Publication January 23, 2024
2023 Insurance Industry Risk Factor Review

Below please find the link to our most recent review of public insurance and reinsurance company risk factor disclosures, which includes risk factors included in each company’s annual report on Form 10-K or subsequent quarterly reports on Form 10-Q filed in 2023. We continue to monitor and discuss with our clients other industry-related developments, which may facilitate the need for further risk factor refinements in the near future. Click here to read...

Publication January 11, 2024
2023 Insurance Year in Review – January 2024

Willkie’s Insurance Transactional and Regulatory Practice recently released its 2023 Insurance Year in Review. The report focuses on trends in insurance and reinsurance M&A in 2023 in the United States, Bermuda and the United Kingdom and Europe. It includes analysis of the year’s transactions, and the regulatory reactions to them, including new market-wide regulatory initiatives. The publication also includes a special section on the use of sidecars in facilitating M&A,...

Client Alert December 19, 2023
NAIC Report: 2023 Fall National Meeting

The 2023 Fall National Meeting (the “Fall National Meeting”) of the National Association of Insurance Commissioners (the “NAIC”) was held from November 30 to December 4, 2023 in Orlando, Florida with attendees participating virtually or in person. Welcoming a record number of attendees since the COVID-19 pandemic, NAIC President and Director of the Missouri Department of Commerce and Insurance Chlora Lindley-Myers opened the Fall National Meeting by noting that, “As...

November 21, 2023
Preview: NAIC 2023 Fall National Meeting

The National Association of Insurance Commissioners (the “NAIC”) will hold its 2023 Fall National Meeting (the “Fall National Meeting”) from November 30 to December 4, 2023. This meeting will be in a hybrid format, with meetings taking place virtually and in person in Orlando, Florida. Willkie attorneys will attend the Fall National Meeting to follow the key topics listed below, among others. A link to the full agenda for this...

Client Alert October 25, 2023
Updates on Regulation of Artificial Intelligence in Insurance

Insurance regulators continue to actively develop regulations and guidance on the use of artificial intelligence (“AI”) in insurance and we highlight in this alert three recent developments in this area. The Colorado Division of Insurance (the “Division”) released a draft AI testing regulation on September 28, 2023 for life insurance underwriting to compliment the AI governance regulation which it adopted in September 2023. The National Association of Insurance Commissioners (the...

Client Alert August 29, 2023
NAIC Report: 2023 Summer National Meeting

The 2023 Summer National Meeting of the National Association of Insurance Commissioners (the “Summer National Meeting”) was held from August 12–16, 2023 in Seattle, Washington with attendees participating virtually or in person. The National Association of Insurance Commissioners (“NAIC”) President and Director of the Missouri Department of Commerce and Insurance Chlora Lindley-Myers opened the conference by highlighting the importance of anticipating and planning for climate and catastrophe events such as...

Client Alert August 10, 2023
Preview: NAIC 2023 Summer National Meeting

The National Association of Insurance Commissioners (the “NAIC”) will hold its 2023 Summer National Meeting (the “Summer National Meeting”) from August 12-16, 2023. This meeting will be held in a hybrid format, with meetings taking place virtually and in-person in Seattle, Washington. A group of Willkie attorneys will attend the Summer National Meeting in person to follow the key topics listed below, among others. A link to the full agenda...

Client Alert July 20, 2023
NAIC Releases Draft Model Bulletin on the Use of AI by Insurers

On Monday, July 17, 2023, the National Association of Insurance Commissioners’ (“NAIC”) Innovation, Cybersecurity, and Technology (H) Committee (“H Committee”) exposed its Draft Model Bulletin on the Use of Algorithms, Predictive Models, and Artificial Intelligence Systems by Insurers (the “Bulletin”). The draft comes as part of H Committee’s 2023 Adopted Charge to consider and coordinate the development of regulatory guidance and examination standards related to the use of big data...

