Insurance & Risk — 126 Nodes
- 18 U.S.C. 1033 - Crimes by or Affecting Persons Engaged in the Business of Insurance
18 U.S.C. 1033 criminalises conduct by persons engaged in the business of insurance whose activities affect interstate commerce: false material statements to insurance regulators (subsection (a)), willful embezzlement… - 18 U.S.C. 657 - Lending, Credit and Insurance Institutions (Embezzlement and Misapplication)
18 U.S.C. 657 criminalises embezzlement, abstraction, purloining or willful misapplication of moneys, funds, credits, securities or other things of value by an officer, agent or employee of, or person connected in any… - 45 CFR Part 156 - Health Insurance Issuer Standards under the Affordable Care Act, Including QHP Standards (HHS)
HHS 45 CFR Part 156 sets the health insurance issuer standards under the Affordable Care Act, including the qualified health plan certification standards, requiring an issuer to maintain a single risk pool, provide the… - Amendments to IFRS 17 Insurance Contracts: Transition Relief, Risk Mitigation Option and Annual Cohort Exemption (June 2020)
These amendments to IFRS 17 provide optional reliefs for entities during the initial transition to the standard, primarily concerning the grouping of contracts into annual cohorts and the accounting for risk mitigation.… - APRA Prudential Standard GPS 220 - Risk Management Requirements for General Insurers (2023 Update)
This standard requires all APRA-regulated general insurers and Level 2 insurance groups to establish and maintain a comprehensive Risk Management Framework (RMF) and a Risk Management Strategy (RMS). The Board is… - AU APRA CPS 234 - Information Security for APRA-Regulated Banking, Insurance, and Superannuation Entities
APRA Prudential Standard CPS 234 requires all APRA-regulated entities (banks, insurers, superannuation funds) to implement an information security capability commensurate with threats, classify and protect information… - Australia Insurance Act 1973 - Authorisation Supervision and Capital of General Insurers
The Insurance Act 1973 requires entities carrying on general insurance business in Australia to be authorised by the Australian Prudential Regulation Authority unless an exception applies, authorises APRA to make… - Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12)
The Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) requires the National Flood Insurance Program (NFIP) to raise insurance rates to reflect true flood risk and phase out most subsidized premium rates to… - Circular SUSEP Nº 667, de 2 de julho de 2021: Dispõe sobre os critérios para cálculo do capital requerido baseado nos riscos de subscrição, de crédito, de mercado e operacional, e sobre o capital mínimo requerido das sociedades seguradoras, das entidades abertas de previdência complementar, das sociedades de capitalização e dos resseguradores locais.
This regulation establishes a Solvency II-based framework for Brazilian insurance companies, open private pension entities, capitalization companies, and local reinsurers, defining the methodology for calculating… - Commercial Insurer Solvency Self-Assessment (CISSA): Framework, Methodology and Submission Requirements
This framework requires all Bermuda-registered commercial insurers (Classes 3A, 3B, 4, IGB, and Long-Term Classes C, D, and E) to conduct and document an annual Commercial Insurer Solvency Self-Assessment (CISSA). The… - Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)
This regulation provides detailed implementing rules for the Solvency II Directive, specifying the standard formula for calculating the Solvency Capital Requirement (SCR), methods for calculating the Minimum Capital… - Commission Delegated Regulation (EU) 2016/2067 of 2 September 2016 amending Delegated Regulation (EU) 2015/35 concerning the calculation of regulatory capital requirements for several categories of assets held by insurance and reinsurance undertakings
This regulation amends the Solvency II framework (Delegated Regulation 2015/35) by specifying updated standard parameters for calculating the Solvency Capital Requirement (SCR) for spread risk on bonds and loans, and… - Commission Delegated Regulation (EU) 2016/467 of 30 September 2015 amending Commission Delegated Regulation (EU) 2015/35 concerning the calculation of regulatory capital requirements for several categories of assets held by insurance and reinsurance undertakings
This regulation amends the Solvency II framework (Delegated Regulation 2015/35) by updating the standard formula for calculating the Solvency Capital Requirement (SCR) for non-life premium and reserve risk. It… - Commission Implementing Regulation (EU) 2015/2452 of 2 December 2015 laying down implementing technical standards with regard to the procedures, formats and templates for the solvency and financial condition report in accordance with Directive 2009/138/EC of the European Parliament and of the Council
This regulation establishes the mandatory procedures, formats, and quantitative reporting templates (QRTs) that insurance and reinsurance undertakings must use for their annual and quarterly Solvency and Financial… - Directive (EU) 2016/2341 (IORP II) Article 18: Investment Rules for Institutions for Occupational Retirement Provision
Under Article 18 of the IORP II Directive, EU Member States must ensure that Institutions for Occupational Retirement Provision (IORPs) invest their assets according to the 'prudent person' principle, diversifying… - Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast)
