Topic: Industry Developments
Eliminating education and occupation as auto insurance underwriting factors
A bill was recently introduced in the New Jersey Senate that would prohibit the use of education and occupation as rating factors in automobile insurance underwriting. This leads to taking a closer look at the debate over the years and insurance industry’s contention that accurate premium rates require a comprehensive list of risk factors.
Read MoreSurplus Lines: Insurtech and Technological Opportunities, Challenges
New York Associate Zachary Lerner and Hartford Associate Alexandra Cavaliere co-authored an Insurance Journal article detailing the technological advances in the insurance industry, specifically the rise of insurtech.
Read MoreNAIC Holds Public Hearing on Reinsurance Collateral Provisions of Covered Agreement
On February 20, 2018, the National Association of Insurance Commissioners (NAIC) held a public hearing on the reinsurance collateral provisions of the Bilateral Agreement between the United States of America and the European Union on Prudential Measures regarding Insurance and Reinsurance (the “Covered Agreement”).
Read MoreNY DFS Cybersecurity Compliance Certificate Required Today; Additional Requirements Looming
As previously warned here, February 15, 2018 is the first annual deadline for individuals and companies licensed or otherwise authorized under the New York Insurance, Banking and Financial Services laws (defined as Covered Entities) to certify compliance with the Cybersecurity Regulation of the New York Department of Financial Services, unless an exemption applies.
Read MoreState Ahead: The NAIC’s Plan for Staying Ahead of a Rapidly Evolving Industry
On February 7, the NAIC released “State Ahead,” the organization’s strategic plan for the next three years.
Read MoreYou’re Invited – Insurance M&A and Capital Raising Roundtable
Please join BDO USA, LLP, Locke Lord LLP, and Sandler O’Neill + Partners, L.P. for a complimentary breakfast briefing. This event will highlight key considerations in a successful M&A transaction or capital raising transaction in today’s economic climate for the insurance industry.
Read MoreInsurers Brace for a Texas-sized Assessment for FAIR Plan Members
At its recent December 11th meeting in Corpus Christi, Texas, the Governing Committee of the Texas FAIR Plan Association (TFPA) is reported to have approved an assessment for its insurance company members of over $64 million in relation to a currently estimated $90 million gross loss for the TFPA from Hurricane Harvey and a 2016 year-end and ongoing 2017 operating deficit.
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