Posts Tagged ‘Regulation’



September 11th, 2018

Accounting Changes Impacting the Reinsurance Landscape - GC@MC Commentary

Posted at 1:00 AM ET

achtert_blende11_s hettinger_cropped3lightfoot_david_300x300Frank Achtert, Head of Capital Optimization, EMEA; Tom Hettinger, Strategic Advisory Leader, U.S./Canada; David Lightfoot, Head of Global Strategic Advisory – Asia Pacific and Latin America

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  • With IFRS 17, reinsurance for managing capital KPIs needs to be different in type/scale
  • Users of internal capital models must ensure flexibility of underlying simulation platform
  • Accounting for reinsurance contracts separate from underlying contracts Continue reading…
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 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.

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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…

July 31st, 2018

TRIPRA: The Need to Ease Rating Agencies and Regulators’ Concerns

Posted at 1:00 AM ET

terrorism-rep-connections-banner-2In 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. Continue reading…