This directive establishes harmonized EU rules for Institutions for Occupational Retirement Provision (IORPs), focusing on governance, risk management, investment freedom, and information disclosure to members. It… - Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (recast)
This directive establishes prudential, governance, and transparency requirements for Institutions for Occupational Retirement Provision (IORPs) across the EU, including mandatory Own Risk Assessment (Article 17),… - Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast)
This Directive establishes harmonized rules for insurance distribution across the EU, requiring distributors to provide pre-contractual information via the Insurance Product Information Document (IPID), conduct… - Directive (EU) 2021/2118 of the European Parliament and of the Council of 2 December 2021 on the approximation of the laws of the Member States relating to insurance against civil liability in respect of the use of motor vehicles and the enforcement of the obligation to insure such liability
This Directive establishes minimum insurance coverage amounts for civil liability arising from motor vehicle use, mandates coverage for electric vehicle battery fire risks, requires Member States to establish Insurers… - Directive (EU) 2021/2118 of the European Parliament and of the Council of 24 November 2021 amending Directive 2009/103/EC relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability
This directive amends the EU Motor Insurance framework to enhance protection for victims of traffic accidents, particularly in cases of insurer insolvency, by establishing harmonized compensation mechanisms and minimum… - Directive (EU) 2023/2 of the European Parliament and of the Council of 15 December 2022 amending Directive 2009/138/EC as regards the long-term equity investment category, the extrapolation method, group supervision, cross-border business, run-off and proportionality for small insurers
This directive amends Solvency II to introduce a new long-term equity investment capital treatment, revise the extrapolation method for longevity risk, enhance group supervision, facilitate cross-border operations,… - Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation
This directive requires insurance intermediaries to provide consumers with specific, clear pre-contractual information and grants a 14-day right of cancellation for insurance contracts concluded at a distance, as… - Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on Reinsurance
This directive establishes the prudential and supervisory framework for reinsurance undertakings operating within the EU, including requirements for authorisation, capital adequacy, governance, and cross-border activity… - Directive 2009/138/EC (Solvency II) - Pillar 2: System of Governance (Articles 40-50)
EU Solvency II Pillar 2 (Articles 40-50) mandates that all EU insurance and reinsurance undertakings establish and maintain an effective system of governance. This system must ensure sound and prudent management,… - Directive 2009/138/EC (Solvency II) Pillar 3: Public Disclosure (Solvency and Financial Condition Report - SFCR) and Supervisory Reporting (Regular Supervisory Report - RSR)
Under Solvency II Pillar 3, EU insurance and reinsurance undertakings must annually disclose a public Solvency and Financial Condition Report (SFCR) detailing their business performance, governance, risk profile, and… - DIRECTIVE 2009/138/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) - Article 256
This article's compliance obligations regarding group solvency calculation governance cannot be determined as the provided regulatory text does not contain the enacted provisions of Article 256. - Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) - Article 48: Actuarial function
Insurance and reinsurance undertakings must establish and maintain an effective actuarial function responsible for coordinating technical provision calculations, ensuring methodology appropriateness, assessing data… - Dodd-Frank Act Section 502: Federal Insurance Office Authorities and Data Collection Powers
Section 502 of the Dodd-Frank Act establishes the Federal Insurance Office (FIO) within the U.S. Department of the Treasury, granting it authority to monitor all aspects of the insurance industry, identify systemically… - EIOPA Guidelines on Stress Testing for Institutions for Occupational Retirement Provision (IORPs) - 2022 Methodology and Scenarios
These guidelines mandate that National Competent Authorities (NCAs) ensure participating Institutions for Occupational Retirement Provision (IORPs) conduct a stress test to assess their resilience against adverse market… - Employee Retirement Income Security Act 1974 - 29 USC 1001
Section 1001 of title 29 of the United States Code, the congressional findings and declaration of policy of the Employee Retirement Income Security Act of 1974 (ERISA, Public Law 93-406, enacted 2 September 1974),… - EU Insurance Distribution Directive 2016/97/EU - Insurance Intermediary Registration, Conduct of Business, and IBIPs
Directive (EU) 2016/97 of the European Parliament and of the Council on insurance distribution (IDD), in force from 1 October 2018, replaces the Insurance Mediation Directive 2002/92/EC. The IDD extends conduct of… - EU Natural Catastrophe Insurance Protection Gap - Climate Resilience Dialogue Final Report (July 2024) and EIOPA-ECB Work (non-binding)
