Day 1 - Thursday, February 26, 2015

7:15
Registration and Continental Breakfast
7:55
Co-Chairs’ Welcome Remarks
8:00
State Insurance Regulator Insights on Priorities for 2015, Trends in State Regulation, Dodd-Frank Impact on States & More: Ensure Your Compliance Programs Are in Line With Upcoming Changes
11:25
2015 Update on Enterprise Risk Management, ORSA and NAIC Corporate Governance Requirements
12:25
Principle-Based Reserves and Captives – The Controversy Continues: The Latest Developments in Principle-Based Reserving and Bridging the Gap in State Regulation of Insurance Company-Owned Captives
1:25
Networking Luncheon for Speakers and Delegates
2:20
Spotlight on Emerging Developments in Cyber Security, Cyber Governance and Cyber Insurance
3:05
Going Global with Insurance Capital Standards – and The Latest on Group Supervision, Systemic Risk and ComFrame
4:00
Afternoon Break
4:05
Industry Response to Recent Heightened Federal Involvement in Regulation and Supervision of Insurance
5:00
Solvency II’s Implications for U.S. Based Insurers, and an Update on International Standards for Insurance Accounting and Financial Reporting
5:55
Insurance Industry “Hot Topics” 2015: Commercial Ride/Car-Sharing, Post-Catastrophe Insurance and Best Practices, and the Future of Terrorism Risk Coverage
6:45
Conference Adjourns

Day 2 - Friday, February 27, 2015

7:30
Registration and Continental Breakfast
8:00
The Present and Future of Reinsurance Regulatory Modernization: Surplus Lines Regulation After the NRRA, the Latest on Credit for Reinsurance Standards and the Emergence of Reduced Collateral Requirements
9:10
OFAC Compliance Update: Keeping in Line with Heightened Regulation and Avoiding Costly Economic Sanctions
10:10
Recent Trends in Insurance-Linked Securities and Other Alternative Risk Transfer Vehicles
11:00
Morning Coffee Break
11:10
Update on Proposed Regulation of Private Equity Investment in Insurance Companies
12:00
Regulatory Implications of Insurer Use of Social Media, and the Latest on Electronic Insurance Transactions
1:00
Overcoming Compliance Hurdles Associated with Multi-State Commercial Policies and Issuing Policies Across Borders Globally
1:45
Conference Ends

Day 1 - Thursday, February 26, 2015

7:15
Registration and Continental Breakfast
7:55
Co-Chairs’ Welcome Remarks

Fred E. Karlinsky
Co-Chair, Insurance Regulatory and Transactions Practice Group
Greenberg Traurig LLP

Amy Bach
Executive Director
United Policyholders

8:00
State Insurance Regulator Insights on Priorities for 2015, Trends in State Regulation, Dodd-Frank Impact on States & More: Ensure Your Compliance Programs Are in Line With Upcoming Changes

PANEL 1: 8:00 – 9:40 a.m. (Break 9:40 – 9:45)

Senator Ben Nelson
CEO
NAIC

John Doak
Commissioner
Oklahoma Insurance Department

Kenneth E. Kobylowski
Commissioner
NJ Dept. of Banking & Insurance

Wayne Goodwin
Insurance Commissioner
North Carolina Department of Insurance

Leslie Krier AIE, FLMI, ACS
Market Conduct Oversight Manager
Office of Insurance Commissioner, State of Washington

Angela L. Nelson
Director, Division Market Regulation and Chief Industry Liaison
Missouri Department of Insurance, Financial Institutions & Professional Registration

Eric A. Cioppa
Superintendent
Maine Bureau of Insurance

Christopher M. Joyce
Deputy General Counsel
Massachusetts Division of Insurance

PANEL 1 MODERATOR:

Robert E. Wagner
Partner
Hinshaw & Culbertson LLP

Panel 2: 9:45 – 11:25 a.m.

