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On Tuesday, March 10, the Bipartisan Policy Center, which was created in 2007 by former Congressional leaders as a Washington D.C.- based think tank, announced it was launching an insurance task force. The task force would assess the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on…
Read More Bipartisan Policy Center Forms Insurance Task Force

Recently, the Uniform Law Commission’s Committee to Revise the Uniform Unclaimed Property Act met in Washington and adopted uniform rules drafted by an advisory group. These approved recommendations are consistent with the Model Unclaimed Life Insurance Benefits Act which was adopted by the National Conference of Insurance Legislators last year.
Read More Committee Proposes Uniform Rules for Unclaimed Insurance Policies

Comments on the proposed revised guidance to be added to Financial Analysis Handbook related to reviewing form Change In Control Applications (attached) are due close of business today to Dan Daveline, NAIC Staff at . 

The comments will be discussed at the upcoming NAIC meeting in Phoenix.Read More Private Equity Issues Working Group-Exposed until COB Wednesday, March 11

South Dakota recently enacted legislation that will allow insurance agents and service contract producers (e.g. motor vehicle dealer) to form captive insurance companies to insure or reinsure the risks placed by or through such agency or service contract producer. The law, which does not got into effect until July…
Read More South Dakota Enacts Law Allowing Insurance Agents and Service Contract Producers to Form Captives

Secretary of the Treasury Jacob (Jack) Lew will preside over an executive session of the Financial Stability Oversight Council (Council) on Wednesday, March 11 at the Treasury Department. On the preliminary agenda is a discussion of central counterparties and an update on the Council’s 2015 annual report. In addition, the…
Read More Secretary Lew to Preside Over an Executive Session of the Financial Stability Oversight Council on March 11

In it Together: Emerging Joint Venture Structures for Hospitals and Insurers

Following the passage of the Affordable Care Act (the ACA), hospitals and physician practice groups, on the one hand, and health insurance and managed care companies, on the other hand, increasingly have focused on lowering health care delivery costs…
Read More Insights into emerging joint ventures for insurers and hospitals focus of Bloomberg BNA article from Locke Lord

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