On October 25, 2023, the Financial Condition (E) Committee (the “E Committee”) of the National Association of Insurance Commissioners (“NAIC”) adopted revisions to the Property and Casualty Insurance Guaranty Association Model Act (#540) which would ensure guaranty fund coverage following
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Connecticut Expands Notice Requirements for Withdrawing From a Line of Business
By Daniel Barry
Property and casualty insurance companies’ decisions to withdraw from certain lines of business, in jurisdictions such as California and Florida, has garnered a great deal of attention in recent months. The Connecticut Department of Insurance (the “Department”) recently published a…
NAIC’s Work on Privacy Model Grinds On
By Daniel Barry
The NAIC’s Privacy Protections (H) Working Group met over the weekend as part of the NAIC’s Summer National Meeting. The working group announced that later in the year it will seek an extension on its efforts to create a unified…
NAIC Working to Extend Authority Over Health Insurance Lead Generators
By Daniel Barry
Late last month, the NAIC Improper Marketing of Health Insurance (D) Working Group met in a public session to discuss revisions to the Unfair Trade Practices Act (Model# 880) to include health insurance lead generators. The main thrust of the…
NAIC Committee on Race & Insurance Considers Barriers to Preventive Health Services
By Daniel Barry
The health workstream of the NAIC’s Special (EX) Committee on Race & Insurance, co-chaired by Maryland and Minnesota, met yesterday. The overarching theme of the meeting was access to preventive services, particularly as it pertains to chronic diseases, emphasizing underserved…
NAIC Picking Up Steam as it Drafts New Privacy Model
By Daniel Barry
Since the NAIC Spring National Meeting in late March, the Privacy Protections (H) Working Group has continued its work to draft a new unitary privacy model. Over April, the Working Group met one-on-one with industry and interested parties. Since then,…
California Department of Insurance Issues Survey on Automated Decision Tools
Last month, the California Department of Insurance sent a survey to more than 50 property & casualty insurers to gather information about the use of automated decision tools in rating, underwriting, claims handling, fraud detection, marketing loss prevention and other…
Colorado Joins NAIC Climate Risk Disclosure Group
By Daniel Barry
Earlier this month, Colorado Governor Jared Polis (D) signed S.B. 16 [1], mandating the Colorado Insurance Commissioner to adopt rules such that insurance carriers licensed in Colorado participate in the NAIC Climate Risk Disclosure Survey beginning in 2024.
The…
State Insurance Regulators Embracing SupTech
By Daniel Barry
On Thursday April 27, 2023, the Innovation in Technology & Regulation (H) Working Group met to discuss its 2023 Work Plan, the development of a regulator-to-regulator SupTech Forum, a pilot project InsureTech Forum, and to hear a presentation on ChatGPT.…
NAIC Privacy Protections Working Group Moves Forward to Revise Consumer Privacy Protections Model Act
By Daniel Barry
The NAIC is developing a new Consumer Privacy Protections Model Act (# 674) which will replace the preexisting Insurance Information & Privacy Protection Model Act (# 670) and Privacy of Consumer Financial & Health Information Regulation (# 672).…