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Tag Archives: US

Posted in Regulatory and legislative updates, UK

Webinar: Insurance M&A – Recent developments in the sector – Wednesday, 18 September 2019

Many of the trends underpinning high levels of merger and acquisition (M&A) activity in the insurance sector over the past few years, such as persistently low interest rates, tightening regulation, and overcapacity in certain markets, continue to exist today. So what can we expect from M&A in the insurance industry in 2019? Will businesses pause

Posted in Market developments, Regulatory and legislative updates, USA

US: A look at the impact and insurance regulatory challenges of InsurTech innovations, AI, machine learning, blockchain, and smart contracts

Hogan Lovells counsel Robert Fettman discusses the challenges and opportunities that InsurTech innovations and technologies like blockchain, distributed ledger technology (DLT), and smart contracts present to the U.S. insurance industry. Click here to read the full interview.

Posted in European Union, Market developments, Russia, UK, USA

Webinar: Sanctions: Navigating the Labyrinth

The pace of change to the global financial sanctions landscape picked up dramatically during the course of 2018. Global (re)insurers, brokers and policyholders now face an increasingly complex lattice of measures imposed by the UN, U.S., EU, UK and other countries. These measures often have different scope, jurisdictional reach and can directly conflict with one

Posted in Regulatory and legislative updates, USA

US: NAIC forms working group to explore alternative restructuring mechanisms for insurers seeking to transfer blocks of business

On 19 February 2019, the NAIC Financial Condition (E) Committee voted to form a Restructuring Mechanisms Working Group (the “Restructuring Working Group”) and a Restructuring Mechanisms Subgroup (the “Restructuring Subgroup”) to consider the issue of various insurance business transfer (“IBT”) laws that have been adopted, or are being considered, across the United States. These IBT

Posted in Market developments, USA

US: Federal Reserve previews forthcoming insurance capital rules

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

Posted in Market developments, Regulatory and legislative updates, USA

US: NAIC Developing Best Practices for Regulatory Review of Predictive Models and Analytics in Rate Filings

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

Posted in Market developments, USA

The evolving cyber insurance market: How IT companies, financial institutions, and other nontraditional players can offer cyber insurance coverage to their customers

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.

Posted in European Union, Regulatory and legislative updates, USA

U.S. and EU sign covered agreement; issue clarifying statements

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,

Posted in Regulatory and legislative updates, USA

US: Temporary extension of the NFIP in wake of Hurricane Harvey

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

Posted in Regulatory and legislative updates, USA

NYDFS proposed regulation addresses financial disclosure requirements for directors and officers of private equity buyers of insurance companies

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

Posted in Market developments, USA

US: Combating climate change: NYDFS calls on insurance industry to help

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

Posted in Market developments, USA

US: Draft Senate Health Bill finally revealed—vote could take place as early as next week

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

Posted in Market developments, USA

US: service of suit clauses: do they also dictate the applicable law in reinsurance disputes?

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

Posted in Regulatory and legislative updates, USA

US: Governor Cuomo and NY Department of Financial Services respond to congressional efforts to repeal the Affordable Care Act with “aggressive actions”

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

Posted in Regulatory and legislative updates, UK

Global Insurance Summit – February 2017

We welcomed over 100 clients to our Global Insurance Summit last month. They gathered, in the heart of the City of London, to hear from industry leaders, academics and new market players. The discussions centred around the changes we’re seeing around the world – whether political, economic, or technological. Our keynote speakers, Lord Adair Turner

Posted in European Union, Market developments, Regulatory and legislative updates, UK, USA

EU/US: Breaking barriers in Transatlantic Reinsurance

Two of the key opportunities envisaged by the recent London Market Group’s report into the future of the London Insurance Market, was to break down barriers to reinsurance and reduce the cost of doing business for the London Market. It will therefore be welcomed that last month, the Council of the European Union issued a