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
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Regulatory
NAIC Decides Against TRIA Data Call Template
By Troutman Pepper Locke on
Posted in Regulatory
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…
California Adopts NAIC Corporate Governance Annual Disclosure Requirements
By Troutman Pepper Locke on
Posted in California Developments, Regulatory
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…
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Feedback Sought on Higher Loss Absorbency Requirement for Global Systemically Important Insurers; Additional Information Regarding Risk-Based Global Insurance Capital Standard Released
By Troutman Pepper Locke on
Posted in Regulatory
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…
Governor Christie to Appoint Commissioner of Banking and Insurance
By Troutman Pepper Locke on
Posted in Regulatory
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…
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New Legislation Expands Texas Captive Insurance Market
Posted in Regulatory, Texas Developments
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…
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NY DFS Temporary Head Named
By Troutman Pepper Locke on
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.
Texas Enacts Own Risk and Solvency Assessment (ORSA) Requirements for Texas Insurers
Posted in Regulatory, Texas Developments
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…
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NAIC Panel Approves Draft Captive Accreditation Standards
By Troutman Pepper Locke on
Posted in Captives, Regulatory
The NAIC Financial Regulation Standards and Accreditation Committee recently approved revisions that will impact some captives reinsuring XXX/AXXX reserves, variable annuities and long-term care products. The approval comes after more than a year of consideration about whether reinsurers organized as captives and reinsurance business written in other states should be…
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Complimentary Seminar – 14th Annual Half-Day Insurance and Reinsurance Seminar
June 9, 2015
8:00 am – 1:30 pm
Locke Lord LLP
750 Lexington Avenue, 8th Floor
New York, NY 10022
Program:
Registration 8:00 am
Program 8:30 am
Lunch 12:30 pm
Program:
The Current State of Antitrust Immunity for Insurance Companies
by Thomas F. Bush and Rowe W. Snider
…
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