In prepared remarks before the American Council of Life Insurer’s Executive Roundtable (Naples, Florida, 9 January 2019), Federal Reserve Board (FRB) Vice Chairman for Supervision Randal Quarles provided the insurance industry with a high-level overview of the FRB’s forthcoming proposal on consolidated capital requirements for insurers supervised by the FRB. Background The Dodd-Frank Wall Street
As computing power grows exponentially, it has opened the actuarial modeling world to new and sophisticated forms of data collection and analysis, resulting in insurance companies seeking increased “predictiveness” of potential losses by employing ever more complex modeling methods in establishing, and justifying, premium rates. Predictive analytics, which involve a number of techniques, including data
Pharmacogenetics is the study of how genes affect a person’s reaction to medicines. The combination of pharmacology (the science of drugs) and genomics (the study of genes and their functions) leads to the development of medications that will be effective and safe, as they will be tailored to a person’s genetic make-up. A small blood
On 7 May 2018, Oklahoma Governor Mary Fallin signed into law a measure that, effective 1 November 2018, will allow an insurer or reinsurer, through a court supervised process, to transfer a portfolio of business to another insurer domiciled in Oklahoma without the affirmative consent of policyholders or insureds, becoming the first U.S. state to
Following up on our 2018 Insurance Horizons brochure, which comments on legal and regulatory trends and developments across the insurance industry, we have today released Insurance M&A 2017/2018, a paper that takes a closer look at M&A activity across the sector. Click here to continue reading…
As a global insurance industry team, we aim to follow industry trends and developments as closely as possible in order to deliver well informed perspectives and thought leadership to our clients and contacts. Our Insurance Horizons 2018 brochure considers the impact of technology, interest rates, protectionism, excess capacity in the reinsurance market and cyber risk.
In a much anticipated public hearing, The National Association of Insurance Commissioners (“NAIC”) discussed how U.S. states should address the elimination of reinsurance collateral requirements for EU reinsurers of U.S. insurance business that qualify under the bilateral agreement between the U.S. and the EU (the “Covered Agreement”). To learn about key takeaways from the hearing
The National Association of Insurance Commissioners (NAIC) will hold a public hearing in New York City on 20 February 2018 to consider how U.S. States should address the elimination of reinsurance collateral requirements for EU reinsurers of U.S. insurance business that were covered in the bilateral agreement between the U.S. and the EU on Prudential
Mark Goodman is a partner in our San Francisco office. In this hoganlovells.com interview, he addresses the need for companies to manage their cyber risk and the role that insurance plays in an organization’s overall risk management and cyber liability strategy. Click here to continue reading…
In this hoganlovells.com interview, Hogan Lovells counsel Robert Fettman discusses the evolution of cyber insurance, the level of regulatory oversight applied to covered entities, and ways that noninsurance companies can offer their clients cyber insurance coverage.
On Thursday, November 16 Hogan Lovells will host the inaugural U.S. InsurTech symposium in New York. The program will explore current issues across the industry and will feature four panel discussions with leadership from top organizations in the field. Click here for more information. To RSVP please contact us.
On Friday, September 22, 2017 the United States and the European Union signed a bilateral agreement on certain prudential measures regarding insurance and reinsurance (the “Covered Agreement” or “Agreement”). Execution had been pending since both parties announced their intention to sign on July 14, 2017. Negotiation of the Agreement had been finalized six months earlier,
On September 8th, just days after Hurricane Harvey decimated the Houston metropolitan area, and while many Florida residents were evacuating as Hurricane Irma approached, President Trump signed into law the Continuing Appropriations Act, 2018. Among other things, the Act appropriates disaster funds to the Federal Emergency Management Agency (“FEMA”) and temporarily extends the National Flood
On August 9, 2017, the New York Department of Financial Services (NYDFS) released for public comment proposed amendments to its regulations governing the approval process for the acquisition of control of insurance companies domiciled in New York. The regulations, NYDFS Regulation 52 (11 NYCRR part 80), sets forth the information required to be furnished in
On 26 July 2017, the New York Department of Financial Services (the “NYDFS”) issued Circular Letter No. 9 (2017) (the “Circular Letter”) and a corresponding press release, directed at all life, property/casualty, and health insurers authorized in New York that encourages insurers to consider offering premium discounts to policyholders who adopt various energy efficiency measures
On June 22, 2017, Republican Senators released a “discussion draft” of the Better Care Reconciliation Act (BCRA). The draft is the first public glimpse at the Senate version of the American Health Care Act bill, which narrowly passed the House this past May with the objective of repealing and replacing certain portions of the Affordable
Hogan Lovells Litigation and Arbitration partner, Pieter Van Tol, has written a recent article, entitled “Service of Suit Clauses: Do They Also Dictate the Applicable Law in Reinsurance Disputes?” The article was published in the last ARIAS Quarterly. This should be of particular interest to practitioners and companies with connections to New York because, as noted in the
On 5 June 2017, in response to the Congressional efforts to “repeal and replace” the Affordable Care Act (the ACA), the New York Department of Financial Services (NYDFS) issued a press release entitled “Governor Cuomo Announces Aggressive Actions to Protect Access to Quality, Affordable Health Care for All New Yorkers” (the Press Release), which outlines
As Hogan Lovells previously reported, the New York State Department of Financial Services (NYDFS) has launched a significant initiative to impose detailed cybersecurity requirements on covered financial institutions. On February 16, NYDFS issued its Final Rules, following the initial proposed rules published in September 2016 and two rounds of feedback via industry complaints and public
On 15 February 2017, the Centers for Medicare & Medicaid Services (CMS) took a step toward addressing concerns about the stability of the individual and small group health insurance markets by proposing a modicum of regulatory relief for insurers. Most of the proposed changes are relatively modest and, for the most part, would not be
On January 13, 2017, representatives of the European Union and the United States of America issued a joint statement announcing that they had successfully concluded negotiation of an agreement (the “Agreement” or “Covered Agreement”) that both parties contend “will ensure ongoing robust insurance consumer protection and provide enhanced regulatory certainty for insurers and reinsurers operating
On Jan. 5, 2017, the Department of Treasury Federal Insurance Office held its first committee meeting of the new year. Several topics were addressed, including the use of blockchain/distributed ledger technology (“DLT”) in the insurance industry. Matt Higginson of McKinsey & Company presented this topic to the committee. While DLT’s impact on
The New York Department of Financial Services (NYDFS) just issued major revisions to the cybersecurity regulations for financial institutions that were due to come into effect on January 1, 2017. To allow covered institutions more time to implement the rules, the effective date will now be March 1, 2017, with a series
Hogan Lovells have produced a brochure highlighting key trends in the insurance industry as well as a number of articles on industry issues. The brochure also showcases the strength and depth of our insurance practice, and our client events and thought leadership. Click here to read the full brochure.