Registration and Continental Breakfast

Co-Chairs’ Welcome Remarks

Keynote Address

NAIC Priorities and Regulatory Initiatives for 2019 and Beyond

Insurance Regulators Roundtable

First-Hand Insights from State Insurance Regulators on Emerging Regulatory Developments, Trends, Priorities and Initiatives

Tune in as this panel of state insurance regulators discuss emerging trends in regulation, compliance initiatives and agency priorities for 2019 and beyond. These esteemed regulators will share insights on how to ensure your compliance programs are in line with the latest changes and developments.

Morning Coffee Break

Ensuring Compliance with the Latest Privacy and Data Security Regulations – NY’s Cybersecurity Regulations, the NAIC’s Insurance Data Security Model Law, California’s New Consumer Privacy Act, and the EU’s GDPR

In light of recent regulatory strides to protect consumers’ personal data, many U.S. insurance companies are being compelled to change their data-collection, notification and security protocols. As insurance companies are continuing to struggle with implementation and compliance challenges associated with the cybersecurity regulations from NY, they are now also being confronted with the EU’s General Data Protection Regulation, as well as California’s sweeping Consumer Privacy Act of 2018. In addition, other states are already on the brink of implementing similar legislation. These latest data privacy and data protection regulations are creating tremendous compliance implications and challenges for insurance companies. Tune in as this panel provides key insights on topics including:  

• Overcoming compliance challenges and pain points associated with the NY cybersecurity regulations and NAIC Model Law
• Exploring the far reaching data and privacy implications of GDPR on U.S. insurance companies that collect personal data relating to EU individuals
• Assessing the implications of California’s Consumer Privacy Act of 2018 and the latest status of the law
• Examining how GDPR and CCPA are expected to drive up the costs of doing business and how insurance companies can best contain those costs

Responding to a Cyber Breach and Calling Upon Your Insurance

This panel will examine effective response protocols once a breach has occurred, explore the latest trends in cyber insurance products on the market and address gaps in coverage.  

• You have experienced a cybersecurity breach – now what?
  • Identifying the most effective and efficient breach response processes and protocols
•  If we can’t stop cyber-attacks, how can we insure them? Exploring the latest developments in cyber insurance products on the market
  • How are companies underwriting these risks in the absence of historical experience and sufficient actuarial data?
  • Who is writing this coverage and what is being written?
• Assessing the latest data coming out on the claims side
• Developing best practices for risk assessment and determining the need for cyber coverage
• Exploring roadblocks hindering growth in the cyber insurance market as well as how these hurdles might be cleared
• Understanding where stand-alone cyber insurance fits with other lines, and addressing gaps in coverage

Networking Luncheon

Examining the Latest InsureTech Innovations, Opportunities and Challenges, and How the Regulators and Industry are Responding to Them: Wearables, Parametric Insurance, Peer-to- Peer Insurance, and Beyond

Innovation is no longer coming for the insurance industry – it is here. As we speak, developing technologies are changing the way in which consumers are buying insurance, the way insurers are choosing their customers, the way losses are assessed and the way claims are processed. This panel will examine:  

• The latest innovations in InsureTech, and how these modern technologies are impacting the traditional role of insurance across the entire value chain
• How the different state insurance departments are responding to these innovations, as well as what concerns they have and how they plan to address them
• The latest activity of the NAIC Innovation and Technology Task Force
• How current laws may need to be reconsidered to keep up with the current technologies in the insurance space

How Predictive Modeling and Artificial Intelligence is Transforming the Insurance Space – Assessing the Operational Challenges and Regulatory Risks

Recent advances in AI and data science are leading insurers to implement the use of machine learning, data modeling and predictive analytics to improve and streamline back-end claim service processes, and to automate the front-end experience for both consumers and insurance companies. As AI is already being deployed in our businesses, homes, and vehicles, as well as on our person – causing an explosion of data from connected devices and physical robots – insurers are facing challenges in how to digest and make use of this rising tide of data, as well as issues surrounding transparency and fraud detection and prevention. This panel will address:  

• The latest ways insurance companies are applying AI and big data to the industry
• The operational challenges and regulatory concerns associated with recent usage of big data, AI and predictive analytics
• Cost-effective strategies for mining/ interpreting/sharing/organizing data and maintaining transparency and fraud prevention
• The latest strides of the NAIC Big Data Working Group and state regulatory responses

Afternoon Break

Update on Developments in International Insurance and Reinsurance Regulation: Status of the Covered Agreement and Ongoing Development of International Capital Frameworks

• Analyzing how the various provisions of the Covered Agreement will be implemented with regard to:
  • Group supervision
  • Reinsurance collateral
  • Group capital assessment requirements
  • Local presence requirements
• What will be the state implementation responsibilities?
• Exploring the impact of the Covered Agreement on state credit for reinsurance laws
• Addressing concerns about federal preemption of state law via covered agreement and lack of transparency with the states
• Tracking the latest activity of the NAIC and state-based insurance regulators in constructing a US group capital calculation for insurers
• Assessing the latest initiatives of the IAIS and the Federal Reserve in their development of a global insurance capital standard – will the two paths ever reconcile?

OFAC Compliance Update: The Latest Developments and Enforcements, Keeping in Line with Heightened Regulation and Avoiding Costly Economic Sanctions

• What insurance and reinsurance companies must do to avoid sanctions and ensure compliance with the latest OFAC requirements
• The latest developments in sanctions with Iran and Cuba and what this means for the insurance industry
• Developing and implementing best practices to avoid engaging in sanctionable activity
• Implementing effective, risk-based OFAC monitoring practices
• Ensuring compliance with new and emerging regulations
• Managing conflict of law issues
• Distinctions between how the US and Europe are applying these sanctions
• Types of P&C insurance more likely to raise issues under OFAC

Conference Adjourns

Registration and Continental Breakfast

The Continued Evolution of Best Interest Standards Applicable to the Insurance Industry

Everyday people are more responsible for saving and managing money for retirement than ever before. Elected officials and public policymakers are concerned about the need to increase the protection of retail investors, especially due to the retirement savings crisis. A month after the judicial defeat of the Obama-era DOL fiduciary rule, the SEC proposed Regulation BI, which is currently pending. Individual states are also moving to establish their own best interest regulations and the NAIC is working to enhance its Suitability in Annuity Transactions Model Regulation. This panel will examine the implications of New York’s recently adopted best interest amendment to its existing suitability regulation, the changes being proposed in the NAIC Model Regulation and the initiatives in other states to implement fiduciary or best interest standard of care proposals.

Exploring the Latest Long-Term Care Innovations, Financing Options and Reform Efforts

As the U.S. senior population continues to rise, many long-term care insurance providers are seeking state regulatory approval to implement sky-high premium increases on established policies. These price hikes are forcing many consumers to cut back the amount of benefits their insurance will cover, or in other cases to abandon their policies completely. In light of all of this, NAIC and various state regulators are discussing significant innovations to increase the number of affordable long-term care product options available to meet growing demands in the U.S. This panel will take a deep dive into the current challenges faced by the LTCI market, and provide key insights on:

• Current activity in the long-term care insurance market – examining recent developments and acquisitions
• The latest long-term care reform efforts and proposals aimed at regulation of long-term care insurance rates
• Tracking the latest activity of the NAIC Long- Term Care Innovation Subgroup
• Analyzing the new LTC product design innovations and financing options that are being discussed by NAIC and the state regulators
• Who is going to pay for long term care efforts and insolvencies?
• Examining the future of private solutions to long-term care financing
• How to better set up reserves for current long term care policies
• Devising solutions for achieving transparency in the marketing of LTC products

Cannabis and Insurance: Assessing the Insurance Coverage, Regulation and Risk Management Implications

More than half of U.S. states have legalized some form of medical or recreational marijuana use, causing a dramatic increase in the demand for cannabis. As the industry grows, it is becoming more and more clear that there is a need for standardization and legal protection in the form of cannabis insurance. The division between state and federal laws, however, makes it difficult for businesses to receive inclusive, affordable coverage, and cannabis-using consumers face their own insurance challenges ranging from legality issues to restrictive plans with coverage deficiencies. Join this panel for an in depth discussion of the burning questions on the minds of insurers, including:  

• What are the challenges for brokers and insurers being asked to provide property, liability and workers compensation insurance to medical and recreational marijuana growers, distributors and retailers?
• How is legalized marijuana affecting auto insurance rates in “weed-friendly” states?
• What are the insurance needs and gaps as the insurance industry evolves to provide protection for new risks?
• How are the different state regulators viewing and responding to this issue?
• What action is been being taken by NAIC and PCIAA in response to rising marijuana legalization?
• What challenges arise in the handling of claims related to marijuana use given the disconnection between state and federal laws?

Morning Coffee Break

Examining the 2019 Market Conduct Environment: The Latest Areas of Focus in Market Conduct Exams and Managing Increased Activity by the State Regulators

Identifying and navigating the top market conduct challenges and pitfalls that insurers should be aware of in 2019  

• Examining the latest trends in market conduct focus on:
  • Claims underwriting
  • Marketing material
  • Big data
  • Cyber security
  • Corporate governance
  • Vendor/third-party administrator management
  • Fraud/SIU Practices
• How are insurers dealing with more frequent examinations?
• How is increased reliance on market analysis data impacting this trend?
• Developing best practices for navigating the latest market conduct challenges

An Essential Guide for Corporate Governance Disclosures

As filing of a Corporate Governance Disclosure is expected to become NAIC accreditation standard as early as 2020, these panelists will provide an efficient and comprehensive guide for filing requirements, including a discussion of the below:  

• What specific, detailed information must be included in NAIC’s Corporate Governance Annual Disclosure (CGAD)
• Best practices for preparing for these annual disclosures: what should insurers be considering and evaluating before providing detailed disclosures of their corporate governance procedures
• How to identify gaps in your corporate governance framework, structure, and oversight policies and procedures, so that they can be updated as needed for your first or next CGAD filing
• Pitfalls to avoid in the preparation and filing process

Insurance Advertising Compliance: A Practical Guide to Ensuring Effective, Successful and Compliant Advertising in the Digital Age

• An update on applicable requirements and best practices for ensuring effective and successful advertising while avoiding the common pitfalls of unfair trade practices
• Understanding the varying standards applicable to the advertisement of different insurance products/services
• In today’s e-marketplace, how can you leverage the internet to advertise while remaining compliant with relevant insurance laws?
• Addressing concerns related to:
  • Employee licensing and licensing and education requirements
  • Maintaining proper records
  • Implementing adequate compliance controls, employee training programs
  • What insurers need to know about the proper use of:
    • Testimonials; Statistics; Reproductions; Opinions, Absolutes & Superlatives
• How to establish and maintain a system of control over the content, form and method of dissemination of your advertisements

Conference Concludes