Regulatory

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October 30, 2013

8:30 AM EST

Edwards Wildman Palmer LLP
750 Lexington Avenue, 8th Floor
New York, NY 10022 …
Read More Please Join Us – Edwards Wildman’s 2013 ILS Roundtable: The Convergence of Insurance and the Capital Markets

On Friday, the speaker of the Massachusetts House of Representatives called on the Federal Emergency Management Agency (FEMA) to delay implementation of federal flood insurance reform so that FEMA, Congress, and local officials can work to restructure the 45-year-old National Flood Insurance Program (NFIP). …
Read More Massachusetts House Speaker Asks FEMA To Delay New Flood Insurance Rules

The Financial Stability Oversight Council (FSOC) has recently designated Prudential Financial, Inc. as a nonbank financial company that should be subject to consolidated supervision and enhanced prudential standards under Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act (also referred to as a systemically important financial institution or “SIFI”).
Read More FSOC designates Prudential as a SIFI

Benjamin Lawsky, Superintendent of the New York Department of Financial Services (the “Department”), sent a letter [PDF] to the National Association of Insurance Commissioners (“NAIC”) last week criticizing the NAIC’s plan to move forward with implementing the principles based reserving approach (“PBR Approach”) for life insurers.
Read More New York Drops Principles Based Reserving Approach for Life Insurers

The New York Department of Financial Services (the “NY DFS”) has released proposed amendments to Insurance Regulation 41 (11 NYCRR Part 27), which governs the standards for excess lines placements.
Read More New York Proposes Changes to Excess line Placements Governing Standards (Regulation 41)

As of January 1, 2015 insurers and insurance groups will be required to assess the adequacy of their risk management systems and to periodically conduct an Own Risk and Solvency Assessment (ORSA) consistent with the National Association of Insurance Commissioner’s (NAIC) ORSA Guidance Manual. …
Read More California Enacts AB 584 Requiring Insurance Companies to File an ORSA Summary

Continuing the controversy first discussed in our earlier article (a copy of which can be accessed here), uncertainty remains over whether the self-procurement tax and regulatory provisions of the Non-admitted and Reinsurance Reform Act, enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, apply to non-admitted insurance procured from a captive insurance company. …
Read More Does NRRA Capture Captives?

This program will offer an overview of the Employee Retirement Income Security Act of 1974 (“ERISA”). It will examine recent cases involving allegations that an insurer or its affiliate violated a fiduciary duty owed to an ERISA plan it serviced, with an emphasis on cases concerning “revenue sharing” with a mutual fund that the plan offers its participants. It is designed for in-house counsel, human resource managers and benefit specialists who focus on employee benefit matters.
Read More Please Join Us – ERISA Overview – Complimentary Seminar – October 2, 2013

In recent years, the use of captives to help life insurers finance perceived excess XXX and AXXX reserves has accelerated. The NAIC continues to monitor the emerging practice and has drawn considerable attention to the matter through its solicitation of opinions by various players in the industry as well as through the publication of white paper on the matter and actions by the Principle-Based Reserving Implementation (EX) Task Force at the NAIC’s Summer National Meeting. …
Read More FIO Showing Increased Willingness to Intervene on Use of Captives to Finance Perceived Excess Reserves