Regulatory Update: National Association of Insurance Commissioners Fall 2023 National Meeting

The National Association of Insurance Commissioners (NAIC) held its Fall 2023 National Meeting (Fall Meeting) from November 30 through December 4, 2023. This Sidley Update summarizes the highlights from this meeting in addition to interim meetings held in lieu of taking place during the Fall Meeting. Highlights include adoption of a new model bulletin addressing the use of artificial intelligence in the insurance industry, continued development of accounting principles and investment limitations related to certain types of bonds and structured securities, and continued discussion of considerations related to private equity ownership of insurers.

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Regulatory Update: National Association of Insurance Commissioners Summer 2023 National Meeting

The National Association of Insurance Commissioners (NAIC) held its Summer 2023 National Meeting (Summer Meeting) from August 12–16, 2023. Highlights include continued development of accounting principles and investment limitations related to certain types of bonds and structured securities, continued discussion of considerations related to private equity ownership of insurers, a proposed model bulletin addressing the use of artificial intelligence by the insurance industry, and continued development of a new consumer privacy protections model law.

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Regulatory Update: National Association of Insurance Commissioners Spring 2023 National Meeting

The National Association of Insurance Commissioners (NAIC) held its Spring 2023 National Meeting (Spring Meeting) March 21–25, 2023. This Sidley Update summarizes the highlights from this meeting in addition to interim meetings held in lieu of taking place during the Spring Meeting. Highlights include continued development of accounting principles and investment limitations related to certain types of bonds and structured securities, continued discussion of considerations related to private equity (PE) ownership of insurers, new initiatives to address innovation and technology in the insurance sector, and continued development of a new consumer privacy protections model law.

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U.S. Treasury Department Seeks Public Comment On Potential Federal Cyber Insurance Program

The U.S. Treasury Department is seeking public comment on the need and scope for a potential federal insurance response to catastrophic cyber incidents, akin to the one put in place for terrorism insurance after the attacks of September 11, 2001.

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Regulatory Update: NAIC Summer 2022 National Meeting

The National Association of Insurance Commissioners (NAIC) held its Summer 2022 National Meeting (Summer Meeting) August 9–13, 2022. This post summarizes the highlights from this meeting in addition to interim meetings held in lieu of taking place during the Summer Meeting. Highlights include a proposal for a new consumer privacy protections model law, continued discussion of considerations related to private equity ownership of insurers, continued development of accounting principles and investment limitations related to certain types of bonds and structured securities, and initiatives to address climate risks in the insurance sector.

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Kentucky and Maryland Recently Joined Other States in Adopting NAIC Model Data Security Law

Kentucky and Maryland recently continued the trend of state insurance departments adopting some version of the National Association of Insurance Commissioners’ (“NAIC”) Insurance Data Security Model Law.  Kentucky Governor Andy Beshear signed House Bill 474 into law, and Maryland Governor Larry Hogan signed SB 207. (more…)

Data Breaches are More Expensive than Last Year, New IBM Security Report Finds

Death, taxes and data breaches. Cybersecurity incidents have grown in frequency, scale and seriousness. As articulated in President Biden’s May 2021 Executive Order, Improving the Nation’s Cybersecurity, “[t]he United States faces persistent and increasingly sophisticated malicious cyber campaigns that threaten the public sector, the private sector, and ultimately the American people’s security and privacy.” These threats lead to direct costs on victims, and these costs have also grown exponentially in recent years, as readers of the famed annual Ponemon data breach report well know.  This year’s report is out, and confirms the continuation of a troubling trend. (more…)

Regulatory Update: NAIC Summer 2021 National Meeting

The National Association of Insurance Commissioners (NAIC) held its Summer 2021 National Meeting (Summer Meeting) August 14-17, 2021. As a result of the continuing COVID-19 pandemic, the NAIC met in a hybrid format with attendees participating both in person and virtually. This post summarizes the highlights from this meeting in addition to interim meetings that were held during July in lieu of taking place during the Summer Meeting. Highlights include, among others, adoption of revised risk-based capital bond factors for life insurers, amendments to SSAP No. 71, and an amendment to the purposes and procedures manual to add instructions for review of funds.

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