10 Must-Know Insurance Regulatory Updates for 2023
Staying updated with the latest regulatory changes is crucial for insurance professionals. Here are the ten must-know insurance regulatory updates for 2023:
1. National Flood Insurance Program (NFIP) Reauthorization
The NFIP is set to expire in March 202The ongoing debate on how to reauthorize the program will have a significant impact on the property insurance market.
2. Affordable Care Act (ACA) Updates
The ACA continues to evolve with new regulations affecting health insurance. Keep track of changes related to essential benefits, risk adjustment, and reinsurance.
3. Cybersecurity Compliance
Cybersecurity is a growing concern for insurers. Stay updated on new regulations related to data privacy, breach notification requirements, and IT security.
4. Solvency II Implementation
Solvency II, the European Union’s risk-based regulatory framework for insurance, is now in effect. Understand how it affects insurers operating across Europe.
5. General Data Protection Regulation (GDPR)
The GDPR sets new standards for data privacy. Familiarize yourself with the requirements for collecting, storing, and processing personal data.
6. State-Specific Regulations
Insurance regulations vary greatly from state to state. Be aware of new or updated regulations in the states where you operate.
7. NAIC Model Laws and Regulations
The National Association of Insurance Commissioners (NAIC) regularly updates its model laws and regulations. Keep tabs on new developments to prepare for potential state adoptions.
8. Climate Change Impact
Regulators increasingly focus on the impact of climate change on insurers. Familiarize yourself with new regulations related to underwriting, risk assessment, and disclosures.
9. Digital Transformation
The digital transformation of insurance continues to accelerate. Stay updated on new regulations related to e-signatures, digital documents, and data security.
10. Financial Reporting Changes
Regulators may update financial reporting requirements. Stay informed about new regulations to ensure accurate and timely reporting.