The 14th annual National Forum on Insurance Regulation, sponsored by American Conference Institute, convened in New York City on March 7-8, 2018. This yearly event is a great opportunity to learn about emerging issues and recent developments in state insurance regulation from leaders of the insurance industry. This year’s Forum brought together senior officials of the National Association of Insurance Commissioners (NAIC); state insurance commissioners; Chief Legal Officers of leading U.S. insurers, reinsurers and brokers; founders and CEOs from InsureTech startups; experts in the …Continue Reading
In an article for AIRROC Matters, Frederick J. Pomerantz examines the uncertain status of the “Covered Agreement,” a novel multilateral insurance agreement between the United States and the European Union. Early advocates hoped that the agreement would result in an “equivalency recognition” between U.S. and EU insurance regulatory systems. According to state insurance regulators, the agreement falls short of this, but does include provisions that would bring these insurance markets closer by eliminating obstacles for U.S. reinsurers doing business in the EU and by …Continue Reading
Amidst the sizzling news of investigations and conversations about North Korea and terrorism, insurance is making its own headlines in the nation’s capital this summer. Congress is debating repealing and replacing the Affordable Care Act (ACA) and the Trump Administration has signed off on the Covered Agreement with the European Union.
Most of the insurance news out of Washington, D.C. is centered on Republican efforts to repeal and replace the ACA. Several packages are currently on the table. In May 2017, the House of Representatives …Continue Reading
While the U.S. and EU governments are deliberating on whether to accept the negotiated Covered Agreement (Agreement), state insurance regulators in the U.S. are continuing to express concerns about the Agreement. In February 2017, the National Association of Insurance Commissioners (NAIC) testified before Congress against the Agreement. On March 15, 2017, the NAIC continued these efforts by submitting a letter to the U.S. Treasury Secretary Steven Mnuchin detailing the NAIC’s concerns. One of the NAIC’s central concerns centers on the “significant confusion among current and …Continue Reading
On January 13, 2017, former U.S. Treasury Secretary Jacob Lew and former U.S Trade Representative Michael Froman notified Congressional leaders that U.S. negotiators reached a covered agreement with EU officials entitled “Bilateral Agreement between the European Union and the United States of America On Prudential Measures Regarding Insurance and Reinsurance” (Covered Agreement). The covered agreement covers three main areas of prudential insurance supervision: 1) group supervision; 2) reinsurance; and 3) exchange of information between supervisory authorities.
The U.S. Treasury Department released a Fact …Continue Reading