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Reporting Requirements Insurance Industry

Womble Bond Dickinson

Micro-Captive Reportable Transaction Deadline Effectively Extended

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On Friday, April 11, 2025, the Internal Revenue Service issued Notice 2025-24 (the “Notice”), which waives applicable penalties under the Internal Revenue Code to participants in, and material advisors to, reportable...more

Seward & Kissel LLP

SEC Issues Industry Letter Allowing Insurance Companies to File Certain Financial Statements

Seward & Kissel LLP on

Who may be interested: Insurance Companies - Quick Take: In an Industry Letter, the SEC’s Division of Investment Management stated that insurance companies may file financial statements prepared in accordance with...more

Mayer Brown

US NAIC Spring 2025 National Meeting Highlights: Investment-related Highlights

Mayer Brown on

The NAIC Spring National Meeting was held in Indianapolis from March 23-26, 2025. This update reports on some highlights of the Spring National Meeting sessions relating to insurance company investments....more

Mayer Brown

US NAIC Spring 2025 National Meeting Highlights: Life Actuarial (A) Task Force – Asset Adequacy Testing for Reinsurance

Mayer Brown on

On March 22 and 23, 2025, the Life Actuarial (A) Task Force (LATF) met at the Spring 2025 National Meeting of the US National Association of Insurance Commissioners (NAIC) in Indianapolis, Indiana. This Legal Update reports...more

Epiq

How Plaintiff and Defense Attorneys Can Protect Beneficiaries’ Finances and Health Care in MMSEA Section 111 Reporting

Epiq on

Insufficient collaboration between plaintiff and defense attorneys regarding Medicare, Medicaid, and SCHIP Extension Act (MMSEA) Section 111 reporting requirements creates administrative complications which can negatively...more

Kramer Levin Naftalis & Frankel LLP

NAIC Advances Initiatives on Insurance Company Investments at Spring National

Insurance companies, sponsors and other interested parties should take note of key developments concerning investments by insurers at the National Association of Insurance Commissioners’ (NAIC) Spring National Meeting, held...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Reminder: New York Cybersecurity Reporting Deadline April 15, 2025; New Regulations Effective May 1, 2025

Covered entities regulated by the New York State Department of Financial Services (NYDFS) must submit cybersecurity compliance forms by April 15, 2025. New sets of requirements for system monitoring and access privileges,...more

Jackson Lewis P.C.

Make America Healthy Again: New Executive Order Revisits Group Health Plan Price Transparency

Jackson Lewis P.C. on

On February 25, 2025, President Trump signed “Making America Healthy Again with Clear, Accurate, and Actionable Healthcare Pricing Information,” an Executive Order with the stated purpose of making group health plans and...more

Conyers

Segregated Accounts Guidance Note: Key Regulatory Updates for Segregated Account Insurers

Conyers on

In July 2024, the Bermuda Monetary Authority (BMA) released its long-awaited guidance note entitled “General Business Insurers with Segregated Accounts and Separate Accounts” (the “SAC Guidance Note”) which provides the...more

ArentFox Schiff

Massachusetts Enacts Drug Pricing Legislation: Introducing PBM Licensure, Mandatory Cost Reporting, and Consumer Cost-Sharing...

ArentFox Schiff on

On January 8, Massachusetts Governor Maura Healy signed into law “An Act Relative To Pharmaceutical Access, Costs And Transparency.” The Act will have a profound impact on all parties involved in setting and applying drug...more

McDermott Will & Emery

How PPM Health Plans Can Solve the MEWA Problem

McDermott Will & Emery on

While a physician practice management (PPM) structure allows for compliance with corporate practice of medicine laws and ease of administration, it often creates inadvertent health plan issues that should be navigated...more

Womble Bond Dickinson

Micro-captive Insurance Reportable Transactions and the Reporting Requirements

Womble Bond Dickinson on

Certain micro-captive transactions are back to being reportable. On January 14, 2025, the Treasury Department and the Internal Revenue Service (“IRS”) published final regulations (the “Regulations”) that named some...more

