- The final rules for the Basel III international capital accord, which will be phased in between the beginning of this year and 2019, include some relief for community banks. There are also some changes that affect the capital standards and reporting for community banks.
- As one of his first acts in the new year on January 9, 2015, New Jersey Governor Chris Christie signed into law Senate Bill 562 to ensure that any personal information compiled or maintained by a health insurance carrier is adequately encrypted.
- The fourth quarter of 2014 saw considerable activity by both international and US regulators regarding the development of insurance company capital standards.
- 2015 marks the first year that an ORSA Summary Report must be filed with an insurer’s state of regulatory domicile. Some state regulators have already notified companies of the report due date, while other states have not. Regardless, all insurance companies that exceed the $500 million written premium threshold should be preparing the first drafts of their reports.
- Insider threats have long been a concern for banks and other financial institutions and databases. According to a recent news report, Morgan Stanley accused a recently promoted financial analyst of downloading 350,000 records from its wealth management client database and subsequently posting 900 of those records to an internet bulletin board, Pastebin, in exchange for an obscure internet currency.
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