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Topic: Life Insurance & Annuities

Colorado Proposes Guidance Bulletins for Life Algorithms & Predictive ‎Models Regulation

by Daniel Barry | Nov 27, 2023 | , , , |

On November 20, 2023, the Division of Insurance of the Colorado Department of Regulatory Agencies (“DORA”), published for a 9 day public comment period two proposed bulletins which would provide clarifying guidance on the implementation of Colorado Insurance Regulation 10-1-1: Governance of Risk Management Framework Requirements for Life Insurer’s Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models, which was adopted in September 2023 pursuant to SB21-169.

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NAIC Releases for Public Comment Draft Accelerated Underwriting Regulatory Guidance

by Daniel Barry and Moya McKenna | Feb 23, 2023 | |

On Wednesday February 22, 2023, the National Association of Insurance Commissioners ‎‎(“NAIC”) Accelerated Underwriting (A) Working Group exposed for a ‎‎45-day comment period draft regulatory guidance while simultaneously exposing for a 30-day ‎comment period a referral to the Market Conduct Examination Guidelines (D) Working Group ‎proposing revisions to the NAIC Market Conduct Handbook.‎ ‎This is a significant shift from the working group’s prior ‎work mostly gathering information to affirmatively flexing supervisory authority over insurance ‎carriers’ existing accelerated underwriting practices.‎

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LL Surplus Lines Series (Entry 16): Expert Analysis – Disability Insurance in the Surplus Lines Market and Recent Legislative Updates

by Zachary Lerner | Sep 26, 2019 | , , , |

The Surplus lines market has traditionally been a method for insurance placement available to property and casualty products only, although states are increasingly opening up other lines of insurance to the nonadmitted market. For example, a growing number of states have either expressly or indirectly allowed for accident and health coverage to be written through the surplus lines market, and the National Association of Insurance Commissioners released guidance earlier this year advising the states on how to effectively legislate for the expansion of insurance lines that may be written on a surplus lines basis.

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New Guidance on Insurers’ Use of Big Data and Algorithms in New York

by Zachary Lerner | Jan 25, 2019 | , , , |

Having concluded an investigation into New York life insurers’ underwriting guidelines and practices, the New York Department of Financial Services has issued Insurance Circular Letter No. 1 (2019) to advise insurers of their statutory obligations regarding the use of external consumer data and information sources in underwriting for life insurance.

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The Pruco Florida Supreme Court decision has been legislatively reversed by a recent amendment to the Florida Viatical Settlement Act

by Thomas Sherman | Oct 13, 2017 | , , , |

The Florida Supreme Court Pruco advisory opinion, Wells Fargo Bank, N.A. v. Pruco Life Ins. Co., 200 So. 3d at 1203 & 1206-07, to the United States Eleventh Circuit Court of Appeals held that an insurer may not challenge the...

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Florida may have outlawed the secondary sale of policies if at any time during the five year period post issuance there was a loan secured by the policy

by Thomas Sherman | Oct 12, 2017 | , , , |

Florida has recently adopted amendments to its Viatical Settlement Act. One of the new provisions, Section 626.99287 Contestability of viaticated policies, provides as follows: (2) Except as hereinafter provided [certain life...

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