Client Alert July 18, 2023
NAIC Exposes INT 23-01T — Net Negative (Disallowed) Interest Maintenance Reserve (IMR) for Public Comment

On July 5, 2023, the Statutory Accounting Principles (E) Working Group (“SAPWG”) of the National Association of Insurance Commissioners (the “NAIC”) exposed INT 23-01T — Net Negative (Disallowed) Interest Maintenance Reserve (IMR) (“INT 23-01T”) for a public comment period ending Friday, July 21. The exposure follows SAPWG’s June 28 discussion of comments received on a prior exposure of the same and is expected to be considered for possible adoption at...

Client Alert July 10, 2023
NYDFS Issues Report on the Long-Term Care Insurance Market

On June 7, 2023, the New York State Department of Financial Services (“NYDFS”) issued a report entitled, “Long Term Care Insurance: Looking Back and Thinking Ahead” (the “LTC Report”).1 The regulator states that the need for affordable long-term care (“LTC”) insurance2 is “perhaps more important than it has ever been” due to our aging population, which has increased demand for LTC services, and the rising cost of such services. The...

Client Alert June 26, 2023
U.S. Insurance Business Transfer and Corporate Division Transactions – Origins and State of Play

In the last decade, U.S. states have enacted laws that provide novel mechanisms for an insurer to transfer policy liabilities to another entity without the need for individual policyholder consents. Two distinct statutory regimes have emerged to facilitate such transactions: insurance business transfer (“IBT”) and corporate division laws. State adoptions of such laws have accelerated in recent years. IBT laws are meant to approximate the effect of UK and European...

Client Alert June 23, 2023
Latest Developments on New NAIC Consumer Privacy Model Law

Following the Spring National Meeting, the National Association of Insurance Commissioners (“NAIC”) Privacy Protections (H) Working Group (“PPWG”) held a series of private and public meetings in which interested parties and consumer advocates provided feedback on the initial exposure draft of the new Consumer Privacy Protections Model Law (Model 674).1 Two series of meetings were held in both May and in early June. At the conclusion of the meetings, the...

Client Alert April 6, 2023
NAIC Report: 2023 Spring National Meeting

The 2023 Spring National Meeting of the National Association of Insurance Commissioners (the "Spring National Meeting") was held from March 21-25, 2023 in Louisville, Kentucky with attendees participating virtually or in person. The National Association of Insurance Commissioners ("NAIC") President and Director of the Missouri Department of Commerce and Insurance Chlora Lindley-Myers opened the conference by highlighting the NAIC's key priority areas for 2023, which include (i) oversight of insurer...

Client Alert March 15, 2023
Preview: 2023 NAIC Spring National Meeting

The National Association of Insurance Commissioners (the "NAIC") will hold its 2023 Spring National Meeting (the "Spring National Meeting”) from March 21-25, 2023 in a hybrid format, with meetings taking place virtually and in Louisville, Kentucky. Click here for a preview of some of the key topics that Willkie attorneys will be following at the upcoming Spring National Meeting.

Publication February 14, 2023
2022 Insurance Industry Risk Factor Review

Below please find the link to our most recent review of public insurance and reinsurance company risk factor disclosures, which includes risk factors included in each company’s annual report on Form 10-K or subsequent quarterly reports on Form 10-Q filed in 2022. We continue to monitor and discuss with our clients other industry-related developments, which may facilitate the need for further risk factor refinements in the near future. Click here to read...

Publication January 6, 2023
2022 Insurance Year in Review

To Our Clients and Friends: We are pleased to present the Willkie Insurance Year in Review. In this year’s review, we focus primarily on M&A and other strategic activity affecting the insurance industry. Our review concentrates on activity in the United States, London/Europe and Bermuda. We also discuss regulatory and other developments which impacted M&A activity in 2022 or which may impact activity in future years, and offer a few...

