Insurers who issue policies covering catastrophic weather-related events should take note of New York Assembly Bill 10344. As of January 12, 2025, insurers have the ability to incorporate parametric insurance into their insurance products as a regulated area of insurance law. New York’s legislation is the most recent example of how states are recognizing parametric insurance … [Read more...] about New York insurance law adds parametric insurance as covered insurance
Regulatory
ESG and internal investigations: New compliance challenges
“ESG” refers to a set of criteria used to measure a company’s non-financial ethical and sustainability practices. Investors, regulators and consumers are scrutinizing to varying degrees how companies manage environmental responsibilities, treat their own workforce and communities affected by their value chain, and govern their operations. As organizations embrace ESG … [Read more...] about ESG and internal investigations: New compliance challenges
Diamond’s Negotiation Tactics Sparkle
Stuart Diamond’s Getting More: How to Negotiate to Achieve Your Goals in the Real World Negotiation Strategies: Tips for Establishing Connection and Optimizing Results Series: Part 7 Books on negotiation come and go, but occasionally one introduces new, meaningful, and useful recommendations for achieving successful negotiations. Getting More is such a book. In it, Stuart … [Read more...] about Diamond’s Negotiation Tactics Sparkle
RiverStone International Announces Loss Portfolio Transfer Deal with QBE
Hamilton, Bermuda, August 9 2024 – RiverStone International today announced an agreement with QBE to provide a Loss Portfolio Transfer reinsurance (“LPT”) for various QBE subsidiaries, including their Lloyd’s syndicates. This transaction covers a diversified portfolio of business from International and North America markets and includes premiums earned through June 30, … [Read more...] about RiverStone International Announces Loss Portfolio Transfer Deal with QBE
US NAIC Summer 2024 National Meeting Highlights
The US National Association of Insurance Commissioners (“NAIC”) held its Summer National Meeting in Chicago on August 12-15, 2024. The Risk-Focused Surveillance (E) Working Group (“RFSWG”) did not meet during the Summer National Meeting. However, a discussion of its recent work with respect to affiliate investment managers and affiliate investments, as well as regarding … [Read more...] about US NAIC Summer 2024 National Meeting Highlights
Swiss Re to exit iptiQ: strategic shift sparked by weak demand, lower tech threat
Swiss Re may be in the market for buyers for some parts of its digital insurer, iptiQ. Read More... … [Read more...] about Swiss Re to exit iptiQ: strategic shift sparked by weak demand, lower tech threat
AIRROC Welcomes New Member RiverStone International
AIRROC extends a warm welcome to new member RiverStone International. We are delighted to have RiverStone join the AIRROC community and very much look forward to a constructive collaborating with them. RiverStone brings a wealth of market experience and their membership is highly valued and instrumental as AIRROC continues to expand its international reach. Jamie Saunders, … [Read more...] about AIRROC Welcomes New Member RiverStone International
NAIC Summer 2023 National Meeting Highlights
The Reinsurance (E) Task Force (“RTF”) of the US National Association of Insurance Commissioners (“NAIC”) held a virtual meeting on July 24, 2023, in lieu of meeting in person at the NAIC’s 2023 Summer National Meeting. In addition to routine matters such as adoption of the RTF’s 2023 Spring National Meeting minutes and minor revisions to RTF’s 2024 Proposed Charges, the … [Read more...] about NAIC Summer 2023 National Meeting Highlights
Excess and Surplus Lines Law Manual 2023 Update
We are happy to provide the 2023 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. The website provides you with the ability to click on the states and territories of interest to view the updates, and a PDF of the entire … [Read more...] about Excess and Surplus Lines Law Manual 2023 Update
NextGen Council Corner
The NextGen Council welcomes three new Council members: Natalie Weedman, Layla Trummer and Kristen Kish. Established in 2020 as a Task Force and transformed to a Council in 2022, the NextGen Council is a group of young professionals in the (re)insurance industry working to create educational, networking and leadership opportunities for other young professionals in the legacy … [Read more...] about NextGen Council Corner
AIRROC Welcomes Director of the Illinois Department of Insurance as Keynote Speaker
One of the highlights of AIRROC’s Chicago Regional Education Day was the keynote address by Dana Popish Severinghaus, Director of the Illinois Department of Insurance. Director Popish Severinghaus has served since January 2021 and brings extensive legal, policy, government relations and insurance industry-related experience to her role heading a state regulatory agency. A … [Read more...] about AIRROC Welcomes Director of the Illinois Department of Insurance as Keynote Speaker
New AIRROC Regulatory Committee Focuses on Educating Regulators on Runoff
AIRROC’s Regulatory Committee was established in early 2023 and is co-chaired by two of the AIRROC Board members, Tom Mendralla of Swiss Re and Chris Reichow of R&Q Insurance Holdings, Ltd. The Regulatory Committee has 18 members – a number of which are former regulators. The focus of the group is to support AIRROC on NAIC and other regulatory activities. As a non-profit … [Read more...] about New AIRROC Regulatory Committee Focuses on Educating Regulators on Runoff
US NAIC Update: Restructuring Mechanisms (E) Working Group
At its recent meeting on April 4, 2023, the Restructuring Mechanisms (E) Working Group (the “Working Group”) of the US National Association of Insurance Commissioners (“NAIC”) continued to advance the best practices framework it is developing for Insurance Business Transfers (“IBTs”) and Corporate Divisions (“CDs”) in the United States. An IBT is a transaction whereby a … [Read more...] about US NAIC Update: Restructuring Mechanisms (E) Working Group
ESG Battlegrounds: How the States Are Shaping the Regulatory Landscape in the U.S.
When it comes to ESG in the United States, among the most dramatic developments is an ideological battle unfolding at the state level, pitting liberal-leaning state governments that have embraced ESG-focused investing against conservative-led states that would seek to exclude it. To date, the general consensus had been that the U.S. is lagging on its ESG focus, particularly … [Read more...] about ESG Battlegrounds: How the States Are Shaping the Regulatory Landscape in the U.S.
Ethical Use of AI in Insurance Modeling and Decision-Making
With increased availability of next-generation technology and data mining tools, insurance company use of external consumer data sets and artificial intelligence (AI) and machine learning (ML)-enabled analytical models is rapidly expanding and accelerating. Insurers have initially targeted key business areas such as underwriting, pricing, fraud detection, marketing distribution … [Read more...] about Ethical Use of AI in Insurance Modeling and Decision-Making
Potential Impact of the Silicon Valley Bank Insolvency on the Insurance Industry
Financial institutions, including Insurers, are considering the potential impact of the Silicon Valley Bank’s (“SVB’s”) insolvency. SVB and its parent holding company have provided funding and debt financing to InsurTech Insurers and other venture investment firms. Some of those Insurers have already publicly announced the extent to which the SVB Insolvency has had an impact. … [Read more...] about Potential Impact of the Silicon Valley Bank Insolvency on the Insurance Industry
New York Department of Financial Services Looks to Raise the Floor — Again — on Cybersecurity Regulation
Already considered among the most rigorous cybersecurity requirements for financial services companies, the existing New York Department of Financial Services (“NY DFS”) Cybersecurity Regulation (the “Regulation”) set the standard for a scalable and prescriptive framework for cybersecurity. Its provisions inspired the various state insurance data security requirements of other … [Read more...] about New York Department of Financial Services Looks to Raise the Floor — Again — on Cybersecurity Regulation
DARAG acquires North American captive insurance company for $30mn
Legacy acquirer, DARAG Group concluded a new agreement with an undisclosed captive insurance company, with a transaction value of approximately $30 million. The transaction, written into DARAG Bermuda, allows the original insurer full legal finality, with DARAG facing the original fronting insurer. Its structure was a novation of its 03-06 and 15/16 policy years with … [Read more...] about DARAG acquires North American captive insurance company for $30mn
NY DFS Issues Circular Letter Addressing Acquisitions and Disclaimers of Control
On April 19, 2022, the New York Department of Financial Services (“NY DFS”) issued Insurance Circular Letter No. 5 (2022) (the “Letter”). The Letter, entitled “Acquisitions of Control and Disclaimers of Control”, was addressed to all New York domiciled insurers and other interested parties. The purpose of the Letter is to remind insurance industry participants of the … [Read more...] about NY DFS Issues Circular Letter Addressing Acquisitions and Disclaimers of Control
The End of Collateral for Non-US Reinsurers Is Here; An UPDATE on “Reciprocal Reinsurers”
As we previously reported a year ago, the National Association of Insurance Commissioners (NAIC) adopted amendments to the Credit for Reinsurance Model Law (#785) and Credit for Reinsurance Model Regulation (#786) to implement the certain international agreements to eliminate collateral requirements for qualifying reinsurers. The Models created a new category of reinsurers, … [Read more...] about The End of Collateral for Non-US Reinsurers Is Here; An UPDATE on “Reciprocal Reinsurers”
