Reporting Developments Affecting the Insurance and Reinsurance Industries

 

Distribution and Claims-Focused InsurTechs: Understanding Licensure and Top 5 Regulatory Issues

Welcome back to your weekly dose of InsurTech insight. Hopefully in time you’ll come to think of us as a kind of General Assembly for InsurTechs, but instead of learning technological skills, you’ll learn practical information regarding not only regulatory and transactional insurance matters applicable to the InsurTech space, but also issues related to being an entrepreneur (which we will begin to focus on in the second month of this blog).

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Chairs and Vice Chairs of Task Forces and Working Groups of the NAIC’s Market Regulation and Consumer Affairs (D) Committee for 2019 Announced

Director Chlora Lindley-Myers (MO), 2019 Chair of the Market Regulation and Consumer ‎Affairs (D) Committee of the National Association of Insurance Commissioners (NAIC), ‎announced on February 8, 2019 on a committee conference call the names of the regulators who ‎will act as Chairs and Vice Chairs of the D Committee’s Task Forces and Working Groups for ‎the coming year. ‎

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Insurance Agents Not Misclassified As Independent ‎Contractors; Sixth Circuit Rules in Favor of Insurance ‎Company in ERISA Class Action Seeking Pension, Life, ‎and Health Benefits

For the past 18 months, insurance companies have been holding their collective ‎breath to see if an appellate court would affirm or reverse an Ohio district court decision ‎concluding that thousands of current and former agents for American Family ‎Insurance Company were employees and not independent contractors under ERISA, ‎the federal law governing pensions and other employee benefits.‎

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New Guidance on Insurers’ Use of Big Data and Algorithms in New York

Having concluded an investigation into New York life insurers’ underwriting guidelines and practices, the New York Department of Financial Services has issued Insurance Circular Letter No. 1 (2019) to advise insurers of their statutory obligations regarding the use of external consumer data and information sources in underwriting for life insurance.

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