Regulatory

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The insurance industry experienced significant and varied forms of new legislation and regulation during the last decade. Below, we highlight what we view as the top 10 of these legal and regulatory changes.
Read More Top 10 Insurance Laws And Regulations Of The Decade

On January 9 from noon-1:00 p.m. CT, Locke Lord LLP and Novarica will look at new regulatory developments in analytics, use of data, and data security that have the potential to affect insurer technology strategy. This webinar covers the similarities and differences between NYDFS Cybersecurity Regulation and NAIC Data Security Model Law, the recent updates to the California Consumer Privacy Act of 2018, and the potential innovation opportunities and limitations surrounding insurance regulatory sandboxes.
Read More Webinar: Insurance IT Strategy and Regulatory Compliance–NYDFS, NAIC and CCPA

Locke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.
Read More Privacy & Cybersecurity Newsletter – November 2019

Coinciding with a plan to consider and evaluate alternative approaches to implementing an Insurance Capital Standard (ICS), the International Association of Insurance Supervisors (IAIS), during its November annual meeting, finalized a Holistic Framework for Systemic Risk in the Insurance Sector to be implemented in 2020.
Read More Global Insurance Supervisors Take Another Step Forward

Team USA (collectively the National Association of Insurance Commissioners (NAIC), Federal Reserve Board (FRB), and the Federal Insurance Office (FIO) of the U.S. Treasury) achieved a major U.S. regulatory objective at the current 2019 Annual Meeting of the International Association of Insurance Supervisors (IAIS) regarding next steps and planned monitoring process for the Insurance Capital Standard (ICS) project.
Read More U.S. Insurance Regulators Achieve Positive Progress on Insurance Capital Standards

The Texas Department of Insurance (“TDI”) has issued a warning about certain unauthorized ‎insurance and the liability that can attach to third-party administrators (“TPAs”) and insurance ‎agents that are involved in unauthorized insurance transactions, even when those parties hold ‎valid TDI licenses.
Read More Texas Department of Insurance Warns Insurance Agents and TPAs About Unauthorized ‎Insurance Liability

Ben Sykes will serve as a panelist at the Insurtech on the Silicon Prairie conference on Oct. 22. His topic is insurtech/innovation and regulatory modernization. The annual conference is a one-day event bringing national experts, companies, and regulators together to discuss the rapidly changing insurance landscape.
Read More Ben Sykes to Speak at Insurtech on the Silicon Prairie

Locke Lord LLP and Novarica will look at new regulatory developments in analytics, use of data, and data security that have the potential to affect insurer technology strategy. This webinar covers the potential effects of regulation on the use of analytics and AI in life insurance underwriting, how privacy requirements may affect insurer data governance and MDM strategies, and how third-party data security requirements may affect distribution technology strategies.
Read More Complimentary Webinar: Insurance IT Strategy and Regulatory Compliance: AI, CCPA and NY DFS

To date, six states from Michigan to Alabama have adopted versions of the National Association of Insurance Commissioner’s model insurance data security law (the “NAIC model”).  The NAIC model generally requires entities licensed or authorized to operate under a state’s insurance laws to develop a cybersecurity program, investigate and report data breaches, and certify compliance with the law to the state’s insurance commissioner.  Connecticut joined the growing list of states that have adopted a version of the NAIC model, buried in a budget bill, when Governor Ned Lamont signed Public Act 19-117 (the “Act”), on June 26, 2019, effective in relevant part on October 1, 2020.
Read More Connecticut Adopts Insurance Data Security Law