The National Association of Insurance Commissioners (NAIC) held its 2024 Summer National Meeting August 11-15 in Chicago, Illinois, where regulators continued to work through the implementation of numerous investment-related...more
In our recent webinar, members of the Eversheds Sutherland Insurance Practice Group discussed noteworthy developments from the National Association of Insurance Commissioners (NAIC) Summer National Meeting that was held in...more
What You Need to Know About the New Classes of Treasury-Authorized Reinsurers in Advance of the August 9, 2024 Implementation Date -
As we reported in our June 24, 2024 Legal Briefing, the US Department of the Treasury...more
The US Department of the Treasury (Treasury) has finalized a long overdue update to federal rules governing the Federal surety bond program (Program). The Final Rule (Rule) adds two new classes of reinsurers, including...more
On April 24, 2024, the New York State Department of Financial Services (NYDFS) published Proposed Rule Making for the 13th Amendment to Insurance Regulation 17, 20 and 20-A (Proposed Amendment), which purports to implement...more
5/7/2024
/ Insurance Industry ,
Life Insurance ,
Model Rules ,
NAIC ,
New Amendments ,
NYDFS ,
Proposed Rules ,
Public Comment ,
Regulatory Agenda ,
Regulatory Requirements ,
Reinsurance ,
Reinsurance Agreements ,
State and Local Government
On February 26, 2024, the Connecticut Insurance Department (the CID) adopted Bulletin No. MC-25 on the “Use of Artificial Intelligence Systems in Insurance” (Connecticut Bulletin). This Connecticut Bulletin is similar to the...more
3/15/2024
/ Artificial Intelligence ,
Compliance ,
Corporate Governance ,
Insurance Industry ,
Model Rules ,
NAIC ,
NIST ,
Popular ,
Regulatory Oversight ,
Risk Management ,
State Insurance Administrations
On November 17, 2023, the United States Treasury Department’s Federal Insurance Office (FIO) and the Volatility and Risk Institute at the NYU Stern School of Business jointly hosted a conference on Catastrophic Cyber Risk and...more
On November 1, 2023 the Department of the Treasury’s Federal Insurance Office (FIO) formally submitted a request to proceed with a climate-related financial risk data collection for homeowners’ multi-peril underwriting data...more
The National Association of Insurance Commissioners (NAIC) held its 2023 Summer National Meeting from August 12 to 16 in Seattle, Washington. As has become the norm, a number of relevant NAIC working groups and task forces...more
The National Association of Insurance Commissioners (NAIC) held its 2023 Spring National Meeting March 21-25 in Louisville, Kentucky.
The agenda for this National Meeting was limited, with a number of NAIC working groups...more
In December 2022, the National Association of Insurance Commissioners (NAIC) Big Data and Artificial Intelligence (H) Working Group published a Report on the use of artificial intelligence (AI) and machine learning (ML)...more
The National Association of Insurance Commissioners (NAIC) held its 2022 Fall National Meeting from December 12-16 in Tampa, Florida.
The agenda for this National Meeting was limited, with a number of NAIC working groups...more
1/27/2023
/ Accounting Standards ,
Casualty Insurance ,
Cybersecurity ,
Environmental Social & Governance (ESG) ,
General Meetings ,
Information Reports ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Private Equity ,
Property Insurance ,
Reinsurance ,
Securities ,
Technology
Innovation, Cybersecurity, and Technology (H) Committee Adopts Request for Modernized Privacy Protections Model Law; Receives Working Group Reports -
The Innovation, Cybersecurity, and Technology (H) Committee met on...more
9/19/2022
/ Casualty Insurance ,
Cybersecurity ,
Data Privacy ,
Data Security ,
Environmental Social & Governance (ESG) ,
Information Reports ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Private Equity ,
Property Insurance ,
Reinsurance ,
Working Groups
The National Association of Insurance Commissioners (NAIC) held its 2022 Spring National Meeting from March 4 to 8 in Kansas City, Missouri. Although the meeting was held in a hybrid in-person and remote format, roughly 1,500...more
State and federal policymakers, including the National Association of Insurance Commissioners (NAIC) and Senator Sherrod Brown (D-OH, Chair of the Senate Banking, Housing and Urban Affairs Committee) have recently taken a...more
The US Department of the Treasury (Treasury), Bureau of the Fiscal Service (Fiscal Service) has published a Notice of Proposed Rulemaking relating to the federal regulations governing the corporate Federal surety bond program...more
The National Association of Insurance Commissioners (NAIC) held its 2021 Fall National Meeting from December 11 to 16 in San Diego, California. The meeting was held in a hybrid in-person and remote format due to the ongoing...more
1/6/2022
/ Advisory Committee ,
Annuities ,
Artificial Intelligence ,
Big Data ,
California Consumer Privacy Act (CCPA) ,
Cannabis Products ,
Climate Change ,
Credit Ratings ,
Cybersecurity ,
Environmental Social & Governance (ESG) ,
General Data Protection Regulation (GDPR) ,
Insurance Industry ,
Life Insurance ,
NAIC ,
Popular ,
Privacy Policy ,
Private Equity ,
Regulatory Standards ,
Reinsurance ,
Technology ,
Underwriting
New York has joined the handful of states that are now accepting applications from non-US reinsurers for recognition as a reciprocal jurisdiction reinsurer under new rules that allow US domestic ceding insurers to receive...more
10/13/2021
/ Dodd-Frank ,
Foreign Entities ,
Insurance Industry ,
Jurisdiction ,
Model Rules ,
NAIC ,
NYDFS ,
Preemption ,
Reciprocity Rules ,
Reinsurance ,
UK ,
US-EU Covered Agreement ,
USTR
The National Association of Insurance Commissioners (NAIC) held its 2021 Summer National Meeting from August 14 to 17 in Columbus, Ohio. The meeting was held in a hybrid in-person and remote format due to the ongoing COVID-19...more
The National Association of Insurance Commissioners (NAIC) held its 2021 Spring National Meeting from April 7 to April 14, 2021. The meeting was held in an all-virtual format due to the ongoing COVID-19 pandemic....more
The New York Department of Financial Services (DFS) has issued Insurance Circular Letter No. 15 (2020) (Circular Letter) relating to the impact of climate change on insurers. Among other things, the Circular Letter outlines...more