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    The Morning Risk Report: Banks More Anxious About Managing Risk Entering 2018
    (Published December 2017) Citing results from Wolters Kluwer’s annual Regulatory and Risk Management Indicator survey of 608 financial institutions, the Wall Street Journal reports that the majority of bank and credit union respondents are anxious about their ability to keep up with continuing regulatory compliance pressures in 2018.
    Top Bank Risks in 2018
    (Published December 15, 2017) From regulatory uncertainty to workforce management challenges, risks and their impacts are more interconnected than ever before. In this ABA Banking Journal article, Wolters Kluwer experts Will Newcomer and Barbara Boccia weigh in on the top bank risks in 2018.
    Insurers Advised to Take Immediate Action on NY Cybersecurity Regulation
    (Published March 24,2017) On March 1, 2017, New York State Department of Financial Services (DFS) implemented benchmark regulations governing financial institutions and cybersecurity. Based on the serious nature of cyber security breaches that risk consumers’ personal information as well as insurers’ information technology (IT) systems, most financial service entities doing business in New York, including insurance companies, affiliates and third party service providers, must comply with comprehensive new minimum cyber security standards within a tight time frame. Insurers not doing business in New York are also advised to pay close attention to these regulations as they are likely to have a far-reaching impact beyond the state line.
    Updates on Drones
    (Published July 22, 2016) ISO made a countrywide filing and received approval for various Commercial General Liability and Umbrella endorsements providing drone coverage. In addition, ISO has also developed Inland Marine non-filed classes endorsements for property related exposures. New FAA rule to allow operation for small unmanned Aircraft Systems in the National Airspace System for non-recreational and non-hobby (commercial) purposes.
    Why Two of Europe’s Biggest Banks Can’t Pass the Stress Test
    (Published July 1, 2016) In this American Banker article, Wolters Kluwer expert Will Newcomer provides commentary on why two of Europe’s biggest banks can’t pass the stress testing requirements established by U.S. regulators.
    The Sky is Buzzing: Drones and Insurance
    (Published July 1, 2016) The future is upon us. The sky is alive with all sorts of unmanned aircraft systems (UAS). The unmanned aircraft systems, also known as unmanned aerial vehicles (UAV) or drones, are aircraft without a human operator aboard and that can be remote controlled by an operator on the ground. The Federal Aviation Administration (FAA) estimates that, by 2020, potential annual unit drone sales could reach 4.3 million for recreational use and 2.7 million for commercial use.
    NAIC to Explore Insurers' Use of Big Data in 2016
    (Published February 15, 2016) Big data – the conversion of customer information collected and stored electronically into useful information – is changing how many insurers do business.  While the use of big data can aid insurers’ underwriting, rating, and claim settlement practices, consumers’ rights to privacy and protection must be balanced.  The 2016 NAIC Committee explorations of insurers’ big data use and any resulting recommendations will most likely preview how insurers’ use of big data will be regulated in coming years.
    Financial Institutions in Asia-Pