In December 2010, the National Association of Insurance Commissioners adopted changes to the Model Insurance Holding Company Systems Act (the "Revised Model Act") to address some of the problems posed by non-insurance affiliates uncovered during the 2008-2009 financial crisis. The Revised Model Act expands state insurance regulatory authority over holding companies and their affiliates and imposes additional requirements on insurers, controlling persons and affiliates within insurance holding company systems. On June 20, following enactment of the Revised Model Act in Connecticut, Indiana, Kentucky, Nebraska, Rhode Island, Texas and West Virginia, Pennsylvania became the eighth state to adopt the new requirements. Numerous other jurisdictions are presently considering legislation that is the same or substantially similar to the Revised Model Act, including California, the District of Columbia, Florida, Illinois, Kansas, Louisiana, New York and Oklahoma. Insurance holding companies need to be aware of these important changes, which will eventually be adopted in all states.
Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.Register
If you have any questions about the service please contact firstname.lastname@example.org or call Lexology Customer Services on +44 20 7234 0606.
Insurance Holding Company Act amendments of 2012
- Duane Morris LLP
- July 24 2012
If you are interested in submitting an article to Lexology, please contact Andrew Teague at email@example.com.
Group Manager, Legal and Business Services
Australian Grand Prix Corporation