Topic: Regulatory

Colorado Proposes Guidance Bulletins for Life Algorithms & Predictive ‎Models Regulation

by Daniel Barry | Nov 27, 2023 | , , , |

On November 20, 2023, the Division of Insurance of the Colorado Department of Regulatory Agencies (“DORA”), published for a 9 day public comment period two proposed bulletins which would provide clarifying guidance on the implementation of Colorado Insurance Regulation 10-1-1: Governance of Risk Management Framework Requirements for Life Insurer’s Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models, which was adopted in September 2023 pursuant to SB21-169.

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NAIC Approaching the Finish Line on Health Insurance Lead Generators

by Daniel Barry | Oct 30, 2023 | , |

The Antifraud (D) Task Force of the National Association of Insurance Commissioners ‎‎(“NAIC”) met on October 20, 2023, to discuss comments received on the August 20 draft ‎revisions to the Model Unfair Trade Practices Act (#880) which would expand the regulatory ‎reach of state insurance regulators to health insurance lead generators, which are not registered ‎or licensed by state insurance regulators. The October 20 meeting became a drafting session as ‎member regulators negotiated textual revisions in real time. Draft new language was uploaded ‎to the NAIC website the evening of Thursday, October 26, 2023, for a one-week comment ‎period closing on Friday November 3, 2023. Despite potential procedural hurdles around public ‎comment periods and open-meeting requirements, the expectation remains that final revisions ‎will be adopted at the Fall National Meeting.‎

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NAIC E Committee Expands Guaranty Fund Coverage for IBT and CD ‎Transactions

by Daniel Barry | Oct 26, 2023 | |

On October 25, 2023, the Financial Condition (E) Committee (the “E Committee”) of the National Association of Insurance Commissioners (“NAIC”) adopted revisions to the Property and Casualty Insurance Guaranty Association Model Act (#540) which would ensure guaranty fund coverage following insurance business transfer or corporate division transactions. The adopted draft is coverage neutral in that if there was guaranty fund coverage before the transaction the coverage would remain, but if there was not guaranty fund coverage before the transaction coverage would not result from the transaction. The adopted draft includes optional language that would provide coverage for assumed claims transactions.

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Connecticut Expands Notice Requirements for Withdrawing From a Line of ‎Business

by Daniel Barry | Oct 18, 2023 | , |

Property and casualty insurance companies’ decisions to withdraw from certain lines of ‎business, in jurisdictions such as California and Florida, has garnered a great deal of attention in ‎recent months. The Connecticut Department of Insurance (the “Department”) recently ‎published a bulletin clarifying its expectations for prior notice from property & casualty carriers ‎when planning to exit a line of business or discontinue a subline of business. The new bulletin ‎rescinds and replaces a prior bulletin,‎ extending the bulletin’s reach regarding location-based ‎discrimination and “agency-facing applications and other technology, processes (e.g., referrals ‎to underwriters) or communications to producers.”‎

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California Department of Insurance Issues Survey on Automated Decision Tools

by Elizabeth Tosaris | Jun 5, 2023 | , , , , |

Last month, the California Department of Insurance sent a survey to more than 50 property & casualty insurers to gather information about the use of automated decision tools in rating, underwriting, claims handling, fraud detection, marketing loss prevention and other operative areas

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Excess and Surplus Lines Law Manual 2023 Update

by John Emmanuel and Zachary Lerner | May 23, 2023 | , |

We are happy to provide the 2023 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. The website provides you with the ability to click on the states and territories of interest to view the updates, and a PDF of the entire manual.

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