Topic: Industry Developments
NAIC 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.
Read MoreNAIC Co-Hosts Webinar on Wearable Devices
On Monday, November 13, the National Association of Insurance Commissioners, in conjunction with the Center for Insurance Policy and Research and The Griffith Insurance Education Foundation, presented a webinar entitled “Wearables and their Insurance Implications.” The webinar covered a broad range of developments in the wearable space, as well as implications – both positive and negative – that may result from the proliferation of wearable devices.
Read MoreNAIC Working Group Exposes Proposed Revisions to Life and Health Guaranty Association Model Act
On October 27, the NAIC Model Law (E) Working Group released an exposure draft of its proposed revisions to the Life and Health Guaranty Association Model Act (#520), intended to address the financial challenges of Long Term Care (“LTC”) insurance insolvencies, such as this year’s Penn Treaty liquidation, and to bring health maintenance organizations (“HMOs”) within the Guaranty Associations’ protection and assessment base. The Working Group is chaired by James Kennedy of the Texas Department of Insurance. The proposed revisions are the product of an intense effort by a drafting group that was formed in July. With a 30 day exposure period, comments by interested parties are due by November 27, 2017.
Read MoreWhite House Issues Memorandum Announcing UAS/Drone Integration Pilot Program
On October 25, 2017, the White House issued its previously-rumored Presidential Memorandum (“Memorandum”) calling for the establishment of a UAS Integration Pilot Program (“Program”) to test the further integration of Unmanned Aircraft Systems (“UAS” or “drones”) into the national airspace system (“NAS”) in a select number of State, local and tribal jurisdictions. The Memorandum calls for the Secretary of Transportation (“Secretary”) to establish the Program by late January 2018, and to have entered into agreements with at least five State, local or tribal governments to participate in the Program by mid-2018. Under the terms of the Memorandum, the Program will terminate on October 25, 2020, unless extended by the Secretary.
Read MoreNAIC Adopts Model Cybersecurity Law
Based largely on the NY DFS Cybersecurity Regulation that became effective March 1, 2017, the NAIC has adopted a Model Cybersecurity Law that would, once adopted by the various states, establish significant requirements for insurance industry licensees
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