Industry Developments

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In light of the reauthorization of the Terrorism Risk Insurance Act (“TRIA”) earlier this year, a growing focus within the industry has been on the collection of data on terrorism risk exposure from insurers to help assess company solvency and market trends in light of particular changes to TRIA. As…
Read More TRIA Data Call In Development for 2016

After 24 years of service with the Texas Department of Insurance (TDI), General Counsel Sara Wait will be retiring in December 2015. Wait has had a distinguished career at TDI after starting as a law clerk in TDI’s liquidation division and serving two stints at a private law firm.

On…
Read More More Senior Staff Changes at the Texas Department of Insurance

Last week, an NAIC task force moved forward in recommending a cybersecurity “bill of rights” that insurance regulators could provide consumers, essentially creating an expectation of notice of a breach “never more than 60 days” after a breach, and the right to one year of free credit monitoring. Insurance industry…

Read More NAIC Cybersecurity “Bill of Rights” Wrong to Many Insurers

In its commitment to address risks of Global Systemically Important Insurers (“G-SIIs”) on the global financial system, the International Association of Insurance Supervisors (“IAIS”) recently announced completion of its development of the Higher Loss Absorbency (“HLA”) requirement for G-SIIs. The HLA was established to help reduce the impact of the…
Read More International Association of Insurance Supervisors Completes Higher Loss Absorbency Requirement for Global Systemically Important Insurers

The majority of states have now adopted the ORSA Model Law and the first filings are officially due by the end of 2015.  The NAIC has been conducting an ORSA pilot project for the last 3 years and many companies participated.  The participating companies received valuable input regarding their ORSA …
Read More Many Insurers to be Filing ORSA’s for the First Time in the 4th Quarter

This month, the NAIC set forth a variety of proposals relating to changes risk-based capital (“RBC”) requirements, as well as treatment of investment affiliates.  In particular, the NAIC seeks to require life insurers to actively disclosure how the use of captives to manage their A-XXX risks would impact the insurer’s…
Read More NAIC Proposes Changes to Life Insurer Disclosure Requirements and Treatment of Investment Affiliates

Today, August 24, 2015, in a long-anticipated decision, the Third Circuit has interpreted the enforcement authority of the Federal Trade Commission under the Federal Trade Commission Act to include cyber security deficiencies as “unfair” acts or practices in or affecting commerce.  The Third Circuit affirmed the District Court’s denial of…
Read More FTC Interpreted to be Cyber Security Police

Darren T. Ellingson has been appointed Acting Director of Insurance by Arizona Governor Douglas A. Ducey.  Germaine Marks, who was the Director of Insurance, resigned to accept a position in the private sector.  Mr. Ellingson has served as the Arizona Department of Insurance Deputy Director since 2013 and   previously was…
Read More Arizona Governor Names Acting Director of Insurance