There is no discrete European Commission instrument titled the 'EU Natural Catastrophe Insurance Gap Framework' with binding numbered Sections 3.1 to 3.7. The actual material is the Climate Resilience Dialogue Final… - EU Solvency II Directive 2009/138 - Insurance Capital Requirements and Risk-Based Supervision
Directive 2009/138/EC (Solvency II) establishes a risk-based capital framework for EU insurance and reinsurance undertakings, comprising three pillars: quantitative requirements (Pillar 1), governance and risk… - EU Solvency II Directive 2009/138/EC - EIOPA Prudential Supervision
Directive 2009/138/EC (Solvency II) establishes the EU prudential framework for insurance and reinsurance undertakings, requiring risk-based capital adequacy (Solvency Capital Requirement), the Own Risk and Solvency… - EU Solvency II Directive 2009/138/EC - Pillar 1: Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR)
EU Solvency II Directive 2009/138/EC (as amended by Omnibus II Directive 2014/51/EU and the 2023 Solvency II Review Directive 2025/2) establishes a risk-based Pillar 1 framework for insurance and reinsurance… - EU Solvency II Directive 2009/138/EC - Pillar 2: System of Governance and Risk Management
EU Solvency II Directive (2009/138/EC) Pillar 2 requires insurers to maintain an effective system of governance proportionate to the nature, scale, and complexity of their business. Core requirements include: four… - EU Solvency II Directive 2009/138/EC - Pillar 3: Supervisory Reporting and Public Disclosure
EU Solvency II Directive (2009/138/EC) Pillar 3 requires insurers to submit regular supervisory reports to national competent authorities and to publish annual public disclosures. Core documents are: the Regular… - EU Solvency II Directive 2009/138/EC - Solvency Capital Requirement & Own Funds for Insurers
Solvency II Directive 2009/138/EC establishes a three-pillar risk-based capital framework for EU insurers: Pillar 1 quantitative requirements (SCR, MCR), Pillar 2 governance and ORSA, Pillar 3 reporting and disclosure -… - Federal Crop Insurance Act (7 U.S.C. §§ 1501-1524)
This Act authorizes the Federal Crop Insurance Corporation (FCIC) to provide federally subsidized crop insurance to agricultural producers through approved private insurance providers (AIPs). It mandates specific… - FINMA Circular 2017/2 - Corporate Governance for Insurers: Board Responsibilities, Risk Committee and Internal Controls
This circular mandates that Swiss insurance companies establish a robust corporate governance framework, defining the ultimate responsibility of the Board of Directors for the overall business strategy and risk… - Guidelines on the own risk and solvency assessment
These guidelines require all insurance and reinsurance undertakings under the Solvency II Directive to implement and maintain an Own Risk and Solvency Assessment (ORSA) process to continuously assess their overall… - Hong Kong Insurance Authority - Risk-based Capital (RBC) Regime for Authorised Insurers (Insurance (Amendment) Ordinance 2023; commenced 1 July 2024)
Hong Kong's Risk-based Capital (RBC) regime under the Insurance (Amendment) Ordinance 2023 and its subsidiary RBC Rules, which commenced on 1 July 2024, requires authorised insurers to establish and maintain a… - IAIS Application Paper on the Supervision of Climate-Related Risks in the Insurance Sector
This paper provides guidance for insurance supervisors to encourage and assess how insurers manage climate-related risks, focusing on the use of scenario analysis to evaluate resilience (Section 4) and the enhancement… - IAIS ComFrame Prescribed Capital Requirement (PCR) - Group Capital Calculation for Internationally Active Insurance Groups (IAIGs) 2023
This regulation establishes the Prescribed Capital Requirement (PCR), a consolidated group-level quantitative capital standard for Internationally Active Insurance Groups (IAIGs), ensuring they hold sufficient capital… - IAIS Holistic Framework for Systemic Risk in the Insurance Sector - Activities-Based and Entity-Based Measures (2022 Update)
This framework requires insurance supervisors to implement a comprehensive, activities-based approach to monitor and mitigate systemic risk across the entire insurance sector, complemented by an entity-based assessment… - IAIS Insurance Core Principle 14: Valuation
This principle requires insurance supervisors to establish requirements for the valuation of assets and liabilities for solvency purposes, ensuring they reflect their economic value. As per ICP 14.1, this valuation must… - IAIS Insurance Core Principle 25: Supervisory Cooperation and Coordination
This principle requires insurance supervisors to cooperate and coordinate with other domestic and international supervisors, particularly for internationally active insurance groups (IAIGs). As per ICP 25.1, supervisors… - IAIS Issues Paper on Cyber Risk to the Insurance Sector (August 2016) - Cyber Threats, Insurer Cyber Resilience and Supervisory Response
The IAIS Issues Paper on Cyber Risk to the Insurance Sector, published August 2016 and prepared by the IAIS Financial Crime Task Force, raises awareness of cyber risk to insurers and describes current and contemplated… - IFRS 17 Insurance Contracts
