Topic: Regulatory

Complimentary Webinar: Insurance IT Strategy and Regulatory Compliance: AI, CCPA and NY DFS

Locke Lord LLP and Novarica will look at new regulatory developments in analytics, use of data, and data security that have the potential to affect insurer technology strategy. This webinar covers the potential effects of regulation on the use of analytics and AI in life insurance underwriting, how privacy requirements may affect insurer data governance and MDM strategies, and how third-party data security requirements may affect distribution technology strategies.

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New Hampshire Takes the NAIC Plunge

On August 2, 2019, New Hampshire became the most recent of many states that adopted an Insurance Data Security Law (Senate Bill 194-FN) modeled after the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law.  New Hampshire Governor Chris Sununu signed Senate Bill 194-FN (SB194) into law requiring insurance companies licensed in NH (“Licensees”) to implement information security programs, and to report cybersecurity events. 

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Connecticut Adopts Insurance Data Security Law

To date, six states from Michigan to Alabama have adopted versions of the National Association of Insurance Commissioner’s model insurance data security law (the “NAIC model”).  The NAIC model generally requires entities licensed or authorized to operate under a state’s insurance laws to develop a cybersecurity program, investigate and report data breaches, and certify compliance with the law to the state’s insurance commissioner.  Connecticut joined the growing list of states that have adopted a version of the NAIC model, buried in a budget bill, when Governor Ned Lamont signed Public Act 19-117 (the “Act”), on June 26, 2019, effective in relevant part on October 1, 2020.

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Locke Lord Receives Deal of the Year Award From The Deal for Role in CVS Health’s Acquisition of Aetna

The Deal has awarded Locke Lord with its 2019 Deal of the Year distinction for the Firm’s role as national insurance regulatory counsel to CVS Health in its completed acquisition of Aetna. The honor was announced at the June 20 ceremony for The Deal Awards, which recognize leading lawyers, bankers, advisers and investors who are setting the trends in the industry.

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Locke Lord QuickStudy: New Washington Statutory Financial Requirements for Providers of Service Contracts and Protection Product Guarantees Effective July 28, 2019

Washington H.B. 1001 was enacted on April 8, 2019, and will take effect on July 28, 2019.1 H.B. 1001 makes changes to Wash Rev. Code Chapter 48.110 governing service contracts and protection product guarantees which permit new items to be covered under service contracts and establishes new minimum net worth and financial responsibility requirements for service contract providers.

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