Client Alert December 23, 2022
NAIC Report: 2022 Fall National Meeting

The National Association of Insurance Commissioners (the "NAIC") held its 2022 Fall National Meeting (the "Fall National Meeting") from December 12-16, 2022 in a hybrid format, with attendees participating virtually or in person in Tampa, Florida. NAIC President and Idaho Insurance Director Dean L. Cameron opened the Fall National Meeting with his reflections on the NAIC's key priorities and activities during the past year, including promoting diversity and inclusion in...

Client Alert December 7, 2022
Preview: 2022 NAIC Fall National Meeting

The National Association of Insurance Commissioners (the “NAIC”) will hold its 2022 Fall National Meeting (the “Fall National Meeting”) from December 12-16, 2022. The Fall National Meeting will be a hybrid format, taking place in Tampa, Florida, and also streamed virtually. Click here for a preview of some of the key topics that Willkie attorneys will be following at the upcoming Fall National Meeting.

Client Alert August 30, 2022
NAIC Report: 2022 Summer National Meeting

The 2022 Summer National Meeting of the National Association of Insurance Commissioners (the “Summer National Meeting”) was held from August 9–13, 2022 in Portland, Oregon with attendees participating virtually or in person. NAIC President and Idaho Insurance Director Dean L. Cameron opened the Summer National Meeting by highlighting the key topics to be addressed during the meeting, including the NAIC’s work regarding the role of private equity ownership in the...

Client Alert August 22, 2022
NAIC Adopts Plan to Address Considerations Related to Private Equity Owned Insurers

At the Summer National Meeting of the National Association of Insurance Commissioners (the “NAIC”) on August 13, 2022, the NAIC adopted a plan (the “Work Plan”) to address the list of “Regulatory Considerations Applicable (But Not Exclusive) to Private Equity Owned Insurers” (the “Considerations”). The Considerations were developed by the NAIC over the last year and pertain to the ability of state insurance regulators to effectively monitor the solvency of...

News February 25, 2022
Career Opportunities at Zurich North America

Assistant General Counsel - Life Insurance Regulatory Zurich North America has an exciting opportunity for a talented attorney to join the Legal Services team as an Assistant General Counsel within their Corporate Law department located in Schaumburg, IL. This role will provide expert legal counsel on a broad range of life insurance regulatory matters to enable the business to achieve its strategic and commercial goals in accordance with applicable laws...

Publication February 25, 2022
2021 Insurance Industry Review

  To Our Clients and Friends: We are pleased to present the Willkie Insurance Industry Review of developments in the insurance sector. This includes a discussion of mergers and acquisitions, corporate governance and shareholder activism, insurance-linked securities, excess reserve financings, longevity and derisking transactions, traditional capital markets transactions and the regulation and taxation of insurance companies, covering the United States, the United Kingdom and the European Union. We hope that...

Article October 28, 2021
Key Takeaways From The NAIC Summer National Meeting

 Click here to download full version Authors Stephanie Duchene | Kara Baysinger At the 2021 summer national meeting of the National Association of Insurance Commissioners, or NAIC, held from August 14-17 in a hybrid format, with attendees participating virtually or in person in Columbus, Ohio, insurance regulators continued to tackle several significant issues affecting the insurance industry. Florida Insurance Commissioner and NAIC President David Altmaier opened by identifying the NAIC's...

Client Alert August 4, 2021
Preview: 2021 NAIC Summer National Meeting

The National Association of Insurance Commissioners (the “NAIC”) will hold its 2021 Summer National Meeting (the “Summer National Meeting”) from August 14-17, 2021. The Summer National Meeting will be a hybrid format, taking place in Columbus, Ohio, and also streamed virtually. Click here for a preview of some of the key topics that Willkie attorneys will be following at the upcoming Summer National Meeting.

Article July 22, 2021
Acquisition of Control of U.S. Insurance Companies

Click here to download full version Authors Stephanie Duchene | David Heales | Allison J. Tam Acquisitions of U.S. insurance companies entail working through the insurance industry’s unique complexities. In the United States, insurance company acquisitions present regulatory and execution intricacies. Insurance companies can be acquired via a stock acquisition or the business of insurance companies can be acquired through asset sales, bulk reinsurance transactions, assumption and novation, and renewal...