McDermott Will & Emery

New York Executive Budget Proposes Amendments to MCO Provider Tax

McDermott Will & Emery on

The New York State Executive Budget for Fiscal Year (FY) 2026 proposes significant updates to the managed care organization (MCO) provider tax, aiming to enhance Medicaid funding through innovative financial strategies. The...more

Conyers

New Regulatory Policy on Recognition and Approval of an Actuary

Conyers on

In October 2024, the Cayman Islands Monetary Authority (CIMA) issued an updated Regulatory Policy on the Recognition and Approval of an Actuary (the “Policy”), setting out its minimum criteria and process for determining...more

Conyers

Portfolio Insurance Companies and the Updated Beneficial Ownership Regime

Conyers on

The Beneficial Ownership Transparency Act, 2023 (the “BOT Act”), Beneficial Ownership Transparency Regulations, 2024 (the “BOT Regulations”) and the Guidance on Complying with Beneficial Ownership Obligations in the Cayman...more

A&O Shearman

Regulatory monitoring - January 2025

A&O Shearman on

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) Germany - BaFin: Report on risks in focus 2025 (Report über Risiken im Fokus 2025) Status: Final - BaFin has published its annual report on the risks it...more

Faegre Drinker Biddle & Reath LLP

Affordable Care Act Penalty and Reporting Relief

The Employer Reporting Improvement Act and the Paperwork Burden Reduction Act (PBA), each signed into law in December 2024, provide the following penalty and reporting relief for plan sponsors required to provide minimum...more

Skadden, Arps, Slate, Meagher & Flom LLP

Policy Updates From the UK Prudential Regulation Authority

The UK Prudential Regulation Authority (PRA) has issued significant policy updates to enhance the regulatory framework for insurers and financial institutions in the UK: - Key among these is the Policy Statement on...more

Hogan Lovells

UK Insurance Horizon Scanner - January 2025

Hogan Lovells on

DATE DETAILS 1 January Critical third parties: Final rules and policy on critical third parties set out in the joint policy statement of the PRA and FCA (PS16/24 and PS24/16) came into effect. Certain requirements are subject...more

Orrick, Herrington & Sutcliffe LLP

FHA seeks comments on the proposed establishment of the optional reimbursement claim alternative mortgagee letter

Recently, FHA’s Office of Single Family Housing included on its “Drafting Table” a request for stakeholder feedback on both a draft Mortgagee Letter establishing the Optional Reimbursement Claim Alternative Option (“ORCA”)...more

Polsinelli

Kansas Insurance Department Issues Data Call to All Third Party Administrators Licensed in Kansas

Polsinelli on

The Kansas Insurance Department (“Department”) recently issued a Data Call to all Third Party Administrators (“TPAs”) licensed in the state of Kansas. Pursuant to the Data Call, the Department has requested information...more

Crunched Credit

A Modest Proposal Concerning A Grand Bargain For Our Business 

Crunched Credit on

Let me begin with an apology for not being in print for a while.  All that Ho-ho-ho-ing and a lot of mulling over this particular commentary is to blame.  Today, with writer’s block behind me, this commentary is about...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 14: The SFCR and Other Public Reporting

The SFCR and Other Public Reporting - Introduction - The Solvency II regime, as legislated in the Solvency II Directive and elaborated upon in Chapter XII of the EU Commission Level 2 Delegated Regulation (2015/35), is...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 13: Supervision

1. The Supervision Regime - Proportionality - The supervision regime is built on the principle of “proportionality,” in an effort to ensure that supervision remains effective and meets its underlying purposes without...more

Woodruff Sawyer

Clawbacks Can’t Touch This: Executives, Protect Your Pay with Clawback Insurance

Woodruff Sawyer on

It’s been a year since the SEC’s compensation clawback rules took effect. Since then, US-listed public companies have implemented compliant compensation clawback policies that require executive officers to pay back...more

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