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.
Illinois Supreme Court Clarifies Statute of Limitations for Illinois Biometric Privacy Act Claims: Five Years
Last week, the Illinois Supreme Court held that a five-year statute of limitations applies to all claims under the Illinois Biometric Privacy Act (BIPA), further expanding the already broad scope and application of the Illinois statute.1
