Widely reported allegations of fraud at an offshore company this past summer have drawn attention to the use of letters of credit (LOCs) to secure reinsurance obligations. The company, now in bankruptcy, specialized in...more
As of March 11, the Securities Valuation Office of the National Association of Insurance Commissioners (NAIC) has removed Silicon Valley Bank (SVB) from the list of approved banks (“qualified U.S. financial institutions,” or...more
Insurers and reinsurers navigating the increasingly complex rules on reciprocity for collateral requirements should consider recent guidance from the leading U.S. standard-setting body. On June 17, 2021, the Reinsurance...more
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
Insurance carriers will find the following topics, recently discussed at the National Association of Insurance Commissioners (NAIC), relevant to capital management, financial risk, solvency and similar “prudential” issues,...more
12/11/2019
/ Business Transfer Agreements ,
Capital Assets ,
Capital Requirements ,
Derivatives ,
Financial Solvency ,
Health Insurance ,
IAIS ,
Insurance Regulations ,
NAIC ,
Net Investment Income ,
Regulatory Agenda ,
Reinsurance ,
Risk Management
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
On a May 15 conference call, the Reinsurance Task Force of the National Association of Insurance Commissioners (NAIC) advanced model legislation on reciprocal treatment for reinsurers as between the United States, on the one...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
We are seeing Interval Alts (registered investment funds featuring hedge fund-like liquidity) being used for dedicated insurance-linked securities (ILS) strategies. ILS, such as catastrophe, or "cat," bonds, provide...more
At the recent National Association of Insurance Commissioners (NAIC) Summer National Meeting held in Philadelphia from August 6, 2017, to August 9, 2017, the NAIC continued its work on group capital calculation standards,...more
OCIE Highlights Frequent Topics for Compliance Deficiencies for Investment Advisers -
On Feb. 7, 2017, the Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations (“OCIE”) published...more
3/2/2017
/ Books & Records ,
Chief Compliance Officers ,
Covered Agreement ,
Custody Rule ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Enforcement Actions ,
Ethics ,
EU ,
Filing Requirements ,
Financial Institutions ,
Financial Services Industry ,
Form ADV ,
Insurance Industry ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
NYDFS ,
OCIE ,
Registered Investment Companies (RICs) ,
Regulatory Oversight ,
Reinsurance ,
Risk Alert ,
Rule 204-2 ,
Securities and Exchange Commission (SEC) ,
Strict Compliance
On Jan. 13, 2017, the U.S. Department of the Treasury and the Office of the U.S. Trade Representative ("USTR") released the terms of the long-awaited covered agreement between the United States and the European Union (the...more
1/28/2017
/ Covered Agreement ,
Dodd-Frank ,
EU ,
Exchange of Information ,
Financial Solvency ,
Insurance Industry ,
Memorandum of Understanding ,
ORSA ,
Preemption ,
Prudential Standards ,
Regulatory Oversight ,
Reinsurance ,
U.S. Treasury ,
USTR