Last Lap in SEC RILA Rulemaking Critical Unresolved Issues -
Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more
5/29/2024
/ Artificial Intelligence ,
Broker-Dealer ,
CFTC ,
Climate Change ,
Cybersecurity ,
Disability Discrimination ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
NLRB ,
Private Equity ,
Private Funds ,
Private Placements ,
Proposed Legislation ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Whistleblower Protection Policies ,
Whistleblowers
During its Winter National Meeting, various groups within the National Association of Insurance Commissioners continued addressing the Macroprudential (E) Working Group’s 2021 list of “Regulatory Considerations Applicable...more
A "time cut" is a ruling within cycling to ensure that riders keep pace. Similarly, regulators have placed time cuts, or deadlines, for insurers to certify compliance with cybersecurity regulations. Some of the time cuts are...more
After strapping on their skis and riding up the lifts, the NAIC groups reported to their events. The results of the events of note for life insurers are as follows...more
States have been off to the races to place in the artificial intelligence insurance regulatory Grand Prix. The NAIC adopted the Model Bulletin on the Use of AI Systems by Insurers, which some states have drafted on to adopt...more
Drivers, start your engines. It has been months of high speed for privacy, cybersecurity, and artificial intelligence....more
5/16/2024
/ Algorithms ,
Artificial Intelligence ,
California Privacy Protection Agency (CPPA) ,
Cybersecurity ,
Data Brokers ,
Data Privacy ,
Data Security ,
Healthcare ,
Insurance Industry ,
Life Insurance ,
Machine Learning ,
NAIC ,
TCPA
A string of putative class actions has been filed against life insurance companies for allegedly violating section 20(b) of Illinois’ Genetic Information Privacy Act (GIPA) by using applicants’ family medical history in...more
1/22/2024
/ Consumer Insurance Products ,
Genetic Materials ,
Health Insurance ,
Illinois ,
Insurance Industry ,
Life Insurance ,
Medical History ,
Personally Identifiable Information ,
Putative Class Actions ,
Statutory Violations ,
Underwriting
Under the leadership of Maryland Insurance Commissioner Kathleen Birrane, in 2023 the Innovation, Cybersecurity, and Technology (H) Committee of the National Association of Insurance Commissioners completed two main...more
The Innovation, Cybersecurity, and Technology (H) Committee of the National Association of Insurance Commissioners has been in the big top spotlight the past year as it has been developing its model bulletin on the use of...more
Funds Not Caged by SEC Names Rule Amendments: Roaming Room Remains -
The SEC recently adopted amendments to its investment company “names” rule that apply to most SEC-registered funds, including underlying funds in which...more
1/11/2024
/ Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Industry ,
Investment Funds ,
Life Insurance ,
Proposed Rules ,
Putative Class Actions ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Traders ,
Whistleblowers
Regulators Hit Jackpot: Off-Channel Communications -
Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more
10/11/2023
/ Annuities ,
Artificial Intelligence ,
Best Interest Standard ,
Breach of Contract ,
Class Action ,
COBRA ,
Consumer Financial Products ,
Consumer Insurance Products ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employment Litigation ,
Federal Arbitration Act ,
Financial Contracts ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Health Insurance ,
Insider Trading ,
Insurance Fraud ,
Insurance Litigation ,
Insurance Regulations ,
Interlocutory Appeals ,
Investment Management ,
Life Insurance ,
Money Market Funds ,
Mutual Funds ,
NAIC ,
NLRA ,
NLRB ,
No-Action Letters ,
Non-Compete Agreements ,
NYDFS ,
Regulatory Requirements ,
Retirement ,
Robocalling ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
State and Local Government ,
Wage and Hour
On July 17, the Innovation, Cybersecurity, and Technology (H) Committee of the National Association of Insurance Commissioners released its exposure draft of the NAIC’s model bulletin on insurers’ use of algorithms,...more
10/11/2023
/ Algorithms ,
Artificial Intelligence ,
Consumer Insurance Products ,
Cybersecurity ,
Innovation ,
Insurance Regulations ,
Life Insurance ,
Machine Learning ,
NAIC ,
Popular ,
Proposed Regulation ,
Reporting Requirements ,
Risk Management ,
Technology
Worried that the cards may be stacked against certain consumers and producers, the New York Department of Financial Services (DFS) released a circular letter and filing guidance note on July 17 to remind insurers of their...more
The National Association of Insurance Commissioners’ Privacy Working Group has been feverishly shuffling and re-dealing its new privacy model, but its luck may be running out....more
On August 31, 2023, the Colorado Division of Insurance will hold a virtual rulemaking hearing for its proposed regulation on governance and risk management framework requirements for life insurers using external consumer data...more
8/7/2023
/ Big Data ,
Colorado ,
Data Management ,
Data Privacy ,
Data Protection ,
Insurance Regulations ,
Internet of Things ,
Life Insurance ,
Proposed Regulation ,
Proposed Rules ,
Third-Party ,
Vendors
Colorado DOI Summer Reading for Life Insurers -
On May 26 — just ahead of the Memorial Day weekend — the Colorado Division of Insurance (DOI) issued for public comment a second draft of its proposed “Governance and Risk...more
Various chefs within the National Association of Insurance Commissioners and some individual states’ chefs continue to address insurers’ use of artificial intelligence (AI), machine learning (ML), the use and protection of...more
In April and May, the NAIC Privacy Protections Working Group held the first three of its biweekly calls to discuss its recipe for a new privacy model, “Insurance Consumer Privacy Protection Model Law #674.” During the...more
For broker-dealers distributing and selling variable annuities, examinations will test for compliance with Reg BI and FINRA Rule 2330 because both standards apply to variable annuity sales. Firms distributing and selling...more
Few things thrill baseball fans more than opening day. They come with a mix of excitement and trepidation. For many of them, it’s the first day they get to see their favorite team showcase its talents, and their first glimpse...more
The first round on the Insurance Consumer Privacy Protection Model Law (#674) started on March 21 as the NAIC’s Privacy Protections Working Group (PPWG) held its first open meeting to discuss the draft privacy model. The...more
The Colorado Division of Insurance announced this week that it will host another stakeholder meeting regarding unfair discrimination in insurance practices on April 6, 2023, from 10:00 - 11:00 a.m. MT. Unlike prior meetings,...more
Class action privacy litigation’s icy grip tightened around financial services providers in late 2022, and the forecast shows no signs of melting. The plaintiffs’ creeping application of old law to new technologies is...more
After a blustery fall, the NAIC’s Life Actuarial (A) Task Force (LATF) adopted the following at its December 2022 meeting:
Actuarial Guideline LIV – Nonforfeiture Requirements for Index-Linked Variable Annuity Products...more
As 2022 ended, various groups of the National Association of Insurance Commissioners (NAIC), as well as the Colorado Department of Insurance (CO DOI), continued to gain a better understanding of insurers’ use of consumer...more