By

Andrew Holland

28 December 2020

Regulatory Update: NAIC Fall 2020 National Meeting

The National Association of Insurance Commissioners (NAIC) held its Fall 2020 National Meeting (Fall Meeting) December 3-9, 2020. As a result of the continuing COVID-19 pandemic, the NAIC once again met in a virtual format. This Sidley Update summarizes the highlights from this meeting in addition to interim meetings that were held during November in lieu of taking place during the Fall Meeting.

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03 September 2020

Regulatory Update: NAIC Summer 2020 National Meeting

The National Association of Insurance Commissioners (NAIC) held its Summer 2020 National Meeting (Summer Meeting) from July 27 to August 14, 2020. As a result of the COVID-19 pandemic, the NAIC held the Summer Meeting in a virtual format, with conference calls taking place over a three-week period. Despite not being able to meet in-person, the NAIC utilized the Summer Meeting as an opportunity to host conversations among insurance regulators, industry members and consumers regarding recent events, including the impact of COVID-19 on the insurance industry as well as racial inequality and the promotion of diversity in the insurance industry. (more…)

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20 February 2019

New York Department of Financial Services Issues Guidance Regarding Life Insurers’ Use of External Consumer Data in Underwriting

On January 18, 2019, the New York State Department of Financial Services (NYDFS) issued Circular Letter 2019-1 (the Circular Letter), addressing insurers’ use of external consumer data and information sources in underwriting for life insurance. The Circular Letter follows an investigation commenced by NYDFS regarding life insurers’ use of external data, which was initiated in light of reports that insurers were using algorithms and predictive models that include unconventional sources or types of external data. Among other things, the Circular Letter provides guidance that when insurers use external data sources in connection with underwriting decisions, (1) the use of external data sources must not result in any unlawful discrimination, (2) the underwriting or rating guidelines must be based on sound actuarial principle; and (3) life insurers must have adequate consumer disclosures to notify insureds or potential insureds of the right to receive the specific reasons for any adverse underwriting decision based on such data. (more…)

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06 September 2017

Regulatory Update: NAIC Summer 2017 National Meeting

The National Association of Insurance Commissioners held its Summer 2017 National Meeting in Philadelphia, Pennsylvania from August 6 to 9, 2017. This Sidley Update summarizes the highlights from this meeting. (more…)

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05 October 2016

Impact of the EU’s General Data Protection Regulation on the Insurance and Reinsurance Industry

After almost four years of negotiations, drafting and discussions, the General Data Protection Regulation (GDPR) entered into force earlier this year. Businesses, including insurance companies, now have until May 25, 2018 to meet the new requirements under the GDPR. The GDPR aims to harmonize data protection legislation across the European Economic Area (EEA), making compliance for (re)insurance companies that operate in multiple EEA jurisdictions easier. However, in order to achieve this, the GDPR introduces a number of new requirements that will have a significant, and sometimes onerous, impact on (re)insurance companies. The GDPR is also likely to still be relevant to (re)insurance companies based in the UK despite Brexit, as the GDPR will become law in May 2018, which may be before the UK withdraws from the European Union, and even after withdrawal, the GDPR will continue to apply to UK companies that process data on EEA residents. Some of the key provisions of the GDPR that are of particular relevance for the insurance and reinsurance industry are summarized below.

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