August 14th, 2018

Regulatory Landscape Part VII: Conclusion

Posted at 1:00 AM ET

GC Capital Ideas has analyzed in the last few posts the intricacies and corporate responsibilities and challenges in a world of constant technological innovation. This order requires striking a balance between new initiatives such as the use of big data and advanced analytics, and regulatory requirements and privacy needs. These are the aims of Global Data Protection Regulation’s (GDPR) and the recently adopted California Consumer Privacy Act of 2018, which goes into effect in 2020. Continue reading…

August 13th, 2018

Regulatory Landscape Part VI: California Consumer Privacy Law

Posted at 1:00 AM ET

The European Union’s (EU) General Data Protection Regulation (GDPR), which became enforceable in the spring, may be a model or a prelude to similar regulations across the Atlantic.

In late June, America’s largest state adopted California Consumer Privacy Act of 2018. The California bill goes into effect on January 1, 2020, allowing lawmakers to propose changes before it becomes enforceable. Compliance with the law will most likely increase the costs of doing business. Continue reading…

August 10th, 2018

Week’s Top Stories: August 4 - 10, 2018

Posted at 10:00 AM ET

Carr Fire – Redding, California: In Northern California, the Carr Fire has burned at least 110,154 acres since July 23 and claimed at least six lives according to media reports and Cal Fire. Damage survey efforts are still ongoing, however initial indications are that at least 1,236 structures have been destroyed with another 225 damaged.

Read the article >>


Regulatory Landscape Part II: Extra-Territorial Application of GDPR: The European Union’s Global Data Protection Regulation (GDPR) applies to company processing of personal data of European Union (EU) citizens, regardless of the company’s location. Mere accessibility of a controller’s, processor’s or intermediary’s website in the EU, containing an email address or other contact details or the use of a language generally used in a third country where the controller is established, does not necessarily bring the data within GDPR jurisdiction.

Read the article >>


Guy Carpenter to Host Scientific and Engineering Expo to Launch New InsurTech Advisory Offering Developed with Numerati® Partners LLC: Guy Carpenter announced the August 9, 2018 launch event for its InsurTech Alliance – a cost effective, state of the art and insurer-focused suite of capabilities to help carriers evaluate new innovations in the areas of data, analytics and digital technology-based products and solutions.

Read the article >>


Regulatory Landscape Part IV: NYDFS Cybersecurity Act - Risk of Third Party Service Providers: The recently enacted European Union (EU) General Data Protection Regulation (GDPR), the National Association of Insurance Commissioners (NAIC) Model Law and the New York State Department of Financial Services (NYDFS) Cybersecurity Act all address data privacy (the personal information of individuals) and data protection (using such personal information for business objectives), but from different perspectives. The NYDFS and NAIC regulations are focused on the technical requirements of financial services companies to assess cyber risk in their systems, implement additional security and report breaches promptly. The NYDFS regulation became effective on March 1, 2017.

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Regulatory Landscape Part V: NAIC Model Law: The recently enacted European Union (EU) General Data Protection Regulation (GDPR), the National Association of Insurance Commissioners (NAIC) Model Law and the New York State Department of Financial Services (NYDFS) Cybersecurity Act all address data privacy (the personal information of individuals) and data protection (using such personal information for business objectives), but from different perspectives. The NYDFS and NAIC regulations are focused on the technical requirements of financial service companies to assess cyber risk in their systems, implement additional security and report breaches promptly.

Read the article >>


And, you may have missed…

Chart: The Cyber Insurance Matrix Explained: Chart examines the policy coverage matrix between cyber and property lines of insurance coverage.

View the chart >>


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August 9th, 2018

Regulatory Landscape Part V: NAIC Model Law

Posted at 1:00 AM ET

The recently enacted European Union (EU) General Data Protection Regulation (GDPR), the National Association of Insurance Commissioners (NAIC) Model Law and the New York State Department of Financial Services (NYDFS) Cybersecurity Act all address data privacy (the personal information of individuals) and data protection (using such personal information for business objectives), but from different perspectives. The NYDFS and NAIC regulations are focused on the technical requirements of financial service companies to assess cyber risk in their systems, implement additional security and report breaches promptly.

