- The National Association of Insurance Commissioners (NAIC) International Insurance Relations (G) Committee heard from industry representatives regarding U.S. domestic company experience with Solvency II implementation.
- The agenda of the NAIC cybersecurity task force included a cybersecurity legislative update and two presentations on data analysis projects currently underway, but the majority of conversation centered around the recently released update to the Insurance Data Security Model Law.
- At the National Association of Insurance Commissioners (NAIC) Summer 2016 National Meeting, the Statutory Accounting Principles (E) Working Group (SAPWG) adopted several nonsubstantive revisions to statutory accounting and exposed various substantive and nonsubstantive revisions, as well as directed staff to draft issues paper related to certain projects.
- Increasing regulatory compliance costs, decreasing margins, and intensifying competition from both traditional and emerging providers of financial services have spurred M&A activity.
- FASB issued an accounting standard significantly changing how financial institutions report credit losses: ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326).
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