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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…
Read More NAIC Co-Hosts Webinar on Wearable Devices

The Unclaimed Life Insurance Benefits Act, which requires insurers to periodically match their policies, annuity contracts, and retained asset accounts against the United States Social Security Administration’s Death Master File was signed into law on August 26, 2016 and became effective January 1, 2017.  In January of 2017, Illinois…
Read More Changes to Illinois Unclaimed Life Insurance Benefits Act Become Law

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…
Read More NAIC Working Group Exposes Proposed Revisions to Life and Health Guaranty Association Model Act

The Missouri Supreme Court has unanimously held a pollution exclusion to apply in a dispute between a lead smelting company and one of its insurers.  Doe Run Resources Corporation faced litigation alleging that its smelting operations caused pollution that injured various plaintiffs.  Doe Run sought defense costs from St. Paul…
Read More Missouri Supreme Court Upholds Pollution Exclusion

Earlier this week, the Department of the Treasury released a report that examined the current regulatory framework for the insurance industry and made recommendations on how to improve it. The report concluded that entity-based systemic risk evaluations of insurance companies are generally not the best approach for mitigating risk. Alternatively,…
Read More Department of Treasury Releases Report on Regulation of Insurance

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…
Read More White House Issues Memorandum Announcing UAS/Drone Integration Pilot Program

Although there are still 9 active wildfires in California’s wine country, Cal-Fire anticipates that nearly all of these will be fully contained by the end of this week.  Even as the fires continue, the region’s vineyards, wineries, and related businesses are starting to file their insurance claims.  To date, no…
Read More We’ll Drink to That… Not So Fast?

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 to adopt cybersecurity policies and procedures, to conduct risk assessments, to address the…
Read More NAIC Adopts Model Cybersecurity Law

October 30, 2017 is the extended deadline for most Covered Entities claiming an exemption to file the Notice of Exemption required by the NY DFS Cybersecurity Regulation (23 NYCRR 500.19(e)).  The filing deadline is 30 days after a Covered Entity has determined that an exemption applies.  Therefore, for Covered Entities…
Read More NY DFS Cybersecurity Exemption Filings due October 30