Continue reading…

August 8th, 2018

Regulatory Landscape Part IV: NYDFS Cybersecurity Act - Risk of Third Party Service Providers

Posted at 1:00 AM ET

The recently enacted European Union (EU) General Data Protection Regulation (GDPR), the National Association of Insurance Commissioners (NAIC) Model Law and the New York State Department of Financial Services (NYDFS) Cybersecurity Act all address data privacy (the personal information of individuals) and data protection (using such personal information for business objectives), but from different perspectives. The NYDFS and NAIC regulations are focused on the technical requirements of financial services companies to assess cyber risk in their systems, implement additional security and report breaches promptly. The NYDFS regulation became effective on March 1, 2017.

Continue reading…

August 7th, 2018

Regulatory Landscape Part III: New York Department of Financial Services Regulation

Posted at 2:00 AM ET

The recently enacted European Union (EU) General Data Protection Regulation (GDPR), the National Association of Insurance Commissioners (NAIC) Model Law and the New York State Department of Financial Services (NYDFS) Cybersecurity Act all address data privacy (the personal information of individuals) and data protection (using such personal information for business objectives), but from different perspectives. The NYDFS and NAIC regulations are focused on the technical requirements of financial service companies to assess cyber risk in their systems, implement additional security and report breaches promptly.

Continue reading…

August 6th, 2018

Regulatory Landscape Part II: Extra-Territorial Application of GDPR

Posted at 2:00 AM ET

The European Union’s Global Data Protection Regulation (GDPR) applies to company processing of personal data of European Union (EU) citizens, regardless of the company’s location. Mere accessibility of a controller’s, processor’s or intermediary’s website in the EU, containing an email address or other contact details or the use of a language generally used in a third country where the controller is established, does not necessarily bring the data within GDPR jurisdiction.

Continue reading…

August 3rd, 2018

Week’s Top Stories: July 28 - August 3, 2018

Posted at 9:55 AM ET

Carr Fire – Redding, California: In Northern California, the Carr Fire has burned at least 110,154 acres since July 23 and claimed at least six lives according to media reports and Cal Fire. Damage survey efforts are still ongoing, however initial indications are that at least 1,236 structures have been destroyed with another 225 damaged.

Read the article >>


Guy Carpenter to Host Scientific and Engineering Expo to Launch New InsurTech Advisory Offering Developed with Numerati® Partners LLC: Guy Carpenter announced the August 9, 2018 launch event for its InsurTech Alliance – a cost effective, state of the art and insurer-focused suite of capabilities to help carriers evaluate new innovations in the areas of data, analytics and digital technology-based products and solutions.

Read the article >>


Chart: The Cyber Insurance Matrix Explained: Chart examines the policy coverage matrix between cyber and property lines of insurance coverage.

View the chart >>


TRIPRA: The Need to Ease Rating Agencies and Regulators’ Concerns: In 2018, the minimum industry trigger for the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA) increased to USD 160 million, contributing to continued rating agency concerns. In late 2017, A.M. Best updated its terrorism methodology and fully integrated the peril into its stochastic Best’s Capital Adequacy Ratio (BCAR) Model.

Read the article >>


The Insurtech Landscape: More than 50 start-up companies offering data, analytics and technology to the insurance sector enter the market every month.  While this dynamic is welcome news for an industry that is rapidly adapting to the digital economy, it also creates the challenge of identifying the ’right’ technology that would fit each business.

Read the article >>


And, you may have missed…

FEMA Expands Reinsurance Initiative - “FloodSmart Re” the First Cat Bond to Ultimately Benefit a Federal Agency: GC Securities* Acts as Sole Structuring Agent and Co-Bookrunner. The Federal Emergency Management Agency (FEMA) announced its August 1, 2018 reinsurance placement for the National Flood Insurance Program (NFIP). For the first time, FEMA has secured reinsurance ultimately backed by capital markets investors, continuing efforts to better manage the NFIP’s financial risk.

Read the article >>

*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities LLC, a US registered broker-dealer and member FINRA/NFA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. **Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd. (MMCSEL), which is authorized and regulated by the Financial Conduct Authority, main office 25 The North Colonnade, Canary Wharf, London E14 5HS. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities LLC, MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.


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August 2nd, 2018

Regulatory Landscape Part I: The New Privacy Order Created by GDPR

Posted at 1:00 AM ET

The European Union’s General Data Protection Regulation (GDPR), which came into effect on May 25, 2018, replaced the Data Protection Directive 95/46/ec as the primary law regulating how companies protect EU citizens’ personal data. The GDPR is expected to set a new standard for consumer data rights; companies will be challenged to put compliant systems and processes in place. For example, the GDPR takes an expansive view of what constitutes personal identification information; broader than that of the NYSDFS or NAIC regulations. Continue reading…