Jurisdiction: United States

NAIC Committee on Race & Insurance Considers Barriers to Preventive ‎Health Services

by Daniel Barry | Jul 25, 2023 | |

The health workstream of the NAIC’s Special (EX) Committee on Race & Insurance, co-‎chaired by Maryland and Minnesota, met yesterday. The overarching theme of the meeting was ‎access to preventive services, particularly as it pertains to chronic diseases, emphasizing ‎underserved populations, especially people of color. The regulators heard presentations from ‎three academic and community advocacy experts‎.

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Connecticut Amends Its Captive Insurance Laws

by Jeffrey Bohn | Jun 27, 2023 | |

On June 23, 2023, the Connecticut Insurance Department (the “Department”) issued a press release announcing Governor Ted Lamont signed Public Act No. 23-15, An Act Concerning Captive Insurance Companies, (the “Act”) into law.  Effective October 1, 2023, the Act makes various changes to Connecticut’s captive insurance laws.  In particular, the Act now permits captive insurance companies to “accept or transfer risk by means of a parametric contract,” which will allow businesses to more easily cover unique risks, according to the Department. 

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Texas Legislature to ESG: Don’t Mess With Texas‎

by Moya McKenna | Jun 15, 2023 | |

The 88th Regular Session (2023) of the Texas Legislature voted to enact Senate Bill 833 (“SB 833”), ‎‎which aims to prohibit ‎insurers operating in Texas from using environmental, social, or governance ‎‎‎(“ESG”) models, ‎scores, factors, or standards to charge different rates to businesses or risks in the ‎‎same class ‎facing essentially the same hazards.‎ Because of the divergent approach states have ‎taken regarding ESG issues, SB 833 may present unique challenges for insurance companies ‎operating across ‎multiple jurisdictions. To navigate this complex landscape, insurance companies ‎need to develop ‎flexible strategies ‎that can accommodate the contrasting regulatory expectations in ‎the states coined ‎‎“anti-ESG” versus the “pro-ESG” states. This scenario not only involves ‎managing ‎legal and compliance ‎risks but also managing reputational risks.

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NAIC Picking Up Steam as it Drafts New Privacy Model

by Daniel Barry | Jun 5, 2023 | |

Since the NAIC Spring National Meeting in late March, the Privacy Protections (H) Working Group has continued its work to draft a new unitary privacy model. Over April, the Working Group met one-on-one with industry and interested parties. Since then, the Working Group met twice to receive public comments on discrete topics. The Working Group will ratchet up that level of activity with two full days of in-person public drafting sessions, starting this week. The Working Group plans to circulate a new full draft by the end of the month followed by three more meetings to receive public comments before the Summer National Meeting in August.

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Excess and Surplus Lines Law Manual 2023 Update

by John Emmanuel and Zachary Lerner | May 23, 2023 | , |

We are happy to provide the 2023 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. The website provides you with the ability to click on the states and territories of interest to view the updates, and a PDF of the entire manual.

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State Insurance Regulators Embracing SupTech

by Daniel Barry | Apr 28, 2023 | |

On Thursday April 27, 2023, the Innovation in Technology & Regulation (H) Working Group ‎met to discuss its 2023 Work Plan, the development of a regulator-to-regulator SupTech Forum, ‎a pilot project InsureTech Forum, and to hear a presentation on ChatGPT. The regulators ‎quickly approved the 2023 Work Plan and closed the meeting hearing the presentation on ‎ChatGPT without raising any questions. The substance of the meeting consisted of planning for ‎InsureTech and SupTech Forums.‎

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NAIC Privacy Protections Working Group Moves Forward to Revise Consumer Privacy ‎‎Protections Model Act

by Daniel Barry | Mar 22, 2023 | |

The NAIC is developing a new Consumer Privacy Protections Model Act (# 674) which will ‎replace the preexisting Insurance Information & Privacy Protection Model Act (# 670) and ‎Privacy of Consumer Financial & Health Information Regulation (# 672).‎ ‎ The Working Group ‎exposed its first draft on January 31 for a 60-day public comment period which closes April 3. ‎Yesterday at the NAIC Spring National Meeting, the Working Group adopted a work plan which ‎lays out a detailed schedule across the spring and summer for regulatory only meetings, ‎consultations with industry, and open sessions, including public comment periods and final ‎approval at the Fall National Meeting in December. ‎

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