Each year, Milliman studies the trends in mergers and acquisitions (M&A) of global health and life insurance companies, with a particular focus on data and deals in North America, Europe, and Asia. In 2022, life and health insurance transaction activity was down sharply. Our research points to the likely causes and projects the landscape for future life and health insurance … [Read more...] about Global Life and Health Insurance Mergers and Acquisitions (M&A)
Regulatory
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
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
Oklahoma Insurance Department Successfully Hosts Inaugural Oklahoma Captive & Insurance Business Transfer Conference
OKLAHOMA CITY – The Oklahoma Insurance Department (OID) successfully hosted the inaugural Oklahoma Captive & Insurance Business Transfer (IBT) Conference in Oklahoma City. The two-day conference was held at the Omni Oklahoma City Hotel on August 24-25 and attracted a total of 287 attendees with more than 40 percent traveling to Oklahoma City from other states and the United … [Read more...] about Oklahoma Insurance Department Successfully Hosts Inaugural Oklahoma Captive & Insurance Business Transfer Conference
US NAIC Summer 2022 National Meeting Key Takeaways: Restructuring Mechanisms, Insurance Business Transfers, and Corporate Divisions
On August 11, 2022, the US National Association of Insurance Commissioners’ (“NAIC”) Executive (EX) Committee adopted a request from the Restructuring Mechanisms (E) Working Group (“RM Working Group”) to reopen the Property & Casualty Insurance Guaranty Association Model Act (#540) (“Model Act #540”) for amendment to ensure that policyholders will retain guaranty fund … [Read more...] about US NAIC Summer 2022 National Meeting Key Takeaways: Restructuring Mechanisms, Insurance Business Transfers, and Corporate Divisions
Senate Banking Committee Chair Urges FIO and the NAIC to Monitor Private Equity and Affiliated Offshore Reinsurance
Earlier this month, United States Senator Sherrod Brown (D-OH), Chair of the Banking, Housing, and Urban Affairs Committee, urged the Federal Insurance Office (FIO) and the National Association of Insurance Commissioners (NAIC) to examine the increasing role of private equity and alternative investment classes in the life insurance market as well as offshore reinsurance. The … [Read more...] about Senate Banking Committee Chair Urges FIO and the NAIC to Monitor Private Equity and Affiliated Offshore Reinsurance
Exploring Russian sanctions and insurance coverage
June 22, 2022 - According to White House statements, the "United States, with the G7 and the European Union, will continue to impose severe and immediate economic costs on the Putin regime for its atrocities in Ukraine, including in Bucha." As one part of this effort, in a statement by the White House on April 6, 2022, "devastating economic measures to ban new investment in … [Read more...] about Exploring Russian sanctions and insurance coverage
Regulators Should Identify and Mitigate Climate Risks in the Insurance Industry
The insurance industry plays a critical role in both the financial system and the economy overall, with U.S. insurance companies writing approximately $1.5 trillion in premiums and holding trillions of dollars more in assets on their balance sheets.1 By underwriting the risks of millions of individuals, businesses, and public entities, the insurance industry provides an … [Read more...] about Regulators Should Identify and Mitigate Climate Risks in the Insurance Industry
Another Sunshine State Insurer Falls: Southern Fidelity Enters Receivership
Southern Fidelity Insurance Company has entered into receivership and is being liquidated, according to the Florida Office of Insurance Regulations (FLOIR). The state’s insurance office made the move on the basis that the insurer was impaired, insolvent or likely to become insolvent and that further transactions would be potentially hazardous to policyholders, creditors, … [Read more...] about Another Sunshine State Insurer Falls: Southern Fidelity Enters Receivership
Oklahoma Insurance Department Announces Inaugural Captive & Insurance Business Transfer Conference in August
OKLAHOMA CITY – Risk managers, business owners, regulators, financial executives and insurance professionals are invited to attend the Oklahoma Insurance Department’s (OID) first Captive & Insurance Business Transfer (IBT) Conference in Oklahoma City. The event will be held at the Omni Oklahoma City Hotel on August 24-25. This two-day conference will provide in-depth … [Read more...] about Oklahoma Insurance Department Announces Inaugural Captive & Insurance Business Transfer Conference in August
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
Decentralized Insurance – A New Frontier
If you are reading this Legal Update, chances are that you have already heard of Decentralized Finance (DeFi). Put simply, DeFi is a decentralized platform that enables peer-to-peer provision of various types of financial services without the need for a central intermediary (such as a bank). DeFi transactions are enabled by public blockchains, such as Ethereum, Solana, Terra … [Read more...] about Decentralized Insurance – A New Frontier
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”
The Excepted Foreign State Club Gets Bigger
The Foreign Investment Risk Review Modernization Act (FIRRMA) gave the Committee on Foreign Investment in the United States (CFIUS) enhanced powers in August 2018. Some reviews of foreign investments were mandated – especially investments in sensitive businesses by foreign governments and government-controlled entities. For the first time, FIRRMA expressly authorized review … [Read more...] about The Excepted Foreign State Club Gets Bigger
Legacy Solutions 2021
Captive Review releases its Legacy Solutions 2021 report which explores the legacy marketplace. Read Full Report Here... … [Read more...] about Legacy Solutions 2021
