January 2025

2025 insurance regulatory outlook
Insurers will likely encounter no shortage of challenges, heightened risk, and perhaps record-breaking loss events in the year ahead, events beyond the control of the White House or the state houses. Agile management of unexpected events will be required not only by boards but by regulators.

January 2024

2024 Insurance Regulatory Outlook
2024 arrives with solidifying attempts by insurance regulators to create robust frameworks during a time of multidimensional structural change in the industry.

NAIC update: 2024 Fall National Meeting
The National Association of Insurance Commissioners (NAIC) assembled just outside the mile-high city of Denver, Colorado, in November, in a meeting offering a clear and wide-ranging perspective on where state regulation has been—and where it is going.

NAIC update: 2024 Spring National Meeting
The National Association of Insurance Commissioners (NAIC) Spring National Meeting in Phoenix, Arizona, March 15–18 saw gears locking into place for the organization and state regulators on setting out their 2024 agenda and implementing it. Underpinning the forward motion was the mantra stated by NAIC President Andrew N. Mais: “Insurance can do well by doing good."

The Climate Corporate Data Accountability Act (SB-253)
In September 2023, the California Legislature passed two far-reaching climate disclosure bills, one of which is Senate Bill 253 (SB-253), Climate Corporate Data Accountability Act (CCDAA), which was signed into law on October 7, 2023, by Gov. Gavin Newsom.

Colorado’s watershed AI regulation and proposed testing rule for life insurers
On September 21, 2023, the Colorado Division of Insurance (CDOI) adopted a new first-in-the-nation AI regulation: Regulation 10-1-1 Governance and Risk Management Framework Requirements for Life Insurers’ Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models.

NAIC’s Consumer Privacy Protection Model Law #674
NAIC’s Insurance Consumer Privacy Protection Model Law #674 is again in the spotlight.

The FIO calls on states, NAIC to increase its climate-risk capabilities
The Federal Insurance Office (FIO), a division of the US Treasury Department, unveiled its report on climate-related issues and gaps in insurance supervision. The report sets forth a multitude of expectations for state insurance regulators and the National Association of Insurance Commissioners (NAIC) to meet the growing and urgent needs created by climate risk.

Colorado Draft Artificial Intelligence regulation
Summary of governance and risk management framework (GRMF) requirements for life insurance companies

Artificial Intelligence (AI) state of play in insurance regulation
The NAIC referenced the creation of new frameworks and guidance regarding insurers’ responsible data and AI as a regulatory priority for 2023.

NAIC update: 2023 Fall National Meeting
The NAIC adopted its AI Model Bulletin at the final session of the meeting, December 4, less than six months after an initial draft was presented at the end of June.

2023 IAIS Global and Annual Meeting Review
The concept of insurance as foundational in addressing global social and economic challenges was brought into high relief during 2023’s meetings of the International Association of Insurance Supervisors (IAIS).

NAIC update: Summer National Meeting 2023
The National Association of Insurance Commissioners (NAIC) hosted its 2023 Summer National Meeting in Seattle, August 12–16, 2023.

NAIC update: International Insurance Forum Meeting in Washington, D.C.
The National Association of Insurance Commissioners (NAIC) International Insurance Forum held May 18–19 in Washington, DC, was the premier spot to both be and be seen in the US insurance regulatory realm this spring for those with a bent toward global supervisory topics of the day.

NAIC update: Spring Meeting 2023 in Louisville
The National Association of Insurance Commissioners (NAIC) gathered in Louisville during a gusty spring week during March madness, which had descended upon the city where no policy stances were settled for long before they were carried away by the winds of another approach or point of view.

2023 insurance regulatory outlook
Regulation of insurance companies has become an increasingly dynamic process, presenting both challenges and opportunities for organizations. While long-standing issues surrounding regulatory oversight of insurers and increasing requirements for compliance will remain, the year will also see the new consideration of development of high-level principles, guidance, and even regulation. Explore key trends that your organization should track and address in 2023.

Federal reserve proposes framework for insurance holding company supervision
On January 28, 2022, the Federal Reserve Board of Governors (FRB) issued draft guidance outlining a bespoke supervisory framework in its latest attempt to tailor the supervision of insurance holding companies and account for distinct business risks at these firms.

2022 insurance regulatory outlook
Throughout 2022, a regulatory challenge facing insurers will be balancing the ever-growing list of high-priority areas for governing agencies. On top of traditional focus areas like insurance group capital, the pandemic has accelerated the use of, and compliance requirements related to, digitization. Data security and consumer protection, climate and environmental impacts, digital assets, and the convergence of sector sales are also significant concerns.

NAIC update: Fall 2021
The National Association of Insurance Commissioners (NAIC) hosted its Fall 2021 National Meeting from the host city of San Diego, California, representing a second return to national in-person meetings, again with a hybrid virtual option. Building off the last National Meeting, climate risk and resiliency continue to be key focus areas, with accelerated underwriting gaining interest.

NAIC update: Summer 2021
The National Association of Insurance Commissioners (NAIC) successfully hosted its 2021 Summer Meeting in Columbus, Ohio, representing a return to in-person meetings, with a hybrid virtual option. During the National Meeting, the Executive (EX) Committee discussed the potential formation of a standing H committee to address issues concerning innovation, technology, and cybersecurity. The creation of a new standing committee would be a significant step in bringing focus to these issues.