The New York State Department of Financial Services provided temporary relief to consumers and businesses from making premium payments to life insurance companies, property and casualty insurers, and premium finance agencies.
The U.S. District Court for the District of Maryland ruled that an insurance carrier should pay out on coverage it sold to a client whose computer system was damaged by a ransomware attack.
The New York State Department of Financial Services joined the Network for Greening the Financial System, an international coalition of bank supervisors created to "mobiliz[e] the financial industry to address climate change."
The Senate Banking Committee considered testimony on the "serious concern" caused by an International Association of Insurance Supervisors' consultative document on global insurance regulations and supervisory forums.
The CFTC requested comment on a proposal by Chicago Mercantile Exchange, Inc., to create a new category of direct clearing member called a "Direct Funding Participant."
A broker-dealer subsidiary of a life insurance company agreed to pay a $1.75 million fine to settle charges that it had committed supervisory failures in connection with the sale of variable annuities. FINRA found that the subsidiary established a compensation scheme that exacerbated conflicts of interest.
In response to the latest designations of globally systemic important insurers by the Financial Stability Board, American Council of Life Insurers President and CEO Dirk Kempthorne asserted that the "core activities" of the life insurance industry do not pose a systemic risk.