IFRS 17 requires entities to recognise, measure, present, and disclose insurance contracts using a current measurement model that reflects the risk-adjusted present value of future cash flows and the contractual service… - IFRS 17 Insurance Contracts - Effective Implementation (January 2023): Measurement Models, Contractual Service Margin and Onerous Contracts
Effective for annual reporting periods beginning on or after January 1, 2023, IFRS 17 mandates that all entities issuing insurance contracts adopt a new accounting model for their recognition, measurement, presentation,… - Implementing Technical Standards on Supervisory Reporting under Solvency II Directive (EU) 2023/894 and Disclosure Requirements (EU) 2023/895 - Quantitative Reporting Templates for Pillar 3
This regulation mandates all insurance and reinsurance undertakings, special purpose vehicles, and third-country branches subject to Solvency II to submit standardized quantitative and qualitative disclosures using the… - India IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024 and the Bima Trinity Initiatives (Bima Vistaar, Bima Sugam, Bima Vahak)
The Insurance Regulatory and Development Authority of India (IRDAI) is pursuing the 'Bima Trinity' policy initiative: Bima Vistaar (an affordable bundled cover), Bima Sugam (a unified digital insurance marketplace) and… - India IRDAI Insurance Act 1938 (as amended) - Regulatory Framework for Insurers: Registration, Solvency Margins and Investment Norms (2024)
This framework, under the Insurance Act 1938 and IRDAI Act 1999, mandates that all insurers in India maintain a minimum solvency ratio of 150% (Section 64VA) and adhere to prescribed investment norms (Sections 27A, 27B,… - Insurance Act - Licensing, Supervision and Governance of Insurers and Insurance Brokers in Singapore
This regulation governs the licensing and operation of insurers and insurance brokers in Singapore under the Insurance Act, requiring compliance with prudential, governance, and conduct standards set by the Monetary… - Insurance Act 1973 (Cth) - APRA Prudential Regulation of General Insurers (Australia)
The Insurance Act 1973 (Cth) is the Commonwealth statute under which the Australian Prudential Regulation Authority (APRA) prudentially regulates general insurance in Australia. A body corporate or Lloyd's underwriter… - Insurance Companies Act (S.C. 1991, c. 47) - OSFI Prudential Regulation of Federal Insurers (Canada)
The Insurance Companies Act (S.C. 1991, c. 47) is the federal statute under which the Office of the Superintendent of Financial Institutions (OSFI) regulates federally incorporated and authorised insurance companies in… - Insurance Contract Act 2008 (Versicherungsvertragsgesetz - VVG)
This Act governs the contract of insurance under which the insurer undertakes to cover a specific risk of the policyholder in exchange for premiums (Section 1). It requires the insurer to advise the policyholder… - Insurance Core Principle 23 - Group-Wide Supervision: Insurance Group Identification, Scope of Group-Wide Supervision, Group Supervisor Designation, Supervisory College Coordination, Intragroup Transaction Monitoring, Contagion Risk Assessment and Crisis Management Group Cooperation
IAIS ICP 23 requires the group-wide supervisor, in cooperation and coordination with other involved supervisors, to identify the insurance group and determine the scope of group-wide supervision: identifying all legal… - Insurance Core Principle 4 - Licensing: Criteria for Authorisation of Insurers, Fit and Proper Assessment, Business Plan Requirements, Initial Capital, Qualified Shareholders and Ongoing Licence Conditions
IAIS ICP 4 establishes the minimum requirements for the authorisation and ongoing supervision of insurers, including fit and proper assessments of controllers and key personnel, business plan viability, initial capital… - Insurance Core Principle 8 - Risk Management and Internal Controls
IAIS ICP 8 requires insurers to establish and maintain a comprehensive enterprise risk management (ERM) framework, including an Own Risk and Solvency Assessment (ORSA), internal control systems, an independent internal… - Insurance Core Principles (ICP) 1 - Objectives, Powers and Responsibilities of the Supervisor: Insurance Supervisory Authority Legal Basis, Operational Independence, Accountability, Transparency, Professional Standards and International Cooperation
ICP 1 establishes the foundational requirements for an effective insurance supervisory authority, mandating a clear legal basis, operational independence, accountability, transparency, professional competence, and… - Insurance Product Governance - General Insurance and Pure Protection: Target Market Identification, Product Approval Process, Stress Scenario Testing of Value, Distribution Strategy, Regular Review and Manufacturer Responsibility in Multi-Party Chains
This regulation requires UK insurance manufacturers to establish and maintain a product governance framework ensuring products are designed for a clearly defined target market, approved via a formal process, and… - Insurance Web Aggregator Registration, Product Neutral Display Obligation, Revenue Caps on Referral Fees, Comparison Tool Standards, No Recommendation Bias, Data Protection of Policyholder Information and Annual Reporting
This regulation governs the operation of insurance web aggregators in India, mandating registration with IRDAI, neutral product display, prohibition of biased recommendations, data protection of policyholder… - IRDAI Information and Cyber Security Guidelines, 2023 - Cyber Security Framework for Insurers and Intermediaries