Robert H. Easton
Executive Deputy Superintendent, Insurance Division
New York Department of Financial Services

Robert A. Whitney
Former Deputy Commissioner and General Counsel
Massachusetts Division of Insurance

Barbara Richardson
Director
New Hampshire Insurance Department

Dr. Marcelo Ramella
Deputy Director, Financial Stability Department
Bermuda Monetary Authority

Elizabeth Kelleher Dwyer
Superintendent of Banking and Insurance
State of Rhode Island

Paul Hanson
Chief Examiner
Minnesota Department of Commerce

James A. Mills
Chief of Staff, Director of Captive Insurance
Oklahoma Insurance Department

Robert Alan Wake
General Counsel
Maine Bureau of Insurance

PANEL 2 MODERATOR:

Fred E. Karlinsky
Co-Chair, Insurance Regulatory and Transactions Practice Group
Greenberg Traurig LLP

11:25
2015 Update on Enterprise Risk Management, ORSA and NAIC Corporate Governance Requirements

Randi Reichel
Vice President, National Regulatory Affairs
UnitedHealth Group

Adam E. Kerns
Assistant General Counsel
American Insurance Association (AIA)

Wayne Mehlman
Senior Counsel, Insurance Regulation
American Counsel of Life Insurers (ACLI)

Bonnie Guth
Assistant General Counsel
Munich Reinsurance America, Inc.

Daniel A. Cotter
Partner
Butler Rubin Saltarelli & Boyd LLP

  • Status update on Enterprise Risk Management (ERM) and Enterprise Risk Reporting requirements
    • What has been happening over the last year?
    • Considerations for insurers in building out their ERM system – what does a strong ERM process look like?
    • Filing of Form “M” – when and where to file and pitfalls to avoid
  • The latest developments, themes and challenges being seen by the industry as the NAIC’s Own Risk and Solvency Assessment (ORSA) comes online in January 2015
    • What is required of insurers under ORSA?
    • Have the states been implementing ORSA requirements?
    • What are the latest concerns relating to the ORSA and filing of the ORSA Summary Report?
    • Practical tips and pitfalls to avoid
    • Obtaining a waiver from ORSA requirements
  • Gearing up for the NAIC’s “Corporate Governance Annual Filing Model Act,” targeted for 2016
    • Ensuring compliance with the requirements/standards set forth by the NAIC’s Model Law
    • Key items required to be described within the corporate governance disclosure
    • Addressing potential redundancies in the ORSA and Corporate Governance filing requirements
    • Prepare for upcoming corporate governance initiatives on the horizon

12:25
Principle-Based Reserves and Captives – The Controversy Continues: The Latest Developments in Principle-Based Reserving and Bridging the Gap in State Regulation of Insurance Company-Owned Captives

Bryan R. Newcombe
Vice President, Secretary and General Counsel
Legal & General America, Inc. Banner Life Insurance Company William Penn Life Insurance Company of New York

Michael P. McTigue
Assistant General Counsel
AIG

Cynthia J. Borrelli

Bressler Amery & Ross P.C.

  • Increased regulatory focus on the use of captive companies in life insurance and captive-based financing transactions
  • Examining the latest strides taken towards a permanent fix for the regulation of captives
  • The latest compliant structures and arrangements and determining what is and isn’t “shadow insurance” / “shadow banking” – is it the captive or the collateral?
  • The controversy over individual state adoption of the NAIC’s Principle-Based Reserving methodology; and taking a look at rival state systems for calculating reserves for certain types of life business
  • Analyzing the recommendations made by the Rector Report on reforming reserve financing transactions – what has been the industry response? What are the potential implications?
  • Recent activity taken by NAIC Task Forces, and what is on the horizon?

1:25
Networking Luncheon for Speakers and Delegates
2:20
Spotlight on Emerging Developments in Cyber Security, Cyber Governance and Cyber Insurance

Mary Jane Wilson-Bilik
Partner
Sutherland Asbill & Brennan LLP

Harry A. Valetk
Of Counsel
Baker & McKenzie LLP

Lee Routledge
SVP Claims & Litigation — The Americas
SCOR Re

  • Assessing the escalating problem of costly data breaches for companies today
  • Eliminating cyber risk for your company through available security measures
  • Improving your company’s cyber security procedures and detection/incident response plans of action
  • Benefits of cyber insurance and an examination of the growing cyber insurance market
  • Heightened regulatory enforcement and oversight activities
    – what are the latest proposed legislative solutions? What are the latest regulations saying regarding notification and remediation obligations?
  • Advantages of cyber insurance over governmental regulation as a means for improving cyber-security
  • Problems and challenges faced by the cyber insurance market
  • Is a traditional Commercial General Liability policy likely to cover expenses related to a cyber-attack and breaches on a company’s data?
  • A comparison of some coverage provisions specific to cyber insurance: event management, network interruption and third-party damages
  • The pros and cons of steering corporate clients toward stand-alone cyber policies
  • Considerations when negotiating cyber coverage and tips for navigating the process
  • Considerations in setting policy premiums

3:05
Going Global with Insurance Capital Standards – and The Latest on Group Supervision, Systemic Risk and ComFrame

Edward J. Kelley
Senior Vice President – Deputy General Counsel Regulatory and Government Affairs
Transatlantic Reinsurance Company

Kermitt Brooks
Managing Director, Associate General Counsel
AXA Equitable

Alessandro Iuppa
SVP & Senior Policy Advisor on Global Affairs, International Government Affairs
Zurich Insurance Group

Barry Leigh Weissman
Shareholder
Carlton Fields Jorden Burt

  • Examining the recent proposals being advanced by global insurance regulators in efforts to: (i) create safeguards against systemic risk/facilitate global financial stability and (ii) establish a globally consistent supervisory framework?
  • The latest strides in developing a global capital standard given legal and regulatory differences around the globe
  • How is the development of new global capital standards expected to prevent financial instability and enhance global supervision of the insurance industry?
  • What are the opposing views – do we need them?
  • Examining the ComFrame project and its impact on the supervision of Internationally Active Insurance Groups (IAIGs)
  • What types of entities qualify as “Internationally Active Insurance Groups” (IAIGs)?
  • The latest strides taken by the IAIS in advancing a risk-based global “Insurance Capital Standard” (ICS) for the IAIGs as part of ComFrame
  • What types of entities qualify as “Global Systemically Important Insurers” (G-SIIs)?
  • What is the status of the IAIS’s “Basic Capital Requirements” (BCR) which is to be implemented by G-SIIs at the end of 2014
  • Should insurers be operating under the assumption that these two international capital standards (BCR and ICS) will be harmonized in the next 5 years? How should companies be operating/preparing in the meantime?
  • The latest proposed changes to the Model Insurance Holding Company Act and what they mean for national and international group insurance supervision

4:00
Afternoon Break
4:05
Industry Response to Recent Heightened Federal Involvement in Regulation and Supervision of Insurance

L. Charles Landgraf
Partner
Arnold & Porter LLP (Washington, DC)

David Snyder
Vice President, International Policy
Property Casualty Insurers Association of America (PCI)

Leah Campbell
Partner
Willkie Farr & Gallagher LLP

  • Tracking the latest activities of the Federal Reserve Board of Governors (FRB); the Financial Stability Oversight Council (FSOC); and the Federal Insurance Office (FIO)
  • How might the activities of these three agencies potentially alter the landscape of insurance regulation in the US – what is the industry response?
  • The battle between the federal government and individual states over whose authority trumps in the insurance industry sandbox
  • How are the fed and state coordinating with the NAIC?
  • Examining the latest FSOC activity in designating non-bank Systemically Important Financial Institutions (SIFIs)
  • What are the standards/criteria being applied to determine if a company is a SIFI?
  • If designated as a SIFI, what “enhanced standards” will these companies be subjected to by the FRB? What will the financial solvency requirements entail?
  • Does the FSOC indicate what actions would need to be taken to end a SIFI designation?
  • How will the “enhanced standards” required of designated SIFIs impact the US insurance market?
  • Examining the latest tensions between state regulators and the FIO
  • Industry response to recent FIO recommendations on how to modernize the existing regulatory system for insurers
  • The latest strides taken by the FIO in negotiating “covered agreements” between the US and foreign governments (granting third-party insurance firms equivalent status with domestic insurers under US law) – what has been the response to the FIO’s involvement in this area?

5:00
Solvency II’s Implications for U.S. Based Insurers, and an Update on International Standards for Insurance Accounting and Financial Reporting

Calvin J. McNulty
CEO
McNulty-Re Group

Amine Belahbib
Senior VP – Middle East/North Africa (MENA Region)
McNulty Re Group

Stephen Broadie
Vice President, Financial Policy
Property Casualty Insurers Association of America (PCI)

William F. Costigan
Partner
Costigan Law

  • Assessing the challenges and benefits of Europe’s Solvency II regime; as well as the impacts of Solvency II on the present and future regulation of internationally active insurance companies
  • Taking a comparative look at Solvency II, IAIS solvency standards and other related regulatory developments – what are the common central themes? What are the distinctions?
  • What challenges are being faced by US insurers due to the lack of harmonization of insurance regulation across jurisdictions?
  • How should insurance companies best address these challenges as we approach the formal implementation of Solvency II in January 2016?
  • What is the current status of the U.S./EU Mutual Regulatory Understanding Project?
  • What is the process for assessing equivalence of third countries under Solvency II?
  • What is on the horizon for internationally active insurance companies in 2016?
  • The latest US efforts towards convergence of international accounting and reporting standards
  • Examining the future of statutory accounting and the influence of IFRS
  • The latest COSO developments as they relate to internal controls for financial reporting

5:55
Insurance Industry “Hot Topics” 2015: Commercial Ride/Car-Sharing, Post-Catastrophe Insurance and Best Practices, and the Future of Terrorism Risk Coverage

Amy Bach
Executive Director
United Policyholders

Thomas Santos
Vice President, Federal Affairs
American Insurance Association

Ursula Kerrigan
SVP & General Counsel – U.S. Insurance
XL Insurance

Commercial Ride/Car-Sharing

  • Examining the recent rise in insurance and policy issues relating to the commercial ride-sharing and car sharing industries
  • What challenges do these emerging industries face, and what ambiguities exist around the insurance coverage provided through these programs?
  • How much insurance and what kind of coverage should these new transportation services carry?
  • What is the latest legislative movement on this issue amongst the states?
  • What is the industry response?

Post-Catastrophe Insurance and Best Practices

  • The latest activities and recommendations of the NAIC Catastrophe Insurance Working Group
  • The strides the NAIC is taking to develop a model law, regulation and/or guideline to standardize insurer premium collection procedures, underwriting limitations, claimshandling processes and claims data reporting requirements that a state could adopt in advance of a catastrophe and activate after a catastrophe
  • State, regional and national programs to increase capacity for insurance and reinsurance related to catastrophe perils
  • Post-Catastrophe Salvage Solutions – best practices for reducing property and auto claims costs

TRIA – The Future of Terrorism Risk Coverage

  • Assessing the present and future state of terrorism coverage given the recent renewal/non-renewal of the federal Terrorism Risk Insurance Act of 2002 (“TRIA”)
  • Status update on NARAB II

6:45
Conference Adjourns

Day 2 - Friday, February 27, 2015

7:30
Registration and Continental Breakfast
8:00
The Present and Future of Reinsurance Regulatory Modernization: Surplus Lines Regulation After the NRRA, the Latest on Credit for Reinsurance Standards and the Emergence of Reduced Collateral Requirements

Lawrence Mirel

Nelson Brown & Co.

Laurie LaPalme
Partner
Cassels Brock & Blackwell LLP

Myra E. Lobel
Managing Director
Guy Carpenter & Company‚ LLC

David L. Schonbrun
Head of Legal
Hiscox USA

  • What strides have been taken by the NAIC to preserve and improve state-based regulation of reinsurance? What have the implications been?
  • How has the NAIC been working with some of the states to liberalize reinsurance collateral requirements?
  • What revisions were adopted to the NAIC credit for reinsurance statutes and regulations, and what implications have these revisions had on reducing reinsurance collateral requirements for non-US licensed reinsurers in qualified jurisdictions?
  • What do the revised credit for reinsurance standards require with regard to notification of reinsurance concentration risk? When is a state/insurer required to comply with these notification provisions?
  • What states have adopted reduced reinsurance collateral provisions? What are the implications of adopting such provisions?
  • What is the NAIC’s process for evaluating non-U.S. jurisdictions and determining whether they should be approved as “Qualified Jurisdictions?”
  • What jurisdictions has the NAIC granted preliminary approval to?
  • Will reciprocity be granted by other jurisdictions to companies once they are certified by one state?
  • How is the reinsurance market impacted in these states?
  • How quickly are other jurisdictions looking to become approved as qualified jurisdictions?
  • How quickly are additional states adopting the new reduced collateral provisions?
  • What is the latest on the US/FIO’s pursuit of a covered agreement for reinsurance collateral requirements?
  • What is on the horizon for 2015 – 2016?
  • An assessment of surplus lines regulation after the Nonadmitted and Reinsurance Reform Act (NRRA) – what are the key areas of regulation that surplus lines insurers need to be aware of?

9:10
OFAC Compliance Update: Keeping in Line with Heightened Regulation and Avoiding Costly Economic Sanctions

Brent Kessler
Assistant Vice President Assistant General Counsel & Compliance Manager
SCOR

Phillip Carson
Associate General Counsel & Director of Regulatory Policy
American Insurance Association (AIA)

Michael Koblenz
Partner
Mound, Cotton, Wollan & Greengrass

  • What insurance and reinsurance companies must do to avoid sanctions and ensure compliance with OFAC requirements
  • Developing and implementing best practices to avoid engaging in sanctionable activity
  • How to implement 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

10:10
Recent Trends in Insurance-Linked Securities and Other Alternative Risk Transfer Vehicles

Jeffrey L. Kingsley
Partner
Goldberg Segalla

Roland C. Goss
Managing Shareholder
Carlton Fields Jorden Burt, P.A.

  • Examining the recent trend of brokers and capital market investors looking for ways to transfer new forms of risk through capital markets
  • What is this trend saying about the recent convergence between the insurance industry and the capital markets?
  • What is the appeal of transferring risk through insurancelinked securities (ILS)?
  • What are the potential cons?
  • Taking a look at the latest on:
    • Cat Bonds
    • Sidecars
    • Life insurance securitization

11:00
Morning Coffee Break
11:10
Update on Proposed Regulation of Private Equity Investment in Insurance Companies

Cheryl Bunevich

Sullivan & Cromwell LLP

Fred E. Karlinsky
Co-Chair, Insurance Regulatory and Transactions Practice Group
Greenberg Traurig LLP

  • Examining the recent rise in private equity firm participation in M&A activity in the insurance sector
  • Why are private equity firms interested in investing in the life and annuity insurance sector, particularly in fixed annuities?
  • What has been the states’ response to this?
  • Which states have joined New York in voicing concerns over the sale of insurers to private equity firms? What are the specific concerns?
  • What regulatory action have the states taken to address these concerns?
  • What action is the NAIC “Private Equity Issues Working Group” taking with regard to this issue?
  • What can we expect from the NAIC in terms of guidance on this?

12:00
Regulatory Implications of Insurer Use of Social Media, and the Latest on Electronic Insurance Transactions

Lance Albright
Vice President Claims Relationship Management
QBE North America

Lisa Brown
Sr. Counsel & Director, Compliance Resources
American Insurance Association (AIA)

Jane L. Cline

Spilman Thomas & Battle, PLLC

  • Understanding your individual state’s laws regarding insurer use of social media
  • When is an insurer’s use of social media subject to state marketing and advertising regulations?
  • Understanding your state’s licensing laws and when/how they are applicable to insurer social media activity
  • How are insurance companies and producers most commonly using social media in their business?
  • Identifying regulatory and compliance issues that might arise through the use of social media in insurance; effectively addressing and resolving such issues
  • How are states currently addressing social media use and compliance issues within the insurance industry?
    • Market conduct examinations
    • Consumer complaint process
  • What are the most recent steps/actions being taken by the NAIC Social Media Working Group?
  • Understanding the distinction between “static” versus “interactive” social media content; how to comply with the different regulations governing each type
  • When can insurers be found responsible for interactive communications or third-party content?
  • Assessing insurer liability under the “entanglement theory” and “adoption theory”
  • When can an insurer be found responsible for social media communications of appointed producers?
  • How to effectively supervise and monitor the social media communications of appointed producers
  • Implementing the right social media policies, procedures and controls; effectively communicating and training on such policies
  • Determining what type of social media training is necessary based on the insurers particular distribution channels and business models
  • Ensuring that insurer/producer social media communications comply with state record retention regulations
  • Determining whether a particular technology vendor’s system complies with state record keeping laws
  • The latest developments and legislation applicable to:
    • Electronic Posting of Insurance Policies
    • Electronic Delivery of Insurance Information
    • Electronic Proof of Insurance
    • Electronic Signatures

1:00
Overcoming Compliance Hurdles Associated with Multi-State Commercial Policies and Issuing Policies Across Borders Globally

Stephen W. Schwab
Partner
DLA Piper

Lisa Brown
Sr. Counsel & Director, Compliance Resources
American Insurance Association (AIA)

  • Navigating the various compliance challenges that arise when issuing a commercial policy on one form that applies across more than one state
  • Overcoming the hurdles created by the lack of uniformity in state law technicalities
  • When issuing a multi-state policy, what are the requirements for rating, form attachment, filing of notices, endorsements, etc.?
  • What state law is applied if you have to cancel or non-renew the policy, or issue a conditional renewal notice?
  • What are the biggest pitfalls to avoid when issuing multistate polices?
  • Tips, strategies and best practices for ensuring compliance in the face of varying state law requirements

1:45
Conference Ends