Regulation & Compliance
State Farm Update: More ‘Difficult but Necessary’ Decisions in California
State Farm wasn't quite done making tough decisions about writing business in California when it announced that it wouldn't accept applications for new homeowners policies in the state in May of last ...
Triple-I: Regulatory Restrictions Contribute to Risk Crisis in California
Regulatory restrictions to actuarially sound insurance pricing and underwriting, coupled with the need for more mitigation and resilience efforts in the state of California, are placing financial ...
NAIC P/C Market Intelligence Data Call Announced; Data Due June 6
While the U.S. Treasury dropped a plan for the Federal Insurance Office to collect data on climate-related risks from property/casualty insurers last week, regulators still want to scrutinize what's ...
Twice as Many Personal Lines Insurers Downgraded by AM Best in 2023
AM Best delivered 39 downward credit rating actions to U.S. personal lines insurers in 2023, more than twice the number registered for 2022, the rating agency reported in it official tally for the ...
U.S. Treasury Drops Plan to Collect Insurer Data on Climate Risks
The U.S. government is stepping away from its effort to collect data on home insurance prices and availability at the ZIP code level as premiums soar and climate risks to property intensify. Instead, ...
Republican-Led States Sue SEC Over Climate Risk Disclosure Rules
Ten Republican-led states have sued to challenge new federal rules that require U.S.-listed companies to report climate-related risks, a spokesperson for the West Virginia ...
MGU-Carrier Relationships and AI
The NAIC's model bulletin on carriers' use of Artificial Intelligence Systems, adopted in December 2023, specifically sets out expectations that insurers will describe ...
Definitions, Definitions: Advanced AI vs. AI
The definitions of artificial intelligence and machine learning used in the NAIC Surveys on Automobile and Homeowners over the last few years differ from the definitions ...
NAIC’s AI Model Bulletin in Brief
Introducing the idea that regulators encourage the use of innovation and AI Systems while recognizing that such systems present unique risks, such as the "potential for ...