearing in New York on February 20, 2018, to receive comments on the steps it should take to address the reinsurance collateral provisions of the...more
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). Once the Covered Agreement...more
On Thursday, February 16, the Housing and Insurance subcommittee of the Financial Services Committee of the United States House of Representatives will hold a public hearing entitled, “Assessing the U.S.-EU Covered...more