Insights

Day Pitney Advisory

Bill Goddard will be speaking on a panel, "Future of Insurance and Innovation," at InsuranceConnect 2019, a conference being held at VisionLoft Insurance Services in Indianapolis, IN.

Bill Goddard will be having a one-on-one dialogue with New York Department of Financial Services Special Deputy Superintendent and head of the New York Liquidation Bureau, David Axinn, about current insurance receivership issues in New York and elsewhere at the International Association of Insurance Receivers (IAIR) and Association of Insurance & Reinsurance Run-Off Companies (AIRROC) Joint Issues Forum in New York, NY on Saturday, August 3.

Bill Goddard will be speaking on "Restructuring Mechanisms" at the Eighth Annual Symposium on Insurance Regulation, presented by the Financial Examiners Educational Foundation (FEEF) and held in New York, NY on Friday August 2.

Bill Goddard will moderate a panel, entitled "Liability & Regulatory Issues in Cybersecurity," at the National Organization of Life and Health Insurance Guaranty Associations (NOLHGA) 27th Annual Legal Seminar in Boston, MA.

Bill Goddard was quoted in an article, "In Model Law Draft, HMOs Would Contribute Funds for Long-Term Care Insolvencies," published in S&P Global Market Intelligence.

Eric Fader was quoted in an article, "Unknown Future of ACA Puts Blues Plans In an Uncomfortable Spot Heading Into '17," published in The AIS Report on Blue Cross and Blue Shield Plans. 

Eric Fader was quoted in an article, "Update to Florida law will ban surprise medical bills," in Legal NewsLine. 

Bill Goddard was quoted in an article, "GOP Call to End SIFIS Raises Question of Who Will Mind the Store," in Business Insurance. Goddard commented on how the chairman of the House Financial Services Committee's call to strip the Financial Stability Oversight Council of the ability to designate insurers and others as systemically important financial institutions leaves unanswered the question of how very large insurance groups should be regulated. "Maybe it says we won't regulate certain large insurers as systemically important, but how will we regulate?" Goddard asked. "We have to have some way to look at the entire enterprise, entities that might not have the thorough oversight of state insurance regulation," said Goddard, adding that insurers are "well regulated" by the states.

Bill Goddard was quoted in an article "Fed Looks To Tailor Bank-Focused Capital Rules To Insurers," in Law360. In the article, Goddard discusses the fears of some market participants that the Federal Reserve could impose bank-like regulations on the insurance industry. This would pose a challenge to insurers to change their accounting measures in order to report capital in the way that other companies do. Requiring insurance companies to measure their capital in the way that Governor Tarullo described in a speech on May 20th appears to recognize the differences in financial reporting at insurance companies, as well as the differences in their funding structures, Goddard believes. The Fed is researching using "the building block approach" for non-systemic companies that would allow groups to add up the regulatory capital they maintain at each of their operating units in order to give a picture of their total capital levels.