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The NAIC’s Cybersecurity Task Force and Property and Casualty Insurance Committee are jointly weighing whether to add a required cybersecurity insurance coverage supplement to the already required Property and Casualty Annual Statement.  The supplement, which would be due April 1 annually, would be required of every reporting carrier writing a…
Read More NAIC Planning to Require Cybersecurity Insurance Data Submission

In 2013, Texas enacted legislation authorizing captive insurance companies to be domiciled in Texas for the first time, with the first Texas captive becoming licensed on March 17, 2014. Now, Texas lawmakers have proposed legislation, Senate Bill 667, to enhance an already favorable regulatory environment for Texas-licensed captive companies…
Read More Texas Legislation Looks to Enhance Captive Regulatory Environment

The New York State Department of Financial Services (NYDFS) has expanded its information technology examination procedures to focus more attention on cyber security. NYDFS intends to schedule IT/cyber security examinations after conducting comprehensive risk assessments. In a letter dated March 26, 2015, Superintendent Benjamin Lawsky (available here) asks…
Read More NYDFS to Focus on Cyber Security

An ad-hoc group of Surplus Lines interested parties held their semi-annual meeting on March 27, 2015 in Scottsdale, AZ.

NARAB II, TRIA reauthorization, cyberinsurance, Dodd-Frank and Ride Sharing insurance related matters were among the many issues discussed on several panels.

There were also discussions relating to:

  • Experiences related to Domestic

…
Read More Surplus Lines Law Group Holds it’s Semi-Annual Meeting in Scottsdale

Michael McRaith, the Director of the Federal Insurance Office, has offered useful information regarding the TRIA disclosure notices to supplement the February 6 interim guidance. The interim guidance called for an April 13, 2015 deadline for insurance companies to deliver certain TRIA-related notices to policyholders. During a March 19 conference…
Read More McRaith Offers Additional Information on the April 13 Deadline for TRIA Disclosure Notices

Companies looking to establish insurance coverage, especially in situations involving a captive type of arrangement, will, as always, need to focus on the qualification of the coverage as insurance for U.S. federal income tax purposes. While this traditionally involves an analysis of the risk shifting and risk distribution aspects of…
Read More Internal Revenue Service finds Contracts protecting against Foreign Currency Fluctuations not to be Insurance

On March 20, 2015, Connecticut Governor Dannel P. Malloy announced that Katharine L. Wade will be the new Commissioner of the Connecticut Insurance Department (the “Department”). Ms. Wade has over 20 years of experience in the insurance industry. Most recently, she was Cigna Corporation’s Vice President of Public Policy, Government…
Read More Connecticut Governor Appoints Insurance Commissioner

Effective January 1, 2010, the National Association of Insurance Commissioners (NAIC) adopted the Annual Financial Reporting Model Regulations (Model Audit Rule), which among other requirements, substantially expanded the role of board of director audit committees in the oversight of insurance company financial reporting, auditor qualifications and independence, corporate governance and…
Read More Evolving Audit Committee Standards for Texas Insurers

The global stock of insurance linked securities at the end of 2014 was approaching $25.2 billion.  Yesterday George Osborne unleashed the giant peach for the United Kingdom in a seemingly measured statement but one full of promises.

“2.228 Global reinsurance – the government announced at Autumn Statement 2014 that it…
Read More George Unleashes the Giant Peach