The NAIC’s Private Equity Issues Working Group has exposed for comment the attached, proposed revised guidance to be added to Financial Analysis Handbook related to reviewing Change In Control Applications . Comments are due by Wednesday, March 11, 2015 and will be discussed at the NAIC National Meeting in…
Read More Private Equities Working Group Exposed Revised Guidance Until COB Wednesday, March 11

Federal Insurance Office (FIO) Director Michael McRaith announced during the Federal Advisory Committee on Insurance (FACI) meeting last week that the FACI is expected to issue its recommendations on retirement security, capital standards, and cybersecurity by the next FACI meeting in May.

During the February 10th meeting, FACI members heard…
Read More FIO’s McRaith Announces Upcoming Reports from Advisory Committee on Retirement Security, Capital Standards and Cybersecurity

As further analyzed in our QuickStudy, available here, New Jersey has enacted a new law (P.L. 2014, c. 88, codified at N.J. Stat. Ann. §§ 56:8-196 – 56:8-198) effective August 1, 2015, requiring health insurance carriers authorized to issue health benefit plans in New Jersey to encrypt personal information…
Read More Attention, Health Insurers: Unique Encryption Requirements in NJ

On February 9, Connecticut Governor Dannel Malloy wrote a letter to U.S. Department of the Treasury Secretary Jacob Lew and U.S. Trade Representative Ambassador Michael Froman expressing his concern over their departments’ consideration of preempting state insurance regulation by potentially negotiating a “covered agreement” with foreign authorities. Such an agreement…
Read More Connecticut Governor Urges Treasury and the Office of U.S. Trade Representatives to Leave Reductions in Collateral Requirements of Reinsurers to the States

In a recent decision, a Massachusetts trial court addressed whether an insurer could recoup previously-paid indemnity and defense costs from its insured. Finding that the insured had not obtained the payments as a result of fraud or bad faith, and that the insurer had failed to cite policy language permitting…
Read More Massachusetts Court Rejects Insurer’s Attempt to Recoup Defense and Indemnity Payments

Co-Authored by: Ben Sykes and Barry Weissman

During a special meeting of the National Association of Insurance Commissioners (NAIC) on February 8, members elected Missouri Insurance Director John M. Huff to the office of NAIC President-Elect. The office was vacated on January 20 when former Pennsylvania Insurance Commissioner Michael F.

Read More New NAIC President – Elect

CMS to Update the EHR Incentive Program

On January 29, the Centers for Medicare & Medicaid Services (“CMS”) announced its plan to propose changes to the Electronic Health Record Incentive Program (“EHR Incentive Program”). According to CMS, the rule will address provider concerns and reflect developments in the industry since…
Read More Healthcare Update: CMS to Update the EHR Incentive Program; HHS Announces Timeline for Medicare Payment Reform; OIG Issues Favorable Advisory Opinion Regarding Patient Assistance Program; HIPAA Settlement Following Breach Caused by Malware

On Wednesday, the Financial Stability Oversight Council (FSOC) announced that it had changed its non-bank review process. The Council will now inform companies earlier on in the process if they are under review and provide firms with additional opportunities to work with FSOC. In addition, more information about the designation…
Read More FSOC Amends Non-Bank Review Process

Earlier this week, the U.S. Department of Treasury Federal Insurance Office released Interim Guidance on implementation of the Terrorism Risk Insurance Program Reauthorization Act of 2015, which was signed into law last month after the prior program had expired on January 1. Some of the key features of the Interim Guidance include:…

Read More Treasury Issues Interim Guidance on Implementation of TRIA

Treasury Secretary Jacob (Jack) Lew presided over an executive session of the Financial Stability Oversight Council (Council) on Wednesday, February 4.  The preliminary agenda consists of administrative business of the Council, including a discussion regarding the Council’s outstanding notice seeking public comment on asset management products and activities, which was…
Read More Secretary Lew Presided Over an Executive Session of the Financial Stability Oversight Council