Topic: Industry Developments

Chairs and Vice Chairs of Task Forces and Working Groups of the NAIC’s Market Regulation and Consumer Affairs (D) Committee for 2019 Announced

Director Chlora Lindley-Myers (MO), 2019 Chair of the Market Regulation and Consumer ‎Affairs (D) Committee of the National Association of Insurance Commissioners (NAIC), ‎announced on February 8, 2019 on a committee conference call the names of the regulators who ‎will act as Chairs and Vice Chairs of the D Committee’s Task Forces and Working Groups for ‎the coming year. ‎

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US Treasury Announces New Covered Agreement on Insurance and Reinsurance Regulation with UK

The U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced on December 11, 2018 that they intend to sign a new Bilateral Agreement between the U.S. and the U.K. on Prudential Measures Regarding Insurance and Reinsurance (“Covered Agreement”).

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Enstar pulled the trigger faster than Annie Oakley‎

Both Rhode Island and Oklahoma have enacted insurance business transfer acts, which allow insurers to transfer and novate books or portfolios of business to insurers domiciled in the respective States.  Rhode Island’s Voluntary Restructuring of Solvent Insurers Act became effective on June 30, 2007, and is codified by the Rhode Island Department of Business (“DBR”) Regulation 68. 

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New California Legislation Governing Health Plans’ Relationships with Pharmacies and Pharmacy Benefit Managers

Last month, California Governor Jerry Brown signed AB 315 into law. AB 315 is California’s version of the growing national trend to regulate pharmacy benefit managers (“PBMs”). PBMs are entities that not only manage prescription drug benefits under health insurance plans, including drug utilization review, drug plan formulary development, selecting pharmacies for prescription drug networks, and determining reimbursements for those pharmacies, but also operate mail order and specialty pharmacies themselves.

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Document Retention Aspects of New York Cybersecurity Regulations

The New York Department of Financial Services Cybersecurity Regulations, 23 NYCRR part 500 (the “Cybersecurity Regulations”), require companies subject to the regulations to update their record retention schedule for particular documents mandated by the Cybersecurity Regulations. 

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Investment Project Expected to Yield Portfolio Strengthening and Risk Sensitivity

Insurers may soon benefit from reporting revisions to diversify and strengthen investment portfolios and enhance managing Risk Based Capital (“RBC”).  As part of the ongoing National Association of Insurance Commissioners (“NAIC”) Investment Classification Project it is proposed that RBC for NAIC designated mutual funds be based on the underlying holdings of the funds.

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