Last week, both the New York Department of Financial Services (“DFS”) and the National Association of Insurance Commissioners (“NAIC”) acted on official guidance pertaining to accelerated underwriting by life insurance...more
On June 24, 2024, the New York Department of Financial Services (“DFS”) issued Insurance Circular Letter No. 6 (2024), informing property and casualty insurers writing and delivering commercial property and liability...more
It has been heavily covered in national news media that property & casualty insurers have been withdrawing from certain business lines, in particular homeowners, in states such as California, Florida, Louisiana, and Texas....more
The Privacy Protections (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) met on Wednesday June 12, 2024, to consider which proposed path forward to pursue as it considers a new NAIC privacy...more
On May 15, 2024, the Privacy Protections (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) held its first meeting since the Spring National Meeting in March. The working group seeks public...more
Over the weekend, the NAIC’s Third-Party Data and Models (H) Task Force released for a 30-day comment period (the comment period expires Monday May 6, 2024) a proposed work plan to develop a framework for the regulatory...more
Over the last few years, the work of the Cybersecurity (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) has focused on cybersecurity risk to insurance licensees such as insurance carriers,...more
In recent weeks a number of states have adopted the Model Bulletin: Use of Artificial Intelligence Systems by Insurers (the “Model Bulletin”) adopted last December by the National Association of Insurance Commissioners...more
The National Association of Insurance Commissioners (“NAIC”) has created a new Third-Party Data and Models (H) Task Force which is charged with developing and proposing a framework for the regulatory oversight of third-party...more
This coming Friday the Big Data & Artificial Intelligence (H) Working Group, the Privacy Protections (H) Working Group, and the Innovation, Cybersecurity, and Technology (H) Committee will all meet as part of the Fall...more
On November 20, 2023, the Division of Insurance of the Colorado Department of Regulatory Agencies (“DORA”), published for a 9 day public comment period two proposed bulletins which would provide clarifying guidance on the...more
The Antifraud (D) Task Force of the National Association of Insurance Commissioners (“NAIC”) met on October 20, 2023, to discuss comments received on the August 20 draft revisions to the Model Unfair Trade Practices Act...more
On October 25, 2023, the Financial Condition (E) Committee (the “E Committee”) of the National Association of Insurance Commissioners (“NAIC”) adopted revisions to the Property and Casualty Insurance Guaranty Association...more
Property and casualty insurance companies’ decisions to withdraw from certain lines of business, in jurisdictions such as California and Florida, has garnered a great deal of attention in recent months. The Connecticut...more
The NAIC’s Privacy Protections (H) Working Group met over the weekend as part of the NAIC’s Summer National Meeting. The working group announced that later in the year it will seek an extension on its efforts to create a...more
Late last month, the NAIC Improper Marketing of Health Insurance (D) Working Group met in a public session to discuss revisions to the Unfair Trade Practices Act (Model# 880) to include health insurance lead generators. The...more
The health workstream of the NAIC’s Special (EX) Committee on Race & Insurance, co-chaired by Maryland and Minnesota, met yesterday. The overarching theme of the meeting was access to preventive services, particularly as it...more
Earlier this week, the New York Department of Financial Services (“DFS”) published Circular Letter No. 6 (2023) identifying activities by life insurance and annuities providers that it views as being unlawfully discriminatory...more
Since the NAIC Spring National Meeting in late March, the Privacy Protections (H) Working Group has continued its work to draft a new unitary privacy model. Over April, the Working Group met one-on-one with industry and...more
Earlier this month, Colorado Governor Jared Polis (D) signed S.B. 16, mandating the Colorado Insurance Commissioner to adopt rules such that insurance carriers licensed in Colorado participate in the NAIC Climate Risk...more
On Thursday April 27, 2023, the Innovation in Technology & Regulation (H) Working Group met to discuss its 2023 Work Plan, the development of a regulator-to-regulator SupTech Forum, a pilot project InsureTech Forum, and to...more
The NAIC is developing a new Consumer Privacy Protections Model Act (# 674) which will replace the preexisting Insurance Information & Privacy Protection Model Act (# 670) and Privacy of Consumer Financial & Health...more
On Wednesday February 22, 2023, the National Association of Insurance Commissioners (“NAIC”) Accelerated Underwriting (A) Working Group (the “working group”) exposed for a 45-day comment period draft regulatory guidance while...more
On Wednesday February 22, 2023, the National Association of Insurance Commissioners (“NAIC”) Accelerated Underwriting (A) Working Group exposed for a 45-day comment period draft regulatory guidance while simultaneously...more
Last month the NAIC Capital Markets Bureau issued a Special Report finding that despite an in increase in the number of private equity (“PE”) owned U.S. insurers, investment volume held by PE-owned insurers declined as of...more