Commissioner to Honor Fire Chief Curt Deaton
The North Carolina Department of Insurance announced that Commissioner Mike Causey will present the Commissioner's Award to Mooresville Fire Chief Curt Deaton on Friday, March 27, 2026, during his retirement celebration. Chief Deaton is being honored for his three decades of service to Mooresville and leadership within state firefighter associations.
IVASS Warns of Counterfeit Länsförsäkringar AB Surety Bond Draft
IVASS has issued a warning regarding a counterfeit surety bond draft circulating under the name of Länsförsäkringar AB. The Swedish insurer has disavowed the document and stated that specific email addresses associated with it are false. IVASS advises consumers to exercise caution and verify the authorization of insurance providers and intermediaries.
Bank of England Amends MREL Reporting Templates
The Bank of England's Prudential Regulation Authority (PRA) has issued a policy statement finalizing amendments to MREL reporting templates for UK banks, building societies, and designated investment firms. These changes, which include amendments to MRL001 and MRL003 templates and the deletion of the MRL002 template, aim to reduce the reporting burden on firms.
PRA Expectations for Bank Recovery Plans
The Bank of England's Prudential Regulation Authority (PRA) has updated its Supervisory Statement (SS) 9/17 on recovery planning for UK banks and other designated firms. The update, effective April 1, 2026, reflects current expectations and incorporates amendments from a related policy statement on recovery plan review frequency.
Bank of England Policy Statement on Disclosure, Resolvability Resources, Capital Distribution
The Bank of England's Prudential Regulation Authority has issued a policy statement finalising proposals for Pillar 3 disclosures. This aims to provide clearer and more consistent information on firms' resolvability resources, capital distribution constraints, and the applicable disclosure regime, enhancing market discipline and confidence in orderly resolution.
PRA Policy Statement on Resolution Assessment Threshold and Recovery Plans
The Bank of England's Prudential Regulation Authority (PRA) has issued a policy statement finalizing amendments to its resolution and recovery frameworks. The changes raise the retail deposit threshold for the Resolution Assessment to £100 billion and reduce the recovery plan review frequency for Small Domestic Deposit Takers to every two years.
NAIC Modernizes Market Conduct Regulation for AI and New Models
The NAIC has established a new Working Group to modernize market conduct regulation, focusing on the impact of artificial intelligence and new distribution models. This initiative aims to ensure the regulatory framework remains effective in protecting policyholders while adapting to technological advancements in the insurance industry.
Delaware DOI Clarifies Step Therapy Exceptions for Insurers
The Delaware Department of Insurance issued Bulletin No. 165 to clarify the interpretation of step therapy exception processes for health insurers. The bulletin specifies that the statutory exclusion for requiring patients to try AB-rated generic equivalents does not apply to biologics and their biosimilars, as they are not branded prescription drugs and lack generic equivalents.
EIOPA White Paper: Earth Observation for Flood Risk Management
EIOPA and EUSPA have published a white paper detailing how Earth Observation data from the Copernicus programme can enhance flood assessment and risk management for insurers. The paper advocates for integrating this data into insurers' risk assessment practices and supervisory processes to improve disaster preparedness.