Federal Insurance Office (FIO) Director Michael McRaith announced during the Federal Advisory Committee on Insurance (FACI) meeting last week that the FACI is expected to issue its recommendations on retirement security, capital standards, and cybersecurity by the next FACI meeting in May.
During the February 10th meeting, FACI members heard…
Read More FIO’s McRaith Announces Upcoming Reports from Advisory Committee on Retirement Security, Capital Standards and Cybersecurity
As further analyzed in our QuickStudy, available here, New Jersey has enacted a new law (P.L. 2014, c. 88, codified at N.J. Stat. Ann. §§ 56:8-196 – 56:8-198) effective August 1, 2015, requiring health insurance carriers authorized to issue health benefit plans in New Jersey to encrypt personal information…
Read More Attention, Health Insurers: Unique Encryption Requirements in NJ
On February 9, Connecticut Governor Dannel Malloy wrote a letter to U.S. Department of the Treasury Secretary Jacob Lew and U.S. Trade Representative Ambassador Michael Froman expressing his concern over their departments’ consideration of preempting state insurance regulation by potentially negotiating a “covered agreement” with foreign authorities. Such an agreement…
Read More Connecticut Governor Urges Treasury and the Office of U.S. Trade Representatives to Leave Reductions in Collateral Requirements of Reinsurers to the States
In a recent decision, a Massachusetts trial court addressed whether an insurer could recoup previously-paid indemnity and defense costs from its insured. Finding that the insured had not obtained the payments as a result of fraud or bad faith, and that the insurer had failed to cite policy language permitting…
Read More Massachusetts Court Rejects Insurer’s Attempt to Recoup Defense and Indemnity Payments
CMS to Update the EHR Incentive Program
On January 29, the Centers for Medicare & Medicaid Services (“CMS”) announced its plan to propose changes to the Electronic Health Record Incentive Program (“EHR Incentive Program”). According to CMS, the rule will address provider concerns and reflect developments in the industry since…
Read More Healthcare Update: CMS to Update the EHR Incentive Program; HHS Announces Timeline for Medicare Payment Reform; OIG Issues Favorable Advisory Opinion Regarding Patient Assistance Program; HIPAA Settlement Following Breach Caused by Malware
On Wednesday, the Financial Stability Oversight Council (FSOC) announced that it had changed its non-bank review process. The Council will now inform companies earlier on in the process if they are under review and provide firms with additional opportunities to work with FSOC. In addition, more information about the designation…
Read More FSOC Amends Non-Bank Review Process
Earlier this week, the U.S. Department of Treasury Federal Insurance Office released Interim Guidance on implementation of the Terrorism Risk Insurance Program Reauthorization Act of 2015, which was signed into law last month after the prior program had expired on January 1. Some of the key features of the Interim Guidance include:…
Read More Treasury Issues Interim Guidance on Implementation of TRIA
President Obama’s fiscal year 2016 budget once again contains a revenue proposal to tax certain reinsurance transactions between U.S. insurers and foreign reinsurers. The proposal would apply to a U.S. ceding company that reinsures property/casualty risks with an affiliated foreign reinsurer. Under the proposal, in general terms, a U.S. ceding…
Read More Taxing Foreign Reinsurance Transactions: Déjà vu All Over Again
The Illinois Department of Insurance recently published proposed regulations impacting insurance producer licensing in Illinois. While largely technical in nature, the proposed rules do require an individual to spend at least 51% of their time in Illinois to be considered a “resident” producer. Moreover, with respect to business entities which…
The NY State Department of Financial Services has announced new IT examination procedures for banks chartered or licensed in NYS to focus on cyber security. The announcement, found here, sets out areas of focus in upcoming examinations, including written policies and procedures, intrusion protection, information security testing (including penetration…
Read More NY DFS Announces New Focus on Cyber Threat in Bank Exams
In addition to cookies that are necessary for website operation, this website uses cookies and other tracking tools for various purposes, including to provide enhanced functionality and measure website performance. To learn more about our information practices, please visit our Global Privacy Notice.
