August 23, 2022
By:
Zachary T. Steadman
Category:
Insurance Regulatory
Insurance Regulatory
Download the meeting summary here.
The Mitchell Williams Insurance Regulatory team of lawyers recently attended the National Association of Insurance Commissioners (NAIC) 2022 Summer National Meeting which was held in Portland, Oregon on August 9-13th. We have prepared a summary of the open sessions conducted over the course of the meeting highlighting issues that various NAIC groups addressed.
What You Need to Know:
- A Pet Insurance Model Act was adopted by the NAIC during the Joint Meeting of the Executive Committee and Plenary. The model defines regulatory structure related to pet insurance including insurance producer training, general policy requirements and limitations on insurer claim denials.
- Amendments were adopted to the 2023 Valuation Manual. In total, nine amendments were made that are largely technical in nature.
- Certain amendments and additions to the Market Conduct Annual Statement (MCAS) Blanks were adopted including a Life MCAS addition of Accelerated Underwriting (AU) data, definitions, and interrogatories
- Regulatory Considerations Applicable (But Not Exclusive) to Private Equity (PE) Owned Insurers was adopted.
- Work continues on the various workstreams within the Climate and Resiliency (EX) Task Force.
- The Innovation, Cybersecurity, and Technology (H) Committee adopted a Request for Model Law Development received from the Privacy Protections (H) Working Group regarding a new model law to enhance to enhance consumer protections and obligations of regulated entities to reflect updates in innovations.
Download the meeting summary here.
For more information please contact Attorney Zach Steadman: (501) 688-8892, zsteadman@mwlaw.com.
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