The IRDAI Information and Cyber Security Guidelines, 2023 were notified by the Insurance Regulatory and Development Authority of India (IRDAI) on 24 April 2023, replacing the 2017 Information and Cyber Security… - Joint Standard 2 of 2020: Governance and Operational Risk Requirements for Insurers
This Joint Standard mandates that South African insurers and their controlling companies establish and maintain a comprehensive governance framework and an operational risk management framework. It sets specific… - Liability Risk Retention Act of 1986 - Risk Retention Groups and Purchasing Groups: Domicile State Regulation, Multi-State Access Without Additional Licensing, Mandatory Disclosures, Solvency Requirements and NAIC Risk Retention Database
This regulation establishes the legal framework for risk retention groups (RRGs) and purchasing groups under 15 U.S. Code Chapter 65, allowing them to operate nationwide without needing to be licensed in each state,… - Lloyd's Market Bulletin Y5381 - State-backed Cyber-attack Exclusions in Standalone Cyber Policies: Mandatory Exclusion Wordings, War and State-backed Attack Carve-outs and LMA Model Clauses
Lloyd's Market Bulletin Y5381 (16 August 2022) requires that, from 31 March 2023 at policy inception or renewal, all standalone cyber-attack policies written at Lloyd's contain a clause excluding liability for losses… - London Market Association (LMA) Model Cyber Liability Clauses 2021 - Coverage Scope, Exclusions and Notification Requirements
The London Market Association (LMA) provides standardized model clauses for cyber liability insurance policies to clarify coverage scope, define key exclusions, and establish notification duties for insured parties.… - MAS Notice MAS 124 - Valuation and Capital Framework for Insurers: Risk-Based Capital (RBC 2) Requirements
This notice establishes the Risk-Based Capital (RBC 2) framework for all licensed insurers in Singapore, mandating specific methodologies for the valuation of assets and liabilities and the maintenance of minimum… - MAS Technology Risk Management Guidelines for Insurance Licensees (2021)
These guidelines by the Monetary Authority of Singapore (MAS) mandate that all licensed insurers establish a robust technology risk management framework, holding the Board and Senior Management accountable for oversight… - NAIC Accelerated Underwriting Model Bulletin 2022 - AI/ML in Insurance Underwriting: Fair Treatment Principles, External Data Source Governance, Model Validation, Disparate Impact Testing, Consumer Transparency Disclosure and Regulatory File Review Standards
This guidance establishes a regulatory framework for insurers using accelerated underwriting (AU) techniques involving external data, predictive models, and AI/ML, requiring adherence to sound actuarial principles,… - NAIC Credit Insurance Model Act - Consumer Credit Insurance: Eligibility Requirements, Coverage Limits, Premium Rates, Termination Provisions, Claims Procedures, Loss Ratio Standards and Commissioner Review Authority
This model act establishes uniform standards for credit insurance policies tied to consumer loans, requiring insurers to meet eligibility criteria, adhere to maximum premium rates, maintain minimum loss ratios, and… - NAIC Insurance Data Security Model Law (Model No. 668) - Information Security Program, Risk Assessment, Third-Party Oversight, Cybersecurity Event Notification, and Annual Certification
Requires all licensed insurers, reinsurers, and other covered financial institutions operating in the U.S. insurance sector to implement a comprehensive information security program based on risk assessment, including… - NAIC Insurance Data Security Model Law 668 - Cybersecurity Program, Risk Assessment and Incident Notification for Insurers
This model law requires insurance licensees to develop, implement, and maintain a comprehensive written information security program based on an ongoing risk assessment, as mandated by Section 4. It also establishes… - NAIC Life Insurance Illustrations Model Regulation 582
This model regulation establishes standards for life insurance policy illustrations to protect consumers from misleading projections of policy performance. It requires insurers, per Section 11, to have an illustration… - NAIC Long-Term Care Insurance Model Regulation 641 - Rate Stability Standards, Contingent Nonforfeiture and Benefit Triggers
This model regulation establishes standards for long-term care insurance rate stability, requiring insurers to submit an actuarial certification with initial filings and justify any subsequent rate increases based on… - NAIC Market Conduct Annual Statement (MCAS) 2023 - Standardised Market Conduct Data Collection for Life, Health and Property/Casualty Insurers
The NAIC Market Conduct Annual Statement (MCAS) requires life, health, and property/casualty insurers exceeding specified premium thresholds to annually submit standardized data on their market conduct activities. As… - NAIC Model Bulletin on the Use of Artificial Intelligence by Insurance Companies (Adopted December 2023; Aligned with NAIC Principles of Artificial Intelligence Adopted at the 2020 Summer National Meeting; Developed by the Big Data and Artificial Intelligence (H) Working Group)
