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On May 6, 2014, the Consumer Financial Protection Bureau (the “CFPB”) proposed an amendment to Regulation P (the “Proposed Amendment”) that would allow financial institutions that do not engage in certain types of information-sharing to largely cease mailing the annual consumer privacy notices required by the Gramm-Leach Bliley Act (“GLB”) if they post their privacy notices on their websites and meet certain other conditions. …
Read More CFPB’s Proposed Amendment to Regulation P Would Allow Financial Institutions That Limit Data-Sharing to Post Annual GLB Privacy Notices Online

Please join us on June 5, 2014 for our 13th Annual Half-Day Insurance and Reinsurance Complimentary Seminar being held in our New York Office.…
Read More COMPLIMENTARY SEMINAR – 13th Annual Half-Day Insurance and Reinsurance Seminar

Public Act No. 14-6 (the “Act”), which would amend Connecticut’s captive law, has passed both the Connecticut State Senate and House of Representatives, and is on its way to Governor Malloy’s desk for signature. …
Read More CT Seeks to Amend Captive Insurance Law in Continued Effort to Attract Captives

The U.S. Department of Labor (“DOL”) has given final approval for Intel Corp. to use its Hawaii-based captive insurer to reinsure group term life insurance and accidental death and dismemberment policies issued by Minnesota Life Insurance Co. …
Read More U.S. Department of Labor Gives Final Approval for Intel Corp. to Use its Hawaiian Captive Insurer to Fund Certain Employee Benefit Risks

On March 31, 2014, the New York State Department of Financial Services (“DFS”) issued three separate Circular Letters pursuant to various laws, including Insurance Law Sections 308, 1109, 2130 and 7001, Articles 42, 44 through 47, 52 through 55 and 59, and Financial Services Law Sections 202 and 306, setting forth standards expected of the “addressees” (as defined below) in planning, preparing for and responding to disasters in New York State. …
Read More New York State Department of Financial Services Circular Letters Regarding Disaster Preparedness

The Principle-Based Reserving (“PBR”) Implementation (EX) Task Force (the “Task Force”) discussed a variety of topics related to the development and implementation of PBR at the Spring NAIC Meeting. During introductory comments, it was noted that 9 states have enacted PBR legislation, with 4 states waiting for their respective governors to sign PBR into law. …
Read More Live Blog: Principle-Based Reserving Implementation (EX) Task Force