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Insurers’ Successful Challenge to 2016 Amendments to Florida’s Unclaimed Property Act Reversed on Appeal

On June 3, 2020, Florida’s First District Court of Appeal issued a 2–1 decision in Patronis v. United Insurance Company of America, reversing a 2018 trial court decision in which life insurance companies had successfully...more

NAIC Tills the Accelerated Underwriting Garden

The Accelerated Underwriting (A) Working Group (AU WG) sprang into action during the first part of the year learning about the landscape of insurers' use of algorithms in underwriting and potential issues of such use, holding...more

Peering Into Regulators' Views on Artificial Intelligence

The comments by regulators during the NAIC Artificial Intelligence (EX) Working Group (AI WG) calls provide insight into regulators' views on insurers' use of artificial intelligence and may foretell areas for future...more

Suitability Model Crosses the Finish Line

On February 13, 2020, the NAIC Executive Committee adopted revisions to the Suitability in Annuity Transactions Model Regulation (#275) (Revised Suitability Model), which incorporates a best interest standard of conduct for...more

Life Insurance That Benefits the Living

For decades, life insurance has been viewed as just providing benefits to those named as the beneficiary. As we enter the new decade, insurers are changing this narrative....more

NAIC Life Insurance and Annuities (A) Committee Ends 2019 With a Big Bang

On December 30, 2019, the Life Insurance and Annuities (A) Committee approved a revised Suitability in Annuity Transactions Model Regulation (Revised Suitability Model), ending a flurry of activity over the past year....more

Out of the Gate Fast

Arizona jumped out front of the pack with the introduction of Senate Bill No. 1557, titled "Annuity Transactions; Requirements," which would amend Arizona's suitability requirements for annuity transactions. Senate Bill No....more

Round and Round – Will 2020 Bring the End to Inconsistent Anti-Rebating Prohibitions?

Since mid-2018, the NAIC’s Innovation and Technology (EX) Task Force (Innovation TF) has been considering how state anti-rebating laws impede insurers and producers’ ability to offer innovative products and services to...more

Innovation Whack-a-Mole

Like a game of whack-a-mole, new or existing NAIC groups are being tasked to consider the various regulatory issues that are popping up from insurance innovation....more

Tangled Web of Illustration Issues

The NAIC Annuity Disclosure (A) Working Group (Disclosure WG) and the NAIC IUL Illustration (A) Subgroup (IUL SG) continue to untangle the web of issues applicable to fixed index annuity and index universal life (IUL)...more

Time to Flush Certain Restrictions on Rebates?

The NAIC and states are reviewing whether to flush those provisions of state anti-rebating laws that inhibit innovation in the insurance industry. The NAIC Unfair Trade Practices Act (#880) prohibits offering any premium...more

Financial Products: States Continue to Puzzle Together Standards and Required Disclosures for Professionals Selling or Providing...

States continue to puzzle together the duty of care financial professionals owe, or disclosures financial professionals make, to consumers. Ideally, states would ensure that the pieces fit together. However, as reflected in...more

NAIC Illustration Regulation Races Index Product Innovation

As index universal life (IUL) and index annuity product innovation sprints ahead, regulators, running to catch up, are considering whether changes are needed to the NAIC’s Actuarial Guideline 49 and to its Annuity Disclosure...more

Life Insurers Sinking in Quicksand as Regulators Scrutinize Non-Traditional Consumer Data Sources

As previously reported in our October 9, 2018, client alert, the sands began shifting in late 2018 when the NAIC Big Data Working Group (Big Data WG) began questioning life insurer’s use of big data after a LIMRA survey found...more

Suitability Working Group Stirs Ingredients for Suitability Model Potion

On October 22 and 23, the NAIC Annuity Suitability (A) Working Group (Suitability WG) held an interim meeting to review comments received on the Suitability in Annuity Transactions Model Regulation (Model 275) (Suitability...more

NAIC Big Data WG Shifts Its Gaze To The Use Of Big Data In Life Insurance Underwriting

At recent meetings, the NAIC's Big Data (EX) Working Group (Big Data WG) has shifted its gaze to the use of big data in life insurance underwriting. Before these meetings, the Big Data WG had focused on the impact of big data...more

As Students Return to School, Regulators Continue Their Study of the NAIC’s Suitability in Annuity Transaction Model Regulation

At the 2018 NAIC Summer National Meeting, regulators continued their efforts to define the standard of care that applies to recommendations. This subject was discussed at both the Annuity Suitability (A) Working Group...more

Florida Imposes Additional Unclaimed Property Requirements on Life Insurers

On April 12, Florida Governor Scott signed Senate Bill 0966 into law. SB 0966 amends the insurance benefits provisions of Florida’s Uniform Unclaimed Property Act, Fl. Stat. Section 717.107. These amendments effectively...more

Florida's OIR Provides Guidance on Annuity Maturity Date Extensions

On December 15, the Florida Office of Insurance Regulation (OIR) issued an Informational Memorandum, OIR-15-08M (Memorandum) regarding the extension of annuity contracts maturity dates beyond their original date. The...more

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