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
Climate change continues to preoccupy the public and policymakers, and a number of legal and regulatory initiatives in the US, UK, and elsewhere are currently underway that may affect insurers. This report provides a...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
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Artificial Intelligence ,
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California Consumer Privacy Act (CCPA) ,
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As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more
12/3/2021
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Climate Change ,
Corporate Governance ,
Department of Insurance ,
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Financial Stability Board ,
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Task Force on Climate-related Financial Disclosures (TCFD)
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
11/18/2021
/ Administrative Departments ,
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Supervisory Guidance ,
Task Force on Climate-related Financial Disclosures (TCFD)
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
The EU-US Insurance Dialogue Project (“Project”) began in early 2012 as an initiative by the European Commission, the European Insurance and Occupational Pensions Authority (EIOPA), the Federal Insurance Office (FIO) of the...more
11/8/2021
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Big Data ,
Cross-Border ,
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EU ,
Insurance Industry ,
International Harmonization ,
NAIC ,
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Working Groups
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
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Foreign Entities ,
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NAIC ,
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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
On July 19, 2021, the New York Department of Financial Services (DFS) issued Circular Letters 6 and 7 (2021) (Circular Letters) setting forth DFS’s expectations for all New York-authorized insurers in planning and preparing...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
Last week (March 25, 2021), the New York State Department of Financial Services (NYDFS) released for public comment proposed guidance for New York domestic insurers on managing financial risks from climate change (the...more
The New York Department of Financial Services (DFS) has issued Insurance Circular Letter No. 5 (2021) (Circular Letter) relating to insurer diversity in the boardroom and C-suite. The Circular Letter outlines new...more
The National Association of Insurance Commissioners (NAIC) held its 2020 Fall National Meeting virtually from December 3 to December 9, 2020. The meeting was originally scheduled to be held in Indianapolis, Indiana, but was...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
The National Association of Insurance Commissioners (NAIC) held its 2020 Summer National Meeting virtually from July 28 to August 14, 2020. The meeting was originally scheduled to be held in Minneapolis, Minnesota, but was...more
On August 14, 2020, the National Association of Insurance Commissioners (NAIC) adopted a set of principles that will guide the work of insurers and entities, including data providers, that play an active role in the lifecycle...more
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more
As the COVID-19 pandemic continues to have significant economic consequences in the US, a key issue for insurers and businesses throughout the country is whether all or a portion of losses may be covered by insurance. Because...more
On May 22, 2020, US Representative Carolyn Maloney (D-NY), joined by twenty co-sponsors, introduced H.R. 7011, the Pandemic Risk Insurance Act of 2020 (PRIA).
The bill would establish a federal backstop for business...more
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more
There continues to be significant regulatory activity related to the novel coronavirus (COVID-19) and its impact on the insurance industry, as well as claims for damages due to looting and vandalism following the recent civil...more
On May 5, 2020, the NAIC’s Privacy Protections (D) Working Group met via conference call. The Working Group was formed on October 1, 2019, under the Market Regulation and Consumer Affairs (D) Committee on a referral from...more
The COVID-19 pandemic has prompted a significant amount of insurance regulatory activity for both life and property & casualty insurers. This alert summarizes the current state of some of the most notable COVID-19-related...more