The NAIC Model Bulletin on the Use of Artificial Intelligence by Insurance Companies is the National Association of Insurance Commissioners' authoritative guidance for state insurance regulators and insurers on the… - NAIC Privacy of Consumer Financial and Health Information Regulation (Model #672)
This model regulation requires insurance licensees to provide consumers with a clear privacy notice regarding their information-sharing practices and to offer an 'opt-out' right before sharing nonpublic personal… - NAIC Producer Licensing Model Act - State Insurance Licence Requirements: Lines of Authority, Continuing Education, Nonresident Reciprocity, Background Checks, Appointments, Termination Reporting and NIPR Portal Compliance
This model act establishes uniform standards for the licensing and regulation of insurance producers across U.S. states, requiring background checks, pre-licensing education, continuing education, appointment reporting,… - NAIC Risk-Based Capital for Health Organizations - Model Regulation (2023)
This model regulation requires U.S. health organizations, including insurers and HMOs, to calculate and maintain capital above a minimum formula-based threshold, known as the Risk-Based Capital (RBC) level. As specified… - NAIC Risk-Based Capital for Life Insurance Companies - Model Regulation and Annual RBC Report Requirements (2023)
This model regulation requires U.S. life insurance companies to calculate and report their Risk-Based Capital (RBC) annually to state regulators, ensuring they hold sufficient capital to support their business… - NAIC Risk-Based Capital for Property and Casualty Insurance Companies - Model Regulation (2023)
This model regulation requires property and casualty insurers to maintain capital commensurate with their overall risk profile, calculated via a specific formula. It establishes four levels of regulatory action (Company… - NAIC Unfair Trade Practices Act Model 880 - Prohibited Insurance Conduct: Misrepresentation, False Advertising, Unfair Discrimination, Rebating, Unfair Claims Settlement Practices, Coercion and Intimidation in Insurance Markets
This model act prohibits insurers, agents, and brokers from engaging in misrepresentation, false advertising, unfair discrimination, rebating, unfair claims settlement practices, and coercion in insurance markets. It… - NAICOM Guidelines for Microinsurance Operations in Nigeria (2018) - Tiered Licensing (Unit, State, National), Simplified Products, Agent Networks, Takaful Integration and Minimum Capital Requirements
The genuine instrument is the NAICOM Guidelines for Microinsurance Operations in Nigeria, 2018 (there is no '2021 Edition'). The Guidelines require microinsurers to obtain one of three licence tiers (Unit, State or… - Nonadmitted and Reinsurance Reform Act of 2010 (NRRA) - Home State Regulation, Surplus Lines Tax Allocation and Uniform Eligibility Standards
The Nonadmitted and Reinsurance Reform Act of 2010 (NRRA), enacted as part of the Dodd-Frank Act, establishes the insured's "home state" as the sole jurisdiction for regulating and taxing nonadmitted (surplus lines)… - OECD Policy Framework for Disaster Risk Financing - Sovereign Risk Transfer, Contingent Credit and Parametric Insurance Instruments
This OECD framework provides governments with a strategic approach for developing a comprehensive disaster risk financing strategy to enhance financial resilience against natural and man-made catastrophes. It guides the… - OECD Recommendation on Good Practices for Insurance Claim Management - Fair Settlement, Transparency and Anti-Fraud Standards
This OECD recommendation establishes non-binding principles for insurers and intermediaries in member countries to ensure fair, transparent, and timely settlement of insurance claims, and to effectively combat fraud.… - OSFI Guideline E-19 - Own Risk and Solvency Assessment (ORSA)
This guideline requires all federally regulated insurers (FRIs) in Canada to establish and maintain a comprehensive Own Risk and Solvency Assessment (ORSA) process. As per Section 1.1, the ORSA must assess the adequacy… - Patient Protection and Affordable Care Act; Health Insurance Market Rules; Rate Review (45 CFR Parts 144, 147, 153, 154, 156, and 158)
This regulation requires health insurance issuers in the individual and small group markets to provide guaranteed availability of coverage to all applicants (45 CFR §147.104), use modified community rating to set… - Pension Protection Act 2006 - Public Law 109-280
The Pension Protection Act of 2006 (PPA, Public Law 109-280, enacted 17 August 2006) substantially restructured the US private pension and retirement plan framework. Title I (Funding Rules for Single-Employer Defined… - Proposal for a Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132
This Directive requires EU insurance and reinsurance undertakings to create and maintain pre-emptive recovery plans to address scenarios of significant financial distress, and establishes a harmonised framework for… - Prudential Standard CPS 220 - Risk Management
APRA Prudential Standard CPS 220 mandates that all general insurers and life companies establish and maintain a robust risk management framework overseen by the Board and a dedicated Risk Committee, with a formally… - Prudential Standard CPS 234 - Information Security
APRA CPS 234 mandates that regulated insurers maintain an information security capability commensurate with their risk profile, implement a formal policy framework, classify information security incidents as… - Prudential Standard GPS 310 Audit and Related Matters