Article July 22, 2021
Key General Principles for Insurance Advertising

Click here to download full version Authors Stephanie Duchene | David Heales Insurance is a heavily regulated industry and advertising insurance products attracts greater scrutiny than most other financial products. “Advertising”, for the purposes of insurance regulation, is typically defined (or otherwise interpreted by regulators) very broadly. Below are a set of “best practice” key general principles for all participants in the insurance industry – e.g. whether insurance producers, program...

Client Alert July 1, 2021
Colorado Adopts Insurance Company Division Law

In recent years, several U.S. states have enacted insurance business transfer legislation or promulgated regulations allowing an insurer to transfer its business, or a book of business, to another entity without the need for individual policyholder consent. Separately, a few other U.S. states have taken a step in the direction of corporate reorganization by allowing an insurer to divide into separate companies. We have previously reported on such legislation and...

Client Alert May 6, 2021
New York Insurance Regulation 187 Overturned by the Appellate Division of the New York State Supreme Court

In a stunning reversal of efforts by the New York State Department of Financial Services (“DFS”) to impose a “best interest” standard on all life insurance sales, the Appellate Division struck down recent revisions to New York Insurance Regulation 187 – Suitability in Annuity Transactions (“Revised NY Regulation 187”) as unconstitutionally vague. Insurers and producers who have been struggling with the complexities of complying with inconsistent new sales practice standards...

Client Alert April 28, 2021
NAIC Report: 2021 Spring National Meeting

The 2021 Spring National Meeting of the National Association of Insurance Commissioners (the “Spring National Meeting”) was held from April 7-9 and 12-14, 2021. The Spring National Meeting marked the NAIC’s fourth national meeting held in a virtual format. In his inaugural National Meeting as NAIC President, Florida Insurance Commissioner David Altmaier opened the Spring National Meeting by reflecting on the past 150 years of accomplishments of the NAIC, discussing...

Publication January 15, 2021
2020 Insurance Industry Review

Corporate and Risk Transactions, Regulation and Tax Developments January 15, 2021 To Our Clients and Friends: As lawyers we are trained to anticipate the worst-case and to always have a Plan B. This has served us well for the decades we have been advisors to the insurance industry during which we and our clients have experienced financial market dislocations and recessions, armed conflicts, natural catastrophes and terror events. But never...

News January 15, 2021
Porch Group Announces Acquisition of Homeowners of America and Expansion Into InsurTech

Willkie represented HOA in the transaction. Porch Group, Inc. (Porch) and Homeowners of America (HOA) have executed a definitive merger agreement for Porch to acquire HOA and all related subsidiaries. HOA is a Managing General Agent (MGA) and insurance carrier hybrid with high margins and a capital efficient reinsurance strategy which limits retained risk. HOA operates in six states, including Texas, Arizona, North Carolina, South Carolina, Virginia, and Georgia. The...

News December 15, 2020
Truist Insurance Acquires Insurtech Company Wellington

Willkie represented Truist in the transaction. On December 7, Truist Insurance Holdings, Inc., a subsidiary of Truist Financial Corporation, announced the acquisition of Wellington Risk Holdings, Inc., an industry-leading Insurtech that operates as a managing general agent (MGA) in the admitted residential property markets, with a strong presence in Texas. Wellington has developed a virtual marketplace offering that includes an easy-to-use agent portal and unique pricing flexibility, resulting in competitive...

Article August 19, 2020
Insurtech IPO Success Highlights Shifting Investor Priorities

The last six months have been marked by profound changes in how we live and interact with one another. The COVID-19 pandemic has cast a spotlight on societal inequities and racial injustice and reinvigorated dialogue around sustainability and environmental reform. Click here to read more from Law360.