Regulation and Oversight
The International Association of Insurance Supervisors (IAIS) and the Access to Insurance Initiative) have published a note examining the role insurance supervisors could play in creating insurance-based programs for pandemic risk. The report outlines the roles that insurance supervisors can play as future initiatives are developed.
Recent changes to Vermont's captive insurance laws allow Vermont captives to accept or transfer risks through parametric contracts. Other recent legislative changes in Vermont include imposing new cyber-security requirements on entities licensed under the state's insurance laws.
In a letter to the US Securities and Exchange Commission (SEC), the Insurance Information Institute (Triple-I) says that creating a new layer of federal oversight would neither enhance nor standardize the climate-related disclosures US insurers make to investors.
North Carolina lawmakers have given final approval to legislation that will give captive insurance companies licensed in other domiciles a new incentive to redomesticate to North Carolina. Earlier, the measure received strong support from the state's insurance regulators.
The American Property Casualty Insurance Association (APCIA) has voiced concerns over the National Association of Insurance Commissioners (NAIC) recently approved climate risk disclosure mandate. Among the concerns, the APCIA said, was that new proposed survey requirements have a short time frame for implementation.
Responding to the European Commission's latest consultation exercise on the revision of Solvency II, the Federation of European Risk Management Associations (FERMA) said that European insurance regulation should automatically treat captive insurance companies as low-risk undertakings. There should be clear reasons to subject captives to fuller regulation, FERMA said.
The National Association of Insurance Commissioners (NAIC) has formed its first new standing "letter" committee since 2004 to focus on cyber security and issues around technology and innovation. The new committee will address the insurance implications of emerging technologies and cyber security.