New York-domiciled insurers may soon be able to take advantage of more-relaxed provisions on balance sheet credit for reinsurance where the assuming reinsurer is in a “reciprocal” jurisdiction to the United States. ...more
On August 14, at its all-virtual summer national meeting, the National Association of Insurance Commissioners (NAIC) adopted guidance governing illustrations for index-based life insurance. In a key development, New York...more
The National Association of Insurance Commissioners (NAIC) Statutory Accounting Principles Working Group (SAPWG) met remotely on July 30, as part of the NAIC’s all-virtual 2020 Summer National Meeting....more
On June 3, amendments to New York insurance regulations, available here, became effective that will permit the New York Superintendent of Financial Services to act as group-wide supervisor of internationally active insurance...more
In a previous issue of FundsTalk, we discussed collateralized fund obligations (CFOs), investments backed by portfolios of private investment fund interests. In recent months, the National Association of Insurance...more
11/4/2019
/ CFOs ,
Consumer Insurance Products ,
Debt Instruments ,
Equity ,
Financial Regulatory Reform ,
Investment ,
Investment Portfolios ,
NAIC ,
Private Investment Funds ,
Public Comment ,
Rulemaking Process ,
Working Groups
With M&A activity for life insurers or blocks of in-force business poised for a possible spike, acquirers of life businesses should consider factors that are peculiar to, or disproportionately affect, the life and annuity...more
9/9/2019
/ Annuities ,
Artificial Intelligence ,
Best Interest Standard ,
Captive Insurance Company ,
Collateral ,
Consumer Insurance Products ,
Insurance Regulations ,
Investment Opportunities ,
Life Insurance ,
NYDFS ,
Private Funds ,
Property Casualty Policies ,
Regulatory Standards ,
Reinsurance ,
Variable Annuities
The New York Department of Financial Services’ (DFS) January 2019 insurance circular letter, which advised New York-licensed life insurance carriers on the use of external consumer data and information sources in...more
8/1/2019
/ Algorithms ,
Artificial Intelligence ,
Consumer Insurance Products ,
Cooperative Compliance Regime ,
Customer Information ,
Data Management ,
Discrimination ,
Financial Services Industry ,
Insurance Regulations ,
Life Insurance ,
New Guidance ,
NYDFS ,
Predictive Analytics ,
Regulatory Standards ,
Transparency ,
Underwriting
Legislation proposed in the Maryland Senate (Senate Bill 786, introduced on Feb. 4, 2019) would impose fiduciary duties on insurance producers, such as agents and brokers, that are subject to licensure in the state....more
On Dec. 18, 2018, the Trump Administration signed a bilateral agreement on prudential insurance matters between the United States and the United Kingdom (the U.S.-U.K. Covered Agreement)....more
1/3/2019
/ Consumer Insurance Products ,
Covered Agreement ,
Dodd-Frank ,
Insurance Claims ,
Insurance Regulations ,
Prompt Payment ,
Prudential Standards ,
Reciprocity Rules ,
Regulatory Oversight ,
Regulatory Requirements ,
Reinsurance ,
U.S. Treasury ,
UK ,
UK Brexit ,
US-EU Covered Agreement