Videocast: Asset management regulation in 2020 videocast series – The annuity regulatory landscape
The Intersection of Big Data and Insurance Regulation
InsurTech and the Changing Distribution Model
On July 31, 2024, Arkansas issued Bulletin 13-2024 on the Use of Artificial Intelligence Systems in Insurance. The Bulletin is applicable to all companies licensed to do business in Arkansas and is based upon the NAIC Model...more
In December 2023, the National Association of Insurance Commissioners (NAIC) adopted a Model Bulletin on the Use of Artificial Intelligence (AI) Systems by Insurers. The model bulletin reminds insurance carriers that they...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
Nevada has adopted the NAIC Model Bulletin on the Use of AI Systems by Insurers along with seven other states, including Alaska, Connecticut, Illinois, New Hampshire, Nevada, Rhode Island and Vermont....more
Regulators Hit Jackpot: Off-Channel Communications - Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more
To date, 27 states have adopted rules that follow the Suitability in Annuity Transactions Model Regulation issued by the National Association of Insurance Commissioners (NAIC). Recent additions reflected in the following...more
In April, Kentucky (HB 474) and Maryland (SB 207) adopted insurance data security legislation based on the National Association of Insurance Commissioners (NAIC) model law. A total of 15 states have adopted the NAIC Model...more
On April 19, 2022, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 5, reminding owners and potential purchasers of shares of insurance companies that acquiring less than 10% of the company’s...more
Joining the growing number of states who are implementing the National Association of Insurance Commissioners’ (NAIC) model regulation concerning suitability in annuity transactions, New Mexico has issued its best interest...more
The Texas Department of Insurance (“TDI”) adopted new administrative rules for reciprocal reinsurers that took effect on January 1, 2022. According to TDI, the goal of the new reinsurance regulations is to “ensure TDI retains...more
Over the last several months, a minority of states amended their data breach notification statutes or enacted sector-specific breach notification requirements. ...more
According to a survey conducted by the American Pet Products Association, in 2019 approximately 70% of American households include a pet, a number that we will likely see increase this year as a result of COVID-19. It seems...more
Alabama and Rhode Island are the most recent states to issue regulations setting forth a best interest standard for annuity producers in recommending an annuity to their customers. Both regulations follow the National...more
We are less than a week from a presidential election, with control of Congress in play. Meanwhile, shifts in state legislatures have the potential to change the direction of policymaking and impact the redistricting process....more
Arizona has become the second state after Iowa to enact a best interest standard for the sale of annuities. Like the Iowa law, both of which become effective January 1, 2021, Arizona’s law is modeled after the National...more
COVID-19 is impacting all facets of the insurance industry, and while the surplus lines market is somewhat inoculated from the impact of various state orders and emergency regulations, many states as well as the National...more
The NAIC and states are reviewing whether to flush those provisions of state anti-rebating laws that inhibit innovation in the insurance industry. The NAIC Unfair Trade Practices Act (#880) prohibits offering any premium...more
State regulators continue to implement insurance-specific cyber and data security regulations, drawing on either the National Association of Insurance Commissioners Insurance Data Security Model Law (“Model Law”) or the New...more
Delaware (July 31, 2019) and New Hampshire (August 2, 2019) have become the latest states to add to the insurance cybersecurity landscape by enacting information security laws. These laws come on the heels of Connecticut’s...more
Hawaii is expected to adopt legislation in the coming weeks that will impose licensing and other regulatory requirements on third party administrators (TPAs). Currently, Hawaii is one of only a handful of states that do not...more
Legislative and regulatory activity continues apace, with four states making changes to their data privacy and cybersecurity legislation in the past month alone. West Virginia and Mississippi enacted new legislation while...more
As we previously advised on our blog, Michigan amended its Insurance Code regarding Credit for Reinsurance to bring Michigan into compliance with the NAIC Credit for Reinsurance Model Law and Model Regulation. ...more
Ohio has joined South Carolina in becoming the next state to adopt a variation of the NAIC Insurance Data Security Model Law ("MDL-668"). This legislation makes a number of changes to Ohio's insurance law...more
Effective July 24, 2018, New Mexico adopted the NAIC Credit for Reinsurance Model Regulation. New Mexico adopted the Model Rule as “part of a broad effort to modernize reinsurance regulation and to conform with the...more
On July 13, 2018 Alaska became the last state to incorporate amendments to the NAIC Credit for Reinsurance Model Law into its insurance code when Governor Bill Walker (I) signed House Bill 401 into law....more