This standard requires Australian general insurers and Level 2 insurance groups to establish and maintain robust internal audit, external audit, and actuarial review functions, as mandated by the Board and its Audit… - Prudential Standard LPS 110 Capital Adequacy
This standard requires Australian life insurance companies to maintain a capital base that exceeds their Prescribed Capital Amount (PCA) at all times, as mandated by the Life Insurance Act 1995. The core requirement,… - Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector
This regulation requires providers of Insurance-Based Investment Products (IBIPs), including unit-linked and with-profit policies, to classify financial products under Article 6, 8, or 9 of SFDR and disclose… - Resolution CNSP 553/2023 - Open Insurance Framework: Data Sharing Obligation for Insurers, API Standards, Customer Consent Management, Regulatory Sandbox for Insurtechs and SUSEP Supervisory Technology Deployment
SUSEP Resolution 553 of 2023 establishes the Open Insurance Brazil (OPIN) framework, mandating insurers and brokers to share customer data via standardised APIs with prior, explicit customer consent; the rules cover… - SECURE 2.0 Act 2022 - Public Law 117-328 Retirement Reform Expansion
The SECURE 2.0 Act of 2022 (Division T of the Consolidated Appropriations Act 2023, Public Law 117-328, enacted 29 December 2022) is the most significant US retirement reform since the SECURE Act of 2019, containing… - SECURE Act 2019 - Public Law 116-94 Retirement Savings Reform
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act, Division O of the Further Consolidated Appropriations Act 2020, Public Law 116-94, enacted 20 December 2019) materially reformed the US… - Sendai Framework for Disaster Risk Reduction 2015-2030
Requires national governments and participating states to promote investment in disaster risk reduction (DRR) through risk insurance and pooling mechanisms, including sovereign parametric insurance, as part of Priority… - Solvency II Directive 2009/138/EC - Article 37 Capital add-on
Supervisory authorities may, in exceptional circumstances following a supervisory review, impose a capital add-on for an insurance or reinsurance undertaking, provided the decision states the reasons. - Solvency II Directive 2009/138/EC - Article 44: Risk management
Insurance and reinsurance undertakings must establish and maintain an effective, continuous risk-management system to identify, measure, monitor, manage, and report all individual and aggregated risks. - Solvency Regulatory Rules for Insurance Companies (II) - C-ROSS Phase II
This regulation establishes the China Risk-Oriented Solvency System (C-ROSS) Phase II, a comprehensive three-pillar framework mandating quantitative capital requirements, qualitative risk management supervision, and… - TCFD Insurance Sector Guidance 2021 - Climate Risk Disclosure: Physical Risk Scenario Analysis, Transition Risk Assessment (Stranded Asset Exposure), Climate Metrics (Weighted Average Carbon Intensity), Governance Structure and Forward-Looking Statement Requirements
This guidance requires insurance organizations to disclose climate-related financial risks and opportunities in line with the TCFD’s four-pillar framework-governance, strategy, risk management, and metrics and… - Terrorism Risk Insurance Program Reauthorization Act of 2019 - Extension of the Terrorism Risk Insurance Program Through December 31, 2027
The Terrorism Risk Insurance Act (TRIA), as extended by the Terrorism Risk Insurance Program Reauthorization Act of 2019, mandates that insurers offer terrorism risk coverage in commercial property and casualty policies… - UK FCA General Insurance Pricing Practices PS21/5 - Renewal Pricing Rules and Fair Value Assessment
FCA Policy Statement PS21/5 requires home and motor insurance providers to price renewal quotes at no more than what would be offered to an equivalent new customer, eliminating loyalty pricing penalty, and to conduct… - UK Insurance Act 2015
The UK Insurance Act 2015 modernises UK commercial insurance contract law, replacing key provisions of the Marine Insurance Act 1906 in the non-consumer context. The Act introduces the duty of fair presentation by the… - UK PRA Rulebook - Insurance General Application and Fundamental Rules for UK Insurers
The UK Prudential Regulation Authority (PRA) Rulebook, as amended following Brexit via the Solvency UK framework (effective 31 December 2024), sets binding prudential requirements for UK-authorised insurers, including:… - UK PRA Rulebook - Insurance General Application: Solvency II Onshoring, UK-Specific Adjustments to SCR/MCR Calculation, Risk Margin Reform (2024), TMTP Approval, Matching Adjustment Requirements and Internal Model Approval Process
This regulation establishes the UK Prudential Regulation Authority’s (PRA) onshored Solvency II framework, requiring insurers to calculate Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR) using… - UK Third Parties (Rights against Insurers) Act 2010
The UK Third Parties (Rights against Insurers) Act 2010 transfers an insured person's rights against its liability insurer to a third party to whom the insured has incurred liability when the insured becomes insolvent… - UN Principles for Sustainable Insurance 2023 Update - ESG Integration: Climate Change Underwriting Guidelines, Nature-Related Risk Assessment, Social Inclusion in Insurance, PSI Signatory Reporting Framework and TNFD Integration for Insurers
The UNEP FI Principles for Sustainable Insurance (PSI) establish a global framework for insurers to identify, assess, manage, and monitor environmental, social, and governance (ESG) risks and opportunities across all… - UNEP FI Principles for Sustainable Insurance (PSI) - A Global Framework for the Insurance Industry to Address Environmental, Social and Governance Risks and Opportunities
The Principles for Sustainable Insurance (PSI) provide a voluntary global framework for insurers to manage Environmental, Social, and Governance (ESG) issues as risk managers, insurers, and investors. Signatories commit… - United States McCarran-Ferguson Act (Title 15 USC Chapter 20): Declaration of Policy, State Regulation and Taxation of Insurance, Sherman Act Applicability to Insurance, Effect on Other Laws, and Definitions
The McCarran-Ferguson Act, codified at Title 15 of the United States Code, Chapter 20, is the foundational federal statute establishing state regulation of the business of insurance as the dominant regulatory regime in… - United States Patient Protection and Affordable Care Act (ACA / PPACA) (Public Law 111-148, 2010): Title I Quality Affordable Health Care, Health Insurance Market Reforms, Dependent Coverage to Age 26, Prohibition of Preexisting Condition Exclusions, Title II Medicaid Expansion, Title V Workforce, Title VI Transparency, Section 1501 Individual Responsibility, and Section 1513 Employer Shared Responsibility
The Patient Protection and Affordable Care Act, Public Law 111-148 of 23 March 2010, commonly known as the Affordable Care Act or PPACA, and as supplemented by the Health Care and Education Reconciliation Act of 2010… - US Dodd-Frank Title VI - Federal Insurance Office (FIO) Oversight
Title VI of the Dodd-Frank Act (2010) establishes the Federal Insurance Office (FIO) within Treasury to monitor the insurance industry for systemic risk, coordinate US insurance policy internationally, and report… - US Employee Retirement Income Security Act (ERISA, 29 USC ch 18): Fiduciary Duties, Disclosure and Enforcement
The Employee Retirement Income Security Act of 1974 (ERISA, 29 U.S.C. ch. 18) sets federal minimum standards for most private-sector employee benefit plans, administered by the Employee Benefits Security Administration… - US Federal Insurance Office Annual Report 2023 - Insurance Market Competitiveness, Climate Risks and Affordability Assessment
This annual report, mandated by the Dodd-Frank Act, assesses the U.S. insurance market, providing key findings and recommendations to Congress and state regulators on climate-related financial risk, insurance… - US McCarran-Ferguson Act (15 USC ch 20): State Regulation of Insurance and the Antitrust Exemption
The McCarran-Ferguson Act (15 U.S.C. ch. 20) establishes that the regulation and taxation of the business of insurance is primarily a matter for the States, and provides a limited federal antitrust exemption for… - US McCarran-Ferguson Act 1945 - State Primacy in Insurance Regulation and Antitrust Exemption Framework
The McCarran-Ferguson Act establishes that the regulation of the business of insurance is primarily the responsibility of individual states, not the federal government. Under 15 U.S.C. § 1012(b), it grants a limited… - US NAIC Insurance Data Security Model Law (#668) - Cybersecurity Program and Incident Response Requirements
The National Association of Insurance Commissioners (NAIC) Insurance Data Security Model Law (Model #668), enacted in 2017 and adopted by over 25 US states (including South Carolina, Michigan, Ohio, Connecticut, and New… - US NAIC Insurance Data Security Model Law 668 - Cybersecurity Program and Breach Notification for Insurers
NAIC Insurance Data Security Model Law (MDL-668) requires insurance licensees to implement a comprehensive information security program, conduct annual risk assessments, manage third-party service provider security, and… - US NAIC Insurance Holding Company System Regulatory Act - Group Supervision & ORSA
The NAIC Insurance Holding Company System Regulatory Act requires registration, disclosure, and pre-approval of transactions within insurance holding company groups - including ORSA filing for groups with $500M+… - US National Flood Insurance Program (NFIP) Reforms - Risk Rating 2.0: Individual Property Risk Assessment Replacing Zone-Based Rates, Actuarially Sound Pricing, Rate Increase Caps, Community Rating System, Private Flood Insurance Comparison and FEMA Affordability Study
The National Flood Insurance Program (NFIP), established by the National Flood Insurance Act (NFIA) of 1968, provides flood insurance to property owners, renters, and businesses in participating communities to reduce… - US Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 - Group Health Plan Parity Requirements
The Mental Health Parity and Addiction Equity Act of 2008 prohibits group health plans and group and individual health insurance coverage that offer mental health and substance use disorder benefits from imposing… - Viatical Settlements Model Act
This model act establishes a comprehensive regulatory framework for viatical and life settlement transactions, requiring the licensing of providers and brokers (Section 3), mandating specific disclosures to consumers…
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