Topic: Regulatory

New NAIC Leadership for 2023‎

Last month the members of the National Association of Insurance Commissioners (“NAIC”) elected new leadership from amongst their membership for 2023. Missouri Director Chlora Lindley-Meyers is the new President and the first woman of color elected to that position. Connecticut Commissioner Andrew N. Mais is the new President-Elect, which means that he will fill in as President whenever, due to exigent circumstances, Director Lindley-Meyers is unable. As President-Elect, Commissioner Mais will be the presumptive NAIC President in 2024. North Dakota Commissioner Jon Godfread was elected Vice-President while Virginia Commissioner Scott A. White was elected Secretary-Treasurer.

Earlier this month, the NAIC named its committee chairs and vice chairs. The officers and the most recent past president all serve on the Executive Committee while Director Lindley-Myers will chair the Executive Committee as NAIC President. While the Executive Committee handles administration of the NAIC, the letter committees are where the bulk of the substantive law-making work of the NAIC occurs. As a result, the chairs and vice-chairs of these committees wield substantial influence.

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LL Surplus Lines Series (Entry 34): Nonadmitted Model Act Moves Closer to Adoption; A Couple of Issues Remain Unresolved

On October, 17, 2022, the National Association of Insurance Commissioners (NAIC) Surplus Lines Task Force held an interim meeting to discuss, among other agenda items, the draft changes to the Nonadmitted Insurance Model Act (#870).  The Drafting Group presented the draft model to the Task Force on May 23 and the Task Force formally exposed the model for a 60-day public comment period that ended on July 21st.

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September 2022 Privacy & Cybersecurity Newsletter: Ch-ch-ch-changes – CA, NY DFS, and NFTs

Locke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.

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Financial Stability Oversight Council (FSOC) Releases 2022 Climate Progress Fact Sheet and Announces Climate Data and Analytics Pilot Program

In October 2021, the Financial Stability Oversight Council (FSOC) published its inaugural Report on Climate-Related Financial Risk making over 30 recommendations to U.S. state and federal financial regulators on how best to identify and address climate-related risks to the financial system. At that time, FSOC formed a new staff-level interagency committee, the Climate-related Financial Risk Committee (CFRC). At last week’s FSOC meeting, CFRC members reported their progress and released a Fact Sheet emphasizing interagency coordination and capacity building, in particular emphasizing data and methodological gaps. FSOC members reported on international and interagency cooperation prioritizing data collection and harmonization of reporting methodology.

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N.Y. DFS Issues 2021 Update on New York Domestic Insurers’ Management of the ‎Financial Risks from Climate Change

The New York Department of Financial Services (DFS) issued its 2021 Update on New York Domestic Insurers’ Management of the Financial Risks from Climate Change, analyzing 2021 survey responses from the National Association of Insurance Commissioners (NAIC) Climate Risk Disclosure Survey or alternatively the Task Force on Climate-Related Financial Disclosures (TCFD). The report summarizes the submissions made by domestic insurers, highlights advances over the previous year, and reiterates DFS expectations while providing examples of good practices.

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Privacy & Cybersecurity Newsletter – July 2022

Locke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.

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Texas Supreme Court Reverses Stop Loss Insurance Categorization Premium Tax Ruling

On June 17, 2022, the Texas Supreme Court released an opinion in Hegar v. Health Care Serv. Corp. (No. 21-0080) (Jun 17, 2022) regarding whether the Comptroller properly taxed an insurer based on premiums it received from sales of stop-loss insurance policies under Texas Insurance Code Chapters 222 and 257.

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NY DFS Issues Circular Letter Addressing Acquisitions and Disclaimers of Control

On April 19, 2022, the New York Department of Financial Services (“NY DFS”) issued ‎Insurance Circular Letter No. 5 (2022) (the “Letter”). The Letter, entitled “Acquisitions of ‎Control and Disclaimers of Control”, was addressed to all New York domiciled insurers and ‎other interested parties. The purpose of the Letter is to remind insurance industry participates of ‎the requirements outlined under New York Insurance Code (“NY Ins. Code”) § 1506, which ‎requires NY DFS approval in connection with a change of control of an insurer. ‎

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