After 24 years of service with the Texas Department of Insurance (TDI), General Counsel Sara Wait will be retiring in December 2015. Wait has had a distinguished career at TDI after starting as a law clerk in TDI’s liquidation division and serving two stints at a private law firm.
On…
Read More More Senior Staff Changes at the Texas Department of Insurance
The Excess Line Association of New York (ELANY) has hired James Davis as financial director. Davis is responsible for the financial review and analysis of all eligible listed excess line insurers to verify their financial strength.
Davis recently retired from the New York State Department of Financial Services (“the Department”)…
Read More ELANY Hires Former New York Regulator as Financial Director
The Illinois Department of Insurance (“ IL DOI”) has proposed an amendment to Illinois’ insurer record retention requirements, which would significantly reduce reporting, book-keeping and retention obligations. The current regulation, 50 Ill. Adm. Code 901.20, requires that, prior to destruction, Illinois domestic insurers submit to the IL DOI an affidavit…
Within an environment of increased federal and state regulatory emphasis on health insurance related issues arising due to the passage by the U.S. Congress of the Patient Protection and Affordable Care Act of 2010, the Texas Department of Insurance (“TDI”) has drafted new and potentially transformative rules relating to medical…
Read More New Texas Medical Stop-Loss Rules Drafted by Texas Department of Insurance
A panel of the National Association of Insurance Commissioners (“NAIC”) recently approved a preliminary framework that may pave the way towards eliminating variable annuities captive reinsurance transactions. The framework, which changes parts of the capital and reserve framework that creates incentives to use such captives, is scheduled to be discussed…
Read More NAIC Panel Approval May Pave Way Towards Elimination of Variable Annuity Captives
Last week, an NAIC task force moved forward in recommending a cybersecurity “bill of rights” that insurance regulators could provide consumers, essentially creating an expectation of notice of a breach “never more than 60 days” after a breach, and the right to one year of free credit monitoring. Insurance industry…
Read More NAIC Cybersecurity “Bill of Rights” Wrong to Many Insurers
The majority of states have now adopted the ORSA Model Law and the first filings are officially due by the end of 2015. The NAIC has been conducting an ORSA pilot project for the last 3 years and many companies participated. The participating companies received valuable input regarding their ORSA …
Read More Many Insurers to be Filing ORSA’s for the First Time in the 4th Quarter
On October 6, 2015 California’s Governor Jerry Brown signed into law Senate Bill 575, requiring annual notifications of certain nonforfeiture benefits under long-term care insurance contracts. Under current law, an insurer is required to offer, at the time of application for a long-term care insurance contract, an option to purchase…
Read More California Governor Signs Long-term Care Insurance Bill
On September 29, 2015, the Bank of England’s Prudential Regulation Authority (“PRA”) issued a report analyzing the impact of climate change on the UK’s insurance sector. The report was based on survey responses from thirty PRA regulated insurance companies, four roundtable discussions with representatives from the insurance industry and discussions…
Read More The UK’s PRA Assesses Climate Change Risks to the Insurance Industry
As Congress returns to work this week, a number of issues impacting the insurance and financial services industries are expected to be evaluated. First, on Thursday, September 10, two House subcommitees will hold a hearing about the Department of Labor’s proposed fiduciary rule, which seeks to define who is a…
Read More Several Insurance Related Issues to Dominate as Congress Returns to Work
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