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|Price Optimization Update: NAIC Revises White Paper, Florida and Indiana Question Certain Practices|
Eric A. Arnold, Thomas W. Curvin, Stephen E. Roth, Cynthia R. Shoss, Phillip E. Stano; Sutherland Asbill & Brennan LLP;
May 19, 2015, previously published on May 18, 2015“Price optimization,” a practice that uses predictive modeling and data analytics in pricing insurance products, continues to draw the attention of state regulators, consumer advocates, and class action plaintiffs. Last week, Indiana and Florida issued statements questioning certain...
|Cybersecurity and the Insurance Industry|
Andy Blair, JillAllison Opell, Keith W. Woodeshick; Dentons Canada LLP;
May 15, 2015, previously published on May 1, 2015Cybersecurity is quickly emerging as a top policy issue for insurance regulators. Speaking at a Dow Jones Risk & Compliance forum last week, on April 21, 2015, New York Superintendent of Financial Services Benjamin Lawsky, said "I think [cybersecurity] will probably be the most important...
|Allegations of Purposeful Data Withholding Do Not Trigger Cyber E&O Coverage|
Joseph F. Bermudez, Suzanne M. Meintzer; Wilson Elser Moskowitz Edelman & Dicker LLP;
May 15, 2015, previously published on May 12, 2015In Travelers Property Casualty Co. of America v. Federal Recovery Servs., Inc., Case No. 2:14-CV-170 TS (D. Utah May 11, 2015), the United States District Court for the District of Utah held that where a cyber liability policy’s insuring agreement requires “any error, omission or...
|Colorado High Court Nixes Use of Lone Pine Orders to Streamline Colorado Fracking Litigation|
Elayna M. Fiene, Cathleen H. Heintz, Carl J. Pernicone; Wilson Elser Moskowitz Edelman & Dicker LLP;
May 15, 2015, previously published on May 6, 2015On April 20, 2015, the Colorado Supreme Court issued a ruling interpreting Rule 16 of the Colorado Rules of Civil Procedure and implicating the scope of a trial court’s inherent authority to manage the cases before it. In Antero Resources v. Strudley, the issue decided by the Court was...
|Senator Warren's Investigation of Sales Incentives Offered By Annuity Writers|
Matthew J. Gaul; Dentons Canada LLP;
May 15, 2015, previously published on May 1, 2015On April 28, Senator Elizabeth Warren, a member of the Senate Banking Committee, launched a public inquiry that could have wide-ranging impacts on the insurance industry. Senator Warren sent a letter to the CEOs of the 15 largest US annuity writers, requesting information on the incentives they...
Bruce E. Baty, Kara Baysinger, Matthew J. Gaul, Daniel Marino; Dentons Canada LLP;
May 14, 2015, previously published on April 17, 2015The National Association of Insurance Commissioner’s Center for Insurance Policy and Research (CIPR) recently released the findings of its study on telematics-supported usage-based insurance (UBI). The study examines the fundamental transformation that telematics technology and UBI are having...
|Florida's Citizens Property Insurance Board Ends 1-in-100 Assessment Risk with Approval of 2015 Reinsurance Package|
Colodny Fass P.A.;
May 14, 2015, previously published on April 30, 2015In a brief meeting held this morning, April 30, 2015, Florida's Citizens Property Insurance Corporation's ("Citizens") Board of Governors ("Board") approved a multi-layered 2015 Hurricane Season risk transfer program for Citizens' Coastal Account consisting of mandatory Florida...
|Louisiana Insurers Conference Issues Urgent Call for Insurance Industry Opposition on Tax Credit Reduction Bill (HB 819)|
Colodny Fass P.A.;
May 14, 2015, previously published on May 04, 2015The Louisiana Insurers Conference is asking insurance industry members and interested parties to contact members of the Louisiana House of Representatives' Ways and Means Committee ("Committee") and urge them to oppose HB 819 relating to Tax Credits before the bill is taken up at the...
|New Indexed Universal Life illustrations Model: Heading for Consensus (Minus New York)|
Bruce E. Baty, Kara Baysinger, Matthew J. Gaul; Dentons Canada LLP;
May 14, 2015, previously published on April 3, 2015Regulators and industry representatives who have been grappling with new rules concerning Indexed Universal Life Insurance (IUL) illustrations for the past year came together in person on March 26 at the Life Actuarial Task Force (LATF) as part of the National Association of Insurance Commissioners...
|Focus On International Standards|
Bert Adams, Eric A. Arnold, B. Scott Burton, James R. Dwyer, Eric R. Fenichel; Sutherland Asbill & Brennan LLP;
May 13, 2015, previously published on May 13, 2015The influence of international standards on the direction of insurance regulation in the United States has dominated public discussion about insurance regulation during recent years. Nowhere was that more evident than in Washington, D.C., last week. On May 5, the 6th Annual U.S.-EU Insurance...