Potential Uses of Blockchain Technology in the Insurance Industry
For the most part, blockchain technology is still in its experimental stages. The most widely known use of blockchain technology outside the insurance industry is with Bitcoin and other cryptocurrencies. But,…

New York Amends Regulation 187 (now called “Suitability and Best Interests in Life Insurance and Annuity Transactions”)
Effective August 1, 2019, the New York Department of Financial Services has amended and renamed New York Insurance Regulation 187, which will now…

Blockchain in the Insurance Industry Series: Part I
Although it is being touted as one of the most important innovations since creation of the Internet, most people only know blockchain as the technology supporting Bitcoin and other cryptocurrencies. However,  there…

Joining a majority of states, Pennsylvania recently enacted a “de minimis exception” to its rebating and inducement laws. Pennsylvania law generally prohibits providing policyholders any valuable consideration or inducement which is not specified in the contract of insurance. However, Pennsylvania’s…

According to the U.S. Census Bureau, millennials are now the largest living generation.  As the generational makeup of customer bases evolve, so too do customer expectations in how they apply for and obtain insurance.  Emerging technologies are revolutionizing traditional business…

As InsurTech startup companies continue to enter the marketplace, one innovative concept that has gained considerable momentum in the international insurance market is peer-to-peer insurance.  Often powered by InsurTech, peer-to-peer insurance companies take a different approach to risk pooling. 
Under…

The NAIC adopted the Corporate Governance Annual Disclosure Model Act and corresponding Model Regulations (“CGAD”) in late 2014 with the intent that the filing requirement would be effective in 2016. Shortly thereafter, the NAIC’s Corporate Governance Working Group proposed that…