Regulatory Update: National Association of Insurance Commissioners Summer 2025 National Meeting
The National Association of Insurance Commissioners (NAIC) held its Summer 2025 National Meeting (Summer Meeting) August 10–13, 2025. This blog summarizes the highlights from this meeting in addition to interim meetings held in lieu of taking place during the Summer Meeting. Highlights include adoption of guidance on asset adequacy testing for reinsurance transactions, renewed focus on the risks of offshore reinsurance transactions, evaluation of insurers’ use of funding-agreement-backed note (FABN) and funding-agreement-backed securities (FABS) programs, and consideration of additional regulatory frameworks to address insurers’ use of artificial intelligence (AI).
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Texting in Texas: The State Expands Telemarketing Registration Requirements to Include Text Marketers
Texas has amended its telephone solicitation and telemarketing law (the Texas “mini-TCPA” — after the federal Telephone Consumer Protection Act) to require certain businesses that engage in text marketing to register with the Texas Secretary of State and make detailed disclosures, pay registration fees, and post a $10,000 security deposit. The amendments, which were enacted by Senate Bill 140 and went into effect on September 1, 2025, also make certain violations of the Texas mini-TCPA de facto violations of the state’s deceptive trade practices law, which includes a private right of action and can carry significant penalties. While the law includes several provisions that will likely exempt established businesses that obtain one-to-one opt-in consent for text marketing messages and other types of calls, in light of the substantial fines and private right of action, businesses will want to carefully review the application of these new amendments to their marketing programs.
New Digital Health Ecosystem and HIPAA Flexibilities Facilitate Sharing of Patient Health Information
Earlier this month, the U.S. Department of Health and Human Services (HHS), Office for Civil Rights (OCR), released a new Frequently Asked Question (FAQ) related to the Health Insurance Portability and Accountability Act of 1996 (HIPAA) Privacy Rule, which establishes national standards to safeguard “protected health information” or “PHI.”
EU Consults on Digital Fairness Act: Big Changes Ahead for Consumer-Facing Platforms
The European Commission (Commission) has launched a public consultation on a proposed new law — the Digital Fairness Act (DFA) — aimed at strengthening consumer protection in digital markets. The goal is to fill perceived regulatory “gaps” left by recent EU digital regulations, including the Digital Services Act (DSA) and Digital Markets Act (DMA).
The Trump Administration’s 2025 AI Action Plan – Winning the Race: America’s AI Action Plan – and Related Executive Orders
On July 23, 2025, the Trump administration released its much-anticipated AI Action Plan, outlining 90 federal policy positions across three key pillars: Accelerating Innovation, Building American AI Infrastructure, and Leading in International Diplomacy and Security. These pillars are designed to guide near-term action and are underpinned by three cross-cutting priorities: protecting and promoting American workers, ensuring that artificial intelligence (AI) systems are trustworthy and free from ideological bias, and safeguarding AI from misuse, theft, or other risks posed by malicious actors. The scope of the AI Action Plan demonstrates the far-reaching impact of AI, with policy positions affecting not only technology but also trade, national security, cybersecurity, energy, labor, education, environmental regulation, antitrust, science, and financial markets.
California Privacy Protection Agency Advances Substantial Rulemaking – Cyber Audits, Risk Assessments, New Automated Decisionmaking Technologies Rights, and More
The California Privacy Protection Agency (Agency) on Thursday, July 24, 2025, approved a comprehensive set of new California Consumer Privacy Act (CCPA) regulations that the Agency has been developing for over four years. Before taking effect, the proposed regulations must still be approved by California’s Office of Administrative Law (OAL). It is possible some of these provisions may change with the OAL’s review, which must be completed within 30 business days after the Agency submits to the OAL its final rulemaking package. However, many expect that most of the proposed regulations will pass OAL review. If approved, several of the proposed regulations would be effective as of January 1, 2026. (more…)
Regulatory Update: National Association of Insurance Commissioners Spring 2025 National Meeting
The National Association of Insurance Commissioners (NAIC) held its Spring 2025 National Meeting (Spring Meeting) March 23–26, 2026. 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 guidance on asset adequacy testing for reinsurance transactions, efforts to develop revisions to the Long-Term Care Insurance Multistate Rate Review Framework, and consideration of amendments to the NAIC’s Purposes and Procedures Manual regarding private letter rating rationale reports.
Financial Entities in the EU: Time to Register Your ICT Third-Party Service Providers under DORA
The European Union’s (“EU”) Digital Operational Resilience Act (“DORA”) became effective on 17 January 2025. Since then, financial entities (such as banks, insurance companies and investment firms) and their ICT third-party service providers operating in the EU have been – directly or indirectly – subject to the new regime. One of the first key DORA compliance deadlines, for financial entities to register their ICT service providers with competent EU Member State authorities, is coming into effect across most of the member states this month.
EU Commission Publishes AI Continent Action Plan and Seeks Input
On April 9, 2025 the European Commission adopted a communication on the so-called AI Continent Action Plan – its strategy to shape the next phase of AI development in Europe, with consultation to follow. The Commission’s declared objective is to transform the EU into a global leader in AI by fostering innovation, ensuring trustworthy AI, and enhancing competitiveness while safeguarding democratic values and cultural diversity. Keep monitoring Data Matters for more on the Commission’s consultation, when available. (more…)
New UK Consumer Rules Herald Stricter Enforcement and Significant Fines
Consumer protection is rising to the top of the regulatory agenda worldwide. The UK consumer protection regime is undergoing a major shift: The Competition and Markets Authority (CMA) now has powerful new tools under the Digital Markets, Competition, and Consumers Act (DMCCA) (see our Sidley Update here), including the ability to directly enforce consumer law and fine companies up to 10% of global annual turnover for serious infringements. (more…)
