Regulation and Oversight
The International Association of Insurance Supervisors (IAIS) is seeking feedback on a paper focusing on operational resilience in the insurance sector. In response to the trends underscoring the importance of resilience, the IAIS' Operating Resilience Task Force (ORTF) has published for consultation an "Issues Paper on Insurance Sector Operational Resilience."
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.