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|National Association of Insurance Commissioners Private Equity Issues Working Group: NAIC Working Group Adopts Guidance for State Insurance Regulators in Considering Change of Control Approval Filings|
Cheryl A. Bunevich, Robert G. DeLaMater, Robert M. Fettman, C. Andrew Gerlach, Stephen M. Kotran; Sullivan & Cromwell LLP;
April 24, 2015, previously published on April 13, 2015On March 29, 2015, the National Association of Insurance Commissioners (the “NAIC”) Private Equity Issues Working Group (the “PEI Working Group”) adopted a new section to be added to the NAIC’s Financial Analysis Handbook that provides a narrative guidance to state...
|Lower Prejudgment Interest Rates Apply Retroactively In Motor Vehicle Accident Claims|
Adriana De Marco; Borden Ladner Gervais LLP;
April 24, 2015, previously published on April 16, 2015In a decision released on April 15, 2015, the Ontario Superior Court of Justice addressed the impact of a recent amendment to the Insurance Act for the first time. The amendment provides that the 5% prejudgment interest rate for non-pecuniary losses in actions arising from motor vehicle accidents...
|NAIC Update - Spring 2015|
Eric A. Arnold, B. Scott Burton, Eric R. Fenichel, Ling Ling, John S. Pruitt; Sutherland Asbill & Brennan LLP;
April 23, 2015, previously published on April 22, 2015The National Association of Insurance Commissioners (NAIC) held its first national meeting for 2015 in Phoenix, Arizona, from March 26 through March 31. Noteworthy new initiatives include cybersecurity, price optimization and the development of a model law for unclaimed life insurance benefits....
|Cybersecurity Breach: Are Board Members at Risk?|
Kambon R. Williams; Pessin Katz Law, P.A.;
April 23, 2015, previously published on March 30, 2015It seems a month does not pass in which some sort of breach of confidential data of a business is not announced to the public. With the increase in cybersecurity breaches, so increases board members’ exposure to litigation regarding such occurrences.
|Highlights from the NAIC Spring Annual Meeting on PBR and Captive Insurance Companies|
Cameron F. MacRae, Hugh T. McCormick, K. Oliver Rust; Duane Morris LLP;
April 22, 2015, previously published on April 16, 2015Beginning in 2013, we have issued a series of Alerts on the controversy regarding the use of captive insurance companies to finance reserves for certain type of life insurance policies (so-called "XXX or AXXX reserves," which are widely believed to exceed reserves that are actually needed...
|Comments on Florida Credit for Reinsurance Proposed Rules Due by February 10, 2015|
Colodny Fass P.A.;
April 22, 2015, previously published on January 29, 2015Comments are currently being accepted by the Florida Office of Insurance Regulation ("OIR") until February 10, 2015 on proposed Rules that would conform the State of Florida to the National Association of Insurance Commissioners' ("NAICs'") Credit for Reinsurance Model Law.
|New York DFS Taking Aim at Insurance Cyber Risks|
Andy Blair, Matthew J. Gaul, Andy Roth; Dentons Canada LLP;
April 22, 2015, previously published on February 11, 2015The New York Department of Financial Services (DFS) has released a report detailing the results of their recent survey of insurance industry cyber security protections. The report is accompanied by an announcement that DFS will enhance its oversight of cyber security, including the specific steps...
|Changes Proposed for Florida Rules on Alternative Procedure for Resolution of Disputed Sinkhole Insurance Claims|
Colodny Fass P.A.;
April 21, 2015, previously published on April 13, 2015Portions of Rule Chapter 69J-8, F.A.C. entitled "Alternative Procedure for Resolution of Disputed Sinkhole Insurance Claims" have been proposed for revision, the Florida Department of Financial Services' ("DFS") Division of Consumer Services announced on April 10, 2015.
|Brokered Deposit Guidance: FDIC Issues Frequently Asked Questions on Identifying, Accepting, and Reporting Brokered Deposits|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
April 20, 2015, previously published on January 14, 2015On January 5, 2015, the Federal Deposit Insurance Corporation (the “FDIC”) issued a Financial Institutions Letter (FIL-2-2015) (the “Guidance”), setting forth sweeping guidance regarding brokered deposits in the form of FAQs. The Guidance answers a wide range of questions...
|Texas Department of Insurance Mandatory Data Call for First Quarter Experience Due May 15, 2015|
Colodny Fass P.A.;
April 17, 2015, previously published on April 7, 2015The Texas Department of Insurance ("TDI") advised today, April 7, 2015, that it has issued a mandatory data call for First Quarter Experience under Texas Insurance Code Sections 2251.003, 2251.008, and 38.001 to all insurance companies, corporations, exchanges, mutuals, reciprocals,...