The NAIC Executive Committee unanimously adopted an amendment to the NAIC Unfair Trade Practices Model Act (Model Law #880) on December 9, 2020. This amendment will allow insurers and producers to “rebate” consumers. With the exception of California and Florida, and until most recently, states have enforced strict anti-rebating laws, considering non-compliance as a serious … [Read more...] about NAIC Adopts New Rule Allowing Rebating
Locke Lord provides a quick study of the key issues discussed during the recent NAIC Special Session on COVID-19.Read full article here - https://www.lockelord.com/newsandevents/publications/2020/03/take-aways-from-the-naic … [Read more...] about Take Aways From The NAIC Special Session on COVID-19 (Public Portion)
The NCOIL IBT model law provides an efficient restructuring tool that will allow companies to achieve operational and capital efficiencies to compete more effectively in the global marketplace.U.S. insurers and reinsurers now have an expanded landscape for restructuring options in the United States. On March 8th, 2020 the Executive Committee of the National Council of … [Read more...] about The NCOIL IBT Model Law – Transforming the US Insurance Industry
AIRROC’s Corporate Partner Locke Lord provides a “Quick Study” on the NAIC’s Summer Meeting in New York on August 4, 2019; specifically the NAIC’s Restructuring Mechanisms Working Group progress on insurance business transfers and corporate division statutes.Read more by clicking on this link. … [Read more...] about NAIC Restructuring Mechanisms Working Group Continues its Study of IBTs and Corporate Division Statutes
How many times are we going to learn about another corporate misstep? The list of companies making headlines for the wrong reasons never seems to end —Wells Fargo, Volkswagen, Target, Toshiba, Experian, Yahoo, Weinstein, Wynn, Uber—just to name a few. What do all of these companies have in common? A lack of strong corporate governance.Corporate governance can simply be … [Read more...] about Corporate Governance
In The Legacy Market article that ran in the Spring 2017 issue, we discussed the various exit and capital release tools available to the European insurance market with each providing different degrees of finality and capital relief. The second Legacy Market article which ran in the Fall issue, discussed the first finality statute available in the U.S. and steps taken by other … [Read more...] about The Legacy Market: Resistance. Protection. Equivalence. Vision. That Order.
Recent developments indicate that U.S. regulators are responding to these market realities. In 2015, Rhode Island passed regulations providing for “insurance business transfers” for commercial P&C runoff business. The Rhode Island Insurance Business Transfer (RI IBT) is modeled on the U.K.’s Part VII Transfer that has been British law for almost 20 years and has resulted in … [Read more...] about Separate but Not Equal
At the Commutation & Networking Forum in October, 2016, the authors sat down with Elizabeth Dwyer, Jack Broccoli and Christopher Brennan to talk about the Rhode Island statute. Ms. Dwyer is the Rhode Island Superintendent of Banking and Insurance in the Department of Business Regulation. Jack Broccoli is in the Rhode Island Department of Banking and Insurance and … [Read more...] about Is Reg. 68 Good for the Industry? A Chat with Dwyer, Broccoli and Brennan
While US regulators attempt to require insurers to be more aggressive in protecting consumer data from cyber attacks, in August 2016 the NAIC’S Cybersecurity Task Force released an amended version of its draft Insurance Data Security Model Law.The NAIC model law proposes to establish “uniform” standards for data security and investigations, in addition to how to notify about … [Read more...] about Cybersecurity: What are insurance entities required to do?