As Congress returns to work this week, a number of issues impacting the insurance and financial services industries are expected to be evaluated. First, on Thursday, September 10, two House subcommitees will hold a hearing about the Department of Labor’s proposed fiduciary rule, which seeks to define who is a…
Read More Several Insurance Related Issues to Dominate as Congress Returns to Work
A recent attempt by the Illinois legislature to significantly expand the scope of the Illinois data breach notification legislation was vetoed by Governor Rauner. As passed by the General Assembly, Illinois Senate Bill 1833 would have extended the type of information covered by the state’s breach notification law to include…
Read More Illinois Governor Vetoes Expansion of Breach Notice Requirements
Today, August 24, 2015, in a long-anticipated decision, the Third Circuit has interpreted the enforcement authority of the Federal Trade Commission under the Federal Trade Commission Act to include cyber security deficiencies as “unfair” acts or practices in or affecting commerce. The Third Circuit affirmed the District Court’s denial of…
Read More FTC Interpreted to be Cyber Security Police
Darren T. Ellingson has been appointed Acting Director of Insurance by Arizona Governor Douglas A. Ducey. Germaine Marks, who was the Director of Insurance, resigned to accept a position in the private sector. Mr. Ellingson has served as the Arizona Department of Insurance Deputy Director since 2013 and previously was…
Read More Arizona Governor Names Acting Director of Insurance
The NAIC’s Accounting Practices and Procedures Task Force chose not to use its planned template for obtaining terrorism risk insurance data at the NAIC Summer National Meetings in Chicago this past weekend. The template was intended to establish a uniform means nationwide for insurers to submit data about the terrorism…
On Monday, August 17, 2015, California Assembly Bill 553 was signed by Governor Jerry Brown, and became immediately effective. AB 553 adopts much of the NAIC’s Model Corporate Governance Annual Disclosure Model Act, along with a number of measures to bring California’s Insurance Holding Company Systems Act into conformity with…
Read More California Adopts NAIC Corporate Governance Annual Disclosure Requirements
The UK’s Prudential Regulation Authority (PRA) has, this month, written to insurance companies in the UK to find out more about how they deal with the threat posed by cyber attacks and what mechanisms they have in place to protect client data. The PRA is (since 1 April 2013) responsible…
The 13th August 2015 was not just an unlucky number 13 but the date the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) chose to publish the long awaited rules on the Senior Insurers Manager Regime. From the 1st January 2016 the regime will enable the PRA…
Read More “Taking no prisoners!” The Senior Insurance Manager Regime
A recent report entitled “Promoting UK Cyber Prosperity: Public-Private Cyber-Catastrophe Reinsurance” issued by Long Finance examines the potential effects of cyber-catastrophe events on the economy. The report, available here, recommends the creation of a public-private cyber-catastrophe reinsurance scheme, or an extension to the existing terrorism pool, in order to…
Read More Recommendation for Cyber-Catastrophe Scheme to promote UK Cyber Competitiveness
Governor Cuomo recently signed Assembly Bill 7789, which will expand the scope of activities that insurance brokers may engage in with respect to Group Life and Group A&H insurance sales to multinational clients covering non-US employees. Under certain conditions, brokers will now be able to provide information to certain non-US…
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