Reporting Developments Affecting the Insurance and Reinsurance Industries
At the recent Summer 2022 NCOIL Meeting held in Jersey City, New Jersey, the National Council of Insurance Legislators adopted a resolution admonishing certain life insurance carriers recent so-called “enhanced cash surrender value” transactions.
Read MoreIn October 2021, the Financial Stability Oversight Council (FSOC) published its inaugural Report on Climate-Related Financial Risk making over 30 recommendations to U.S. state and federal financial regulators on how best to identify and address climate-related risks to the financial system. At that time, FSOC formed a new staff-level interagency committee, the Climate-related Financial Risk Committee (CFRC). At last week’s FSOC meeting, CFRC members reported their progress and released a Fact Sheet emphasizing interagency coordination and capacity building, in particular emphasizing data and methodological gaps. FSOC members reported on international and interagency cooperation prioritizing data collection and harmonization of reporting methodology.
Read MoreThe New York Department of Financial Services (DFS) issued its 2021 Update on New York Domestic Insurers’ Management of the Financial Risks from Climate Change, analyzing 2021 survey responses from the National Association of Insurance Commissioners (NAIC) Climate Risk Disclosure Survey or alternatively the Task Force on Climate-Related Financial Disclosures (TCFD). The report summarizes the submissions made by domestic insurers, highlights advances over the previous year, and reiterates DFS expectations while providing examples of good practices.
Read MoreThe Connecticut Insurance Department issued a revised Notice to All Entities and Persons Licensed by the Connecticut Insurance Department concerning the Usage of Big Data and Avoidance of Discriminatory Practices (available here). The Notice, issued April 20, 2022, reminds “all entities and persons licensed by the Department that the Department continues to expect such entities and persons to use technology and Big Data in full compliance with anti-discrimination laws and have completed the [annual] data certification….”
Read MoreConcerned about anecdotal evidence of diminishing availability of property insurance coverage in areas subject to disasters exacerbated by climate change, the Treasury Department announced on Thursday, June 7, that it is planning to launch the first nationwide assessment of insurers’ financial exposure to climate risk.
Read MoreLocke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.
Read MoreOn June 17, 2022, the Texas Supreme Court released an opinion in Hegar v. Health Care Serv. Corp. (No. 21-0080) (Jun 17, 2022) regarding whether the Comptroller properly taxed an insurer based on premiums it received from sales of stop-loss insurance policies under Texas Insurance Code Chapters 222 and 257.
Read MoreEffective July 1, 2022, House Bill 5506 (the “Bill”) amends various provisions of Connecticut’s captive insurance laws. Notably, the Bill lowers the capital and surplus requirements for various types of captive insurers.
Read MoreIssues to Watch
