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Regulation News

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News coverage of insurance industry and financial advisor regulation.

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August 16, 2024
Image shows several thought bubbles with various messages.
State insurance regulators are trying to establish a consistent long-term care rate review process.

Regulators take heat from all corners on new LTC rate review proposal

Long-term care insurance rate hike requests represent a longstanding headache for state insurance regulators who desire consistency.

August 15, 2024
Image shows a montage of faces of different races and genders.
Regulators debated the meaning of "proxy discrimination" at the NAIC summer meeting in Chicago.

Regulators debate need for proxy discrimination protections in insurance

Regulators hosted a lengthy debate on proxy discrimination’s meaning and cultural significance. Proxy discrimination occurs when a facially neutral trait is used as a stand-in for a prohibited trait.

August 13, 2024
Image shows the NAIC logo.
Regulators are concerned about offshore reinsurance reserves.

Reinsurance asset testing guideline could run afoul of existing agreements

Regulators seeking to strengthen asset testing requirements for large-scale offshore reinsurance deals ran into a few potential hurdles this week.

California to fast track rate review process in bid to improve insurance crisis

August 12, 2024

California Insurance Commissioner Ricardo Lara released a statement Friday on his latest administrative action addressing the state’s insurance crisis. Why…

August 7, 2024
Image shows the words "Accelerated Underwriting"
An NAIC working group completed an accelerated underwriting guidance five years after it was created to do so.

NAIC working group adopts long-awaited accelerated underwriting guidance

It took years for a regulator group to finalize an accelerated underwriting guidance that was adopted in five minutes Tuesday with no comments.

July 30, 2024
Image of the SEC logo, with a background of financial charts and a person typing in numbers. SEC’s ‘best interest’ rule fails to live up to initial promise, panel says.

SEC’s ‘best interest’ Reg BI rule fails to live up to initial promise, panel says

The Reg BI “best interest” rule adopted by securities regulators five years ago has not nearly lived up to its promises, a panel says.

July 30, 2024
Image shows the words "Reinsurance Guidelines."
Regulators continue to tackle offshore reinsurance issues.

Regulators push for draft reinsurance guideline by summer meeting

A state insurance panel plans to preview a draft actuarial guideline aimed at tightening oversight of offshore reinsurance assets at its August summer meeting in Chicago.

July 26, 2024
Image shows a defiant man against a darkening sky
The Department of Labor stands behind its latest fiduciary rule version, a spokesperson said.

DOL unrepentant after fiduciary rule plaintiffs prevail on injunction

One day after a Texas judge granted a preliminary injunction freezing its current fiduciary rule, a DOL spokesperson said regulators continue to believe in the strategy.

July 25, 2024
Department of Labor. Texas court stays DOL fiduciary rule

Texas court stays DOL fiduciary rule

Saying the plaintiffs were likely to succeed on the merits of their claim, a Texas court has stayed the DOL’s 2024 fiduciary rule.

July 25, 2024
American flag flying in the foreground with the Supreme Court building and the word "Chevron" superimposed across the sky. Bill-filed-to-reinstate-recently-overturned-Chevron-Doctrine-by-SCOTUS.

Bill filed to reinstate recently overturned Chevron doctrine

Saying the courts and corporations have hijacked the government, a group of senators have filed a bill to reinstate the Chevron Doctrine.

July 25, 2024
Image shows a Penn Treaty web page
Penn Treaty long-term care policy owners spent years trying to get their funds.

Regulators discuss the benefits of updated IRMA language for receivership

An insurance panel reminded state regulators that updated rules are available to help consumers get more funds from a receivership case.

July 23, 2024
Image shows an ocean scene and the word "reinsurance."
Industry trade representatives are not happy with proposed new reinsurance rules.

Regulators hear industry ire over proposals to toughen reinsurance deals

Life insurers are unhappy with proposed tougher reinsurance oversight and let regulators know Monday during a working group call.

Considine to retire as CEO of NCOIL; Successor picked from within

July 19, 2024

National Council of Insurance Legislators’ CEO Commissioner Tom Considine announced his retirement effective Dec. 31, 2024. The announcement came during…

July 12, 2024
Illustration of one person handing a giant dollar sign to another, with the Department of Labor logo in the background. DOL-may-review-derisking-pension-risk-transfers-says-congressional-report

DOL may review ‘derisking’ pension risk transfers, says congressional report

The DOL says it may review the controversial practice of transferring pension risks to life insurers, commonly known as “derisking.”

July 11, 2024
Image shows several keys and the words "Privacy Model Law Update."
Regulators are deciding which privacy model law to use for an update.

Regulators criticized for allowing industry wording on new privacy model

How much input to allow the insurance industry to have on new privacy model rules divided some regulators and consumer advocates during a confusing conference call Wednesday.

July 10, 2024

House committee votes to prohibit DOL spending on fiduciary rule

A House committee today approved a budget rider that would prevent the Department of Labor from spending any funds to implement its fiduciary rule.

Wisconsin releases enforcement actions for June

July 8, 2024

The Wisconsin Office of the Commissioner of Insurance recently released a list of administrative actions for June. The actions are…

July 8, 2024
Image of a statue of Justice with an AI symbol. NAIC-committee-urged-to-address-issues-related-to-use-of-AI-in-insurance.

NAIC urged to address issues related to use of AI in insurance

Consumer advocates have brought new concerns about how insurers are using AI to the attention of the NAIC’ technology committee.

June 25, 2024
Image shows the word "reinsurance" inside a magnifying glass.
Regulators are concerned about the financial strength of offshore reinsurance agreements.

Regulators move forward with offshore reinsurance ‘concepts’

Regulators voted Thursday to expose a pair of reinsurance documents designed to move regulators closer to an actuarial guideline to tighten offshore reinsurance testing.

June 21, 2024
Scales of justice holding the letters E, S and G. Federal appeals court to hear ESG rule arguments in July.

Federal appeals court to hear ESG rule arguments in July

A New Orleans federal appeals court is scheduled to hear arguments the week of July 8 on whether the Biden administration’s ESG rule meets the legal standard.

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