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. …
Read More Live Blog: Principle-Based Reserving Implementation (EX) Task Force

The Appeals Court of Massachusetts recently issued a coverage decision captioned Hurley v. Comproni, et al., 85 Mass. App. Ct. 1101, 3 N.E.3d 615 (Mass. App. Ct. 2014) (unpublished) (available here). The decision stemmed from an insured lawyer’s repeated failure to complete service in an underlying personal injury action, resulting in that action being time-barred. …
Read More Massachusetts Appeals Court Holds Upholds Summary Judgment on Behalf of Insurer Based on a Prior Acts Exclusion and Inaccurate Statements in the Policy Application

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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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. …
Read More Live Blog: Reinsurance (E) Task Force NAIC Meeting

The Financial Regulation Standards and Accreditation (F) Committee (the “Committee”) Spring NAIC Meeting addressed a number of pertinent topics; however, the majority of debate and comments centered around the definition of “Multi-State Insurer” for accreditation purposes. …
Read More Live Blog: Financial Regulation Standards and Accreditation (F) Committee Spring NAIC Meeting

The Mortgage Guaranty Insurance (E) Working Group (the “Group”) Spring NAIC Meeting focused on the debate around the NAIC’s latest draft of the Mortgage Guaranty Insurance Model Act (the “Act”).
Read More Live Blog: Mortgage Guaranty Insurance (E) Working Group Spring NAIC Meeting

On Saturday, March 29th, 2014, the Emerging Accounting Issues Working Group & Statutory Account Principles Working Group held a meeting to adopt certain standards and to expose other proposals for comments. The sole topic of substantial debate surrounded moving forward with the Accounting for the Risk Sharing Provisions of the Affordable Care Act (the “Act”). …
Read More Live Blog: Emerging Accounting Issues Working Group & Statutory Accounting Principles Working Group Meeting

Speakers at the Spring NAIC Meeting in Orlando on the topic of insuring cyber liability risk offered commentary on risks and damages associated with cyber attacks in the United States, as well as how the insurance market has (and has not) developed to help mitigate risk. Representatives included district attorneys, practicing intellectual property lawyers, federal agents as well as state regulators. …
Read More Live Blog: CIPR Spring Event: Insuring Cyber Liability Risk (NAIC Spring Meetings)

The U.S. Securities and Exchange Commission (“SEC”) held a Cybersecurity Roundtable discussion in Washington, DC Wednesday, March 26, 2014, at which representatives from the government and private sector, including publicly held corporations, market exchanges, investment advisors, and the insurance industry, discussed cybersecurity risks and the role the government, and specifically the SEC, could play in mitigating those risks. …
Read More SEC Holds Cybersecurity Roundtable

On March 25, 2014, Delaware’s House of Representatives passed HB 104 “An Act To Amend Title 18 Of The Delaware Code Relating To Certificates Of Insurance” by a vote of 38 to 0. The bill, which passed in the Senate on March 19th by a vote of 18 to 0, is on its way to the governor for consideration. …
Read More Delaware Bill Cracks Down on Fraudulent Certificates of Insurance