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Regulatory Update: NAIC Summer 2020 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Summer 2020 National Meeting (Summer Meeting) from July 27 to August 14, 2020. Annuity Suitability Working Group Drafting FAQ Document to Facilitate Uniformity in State Adoption of Revised Suitability in Annuity Transactions Model Regulation.

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Regulatory Update: NAIC Summer 2021 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Summer 2021 National Meeting (Summer Meeting) August 14-17, 2021. Highlights include, among others, adoption of revised risk-based capital bond factors for life insurers, amendments to SSAP No. NAIC Adopts Revised Risk-Based Capital Bond Factors for Life Insurers.

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Ephesoft Releases New Version of Transact; Touts Time-to-Value of Cloud-based Document Processing Solution

Info Source

July 28, 2020 – Ephesoft, Inc., with enhancements to meet the growing global demand for nimble, cloud-based solutions to quickly and accurately capture and process high volumes of documents across hundreds of industries. July 28, 2020 – Ephesoft, Inc., IRVINE, Calif., IRVINE, Calif., ” Transact Cloud.

Cloud 59
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Top 10 Governance, Risk and Compliance (GRC) Vendors

eSecurity Planet

Governance, risk, and compliance (GRC) software helps businesses manage all of the necessary documentation and processes for ensuring maximum productivity and preparedness. It includes multi-disciplinary risk and compliance management solutions and tools, including: IT & security risk management. IT governance and security.

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Regulatory Update: NAIC Summer 2022 National Meeting

Data Matters

The National Association of Insurance Commissioners (NAIC) held its Summer 2022 National Meeting (Summer Meeting) August 9–13, 2022. The Privacy Working Group has been reviewing state insurance privacy protections regarding the collection, ownership, use, and disclosure of information gathered in connection with insurance transactions.

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FDIC, FRB and OCC Issue Interagency Guidance on Third-Party Relationships

Hunton Privacy

On June 6, 2023, the Federal Deposit Insurance Corporation (“FDIC”), the Board of Governors of the Federal Reserve System (“FRB”) and the Office of the Comptroller of the Currency (“OCC”) issued their final Interagency Guidance on Third-Party Relationships (“Guidance”).

Risk 64
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$10,000,000 civil penalty for disclosing personal data without consent

Data Protection Report

In brief, the company agreed to settle the charges—without admitting or denying the allegations—for a civil payment of $10 million (partly suspended) plus $5 million in civil relief, as part of a 20-year stipulated order. As indicated in the paragraph quoted above, the company collected some very sensitive personal information.