This month, the NAIC set forth a variety of proposals relating to changes risk-based capital (“RBC”) requirements, as well as treatment of investment affiliates. In particular, the NAIC seeks to require life insurers to actively disclosure how the use of captives to manage their A-XXX risks would impact the insurer’s
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New York Limits Interest Rates on Loans to New York-based Military Personnel
Since 2005, banks have continued to provide certain military service members with loans that require payment of interest far beyond the 16% New York state cap under what has become known as the “Fort Drum Loophole.” The loophole has specifically exempted banks from the New York usury laws for loans
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FIO and States Working to Enhance Flow of Information within Cyber Insurance Industry
The Federal Insurance Office has made it clear that it considers cyber insurance to play a crucial role in encouraging cyber security of companies as well as providing financial support for companies in the event of a cyber incident. Thus, for example, in comments at the quarterly meeting of the
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New York Requires Insurer Information in Wake of TRIA Expiration
As of December 31, 2014, the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIA”) will expire.
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Senate Passes new TRIA Bill; Awaits Response from House
On July 17, 2014, the Senate passed the Terrorism Risk Insurance Program Reauthorization Act of 2014, extending the original Terrorism Risk Insurance Act (“TRIA”) for an additional seven years. If the bill is ultimately signed into law, it will mark a victory for Senator Schumer, who introduced the original version of the bill in April of this year, as well as many industry participants who have been advocating for an extension of TRIA in order to provide clarity and stability with respect to terrorism risks.
Read More Senate Passes new TRIA Bill; Awaits Response from House
PWG TRIA Report Released; Prices Remain Low, but Uncertainty Continues
On April 17, 2014, the President’s Working Group on Financial Markets (“PWG”) released its report (the “Report”) to Congress on the state of terrorism risk insurance, as required under the Terrorism Risk Insurance Act (“TRIA”).
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Live Blog: Edwards Wildman Roundtable with Pennsylvania Commissioner Michael Consedine
On March 31, 2014, Edwards Wildman Palmer LLP (“Edwards Wildman”) hosted an informal roundtable attended by Pennsylvania Commissioner Michael Consedine. Other invitees included clients of Edwards Wildman, as well as acquaintances of the firm.
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Live Blog: Principle-Based Reserving Implementation (EX) Task Force
The Principle-Based Reserving (“PBR”) Implementation (EX) Task Force (the “Task Force”) discussed a variety of topics related to the development and implementation of PBR at the Spring NAIC Meeting. During introductory comments, it was noted that 9 states have enacted PBR legislation, with 4 states waiting for their respective governors to sign PBR into law.
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Live Blog: International Insurance Relations (G) Committee Spring NAIC Meeting
The International Insurance Relations (G) Committee (the “Committee”) Spring NAIC Meeting focused primarily on providing updates to efforts made in the international sphere by the NAIC.
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Live Blog: Reinsurance (E) Task Force NAIC Meeting
The Reinsurance (E) Task Force (“Task Force”) NAIC Spring Meeting covered a variety of reports and initiatives, however the bulk of the meeting focused on the certification process for reinsurers.
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