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
Today, August 24, 2015, in a long-anticipated decision, the Third Circuit has interpreted the enforcement authority of the Federal Trade Commission under the Federal Trade Commission Act to include cyber security deficiencies as “unfair” acts or practices in or affecting commerce. The Third Circuit affirmed the District Court’s denial of…
Read More FTC Interpreted to be Cyber Security Police
The NAIC’s Accounting Practices and Procedures Task Force chose not to use its planned template for obtaining terrorism risk insurance data at the NAIC Summer National Meetings in Chicago this past weekend. The template was intended to establish a uniform means nationwide for insurers to submit data about the terrorism…
On Monday, August 17, 2015, California Assembly Bill 553 was signed by Governor Jerry Brown, and became immediately effective. AB 553 adopts much of the NAIC’s Model Corporate Governance Annual Disclosure Model Act, along with a number of measures to bring California’s Insurance Holding Company Systems Act into conformity with…
Read More California Adopts NAIC Corporate Governance Annual Disclosure Requirements
The International Association of Insurance Supervisors (“IAIS”) recently requested comments from the public as part of its effort to finalize development of the Higher Loss Absorbency (“HLA”) requirement for global systemically important insurers (“G-SIIs”). The HLA requirement, which stems from IAIS’ 2013 publication of its assessment methodology and policy measures…
It was announced today that New Jersey Governor Christie intends to replace Ken Kobylowski who is leaving his position as Commissioner of Banking and Insurance with Richard J. Badolato who will be nominated to the position shortly. Mr. Badolato, a partner at the law firm of Connell Foley in Roseland…
Read More Governor Christie to Appoint Commissioner of Banking and Insurance
This month Texas Governor Greg Abbott has signed two pieces of recent legislation into law which expand Texas’s growing captive insurance market.
First, Senate Bill 667 amends Chapter 964 of the Texas Insurance Code to permit Texas captive insurance companies to pool risk with other affiliated captives subject to approval…
Read More New Legislation Expands Texas Captive Insurance Market
New York Superintendent of Financial Services Benjamin M. Lawsky’s chief of staff will take over leadership of the Department of Financial Services after Lawsky’s departure next week. Mr. Lawsky recently announced that he is leaving the DFS to start his own firm. Anthony Albanese, chief of staff to Benjamin M.
On May 19, 2015, Governor Abbott signed into law the Texas version of the NAIC’s Own Risk and Solvency Assessment (ORSA), which became effectively immediately and will be codified in Chapter 830 of the Texas Insurance Code. The NAIC’s model act version of ORSA was adopted in 2012 and Texas…
Read More Texas Enacts Own Risk and Solvency Assessment (ORSA) Requirements for Texas Insurers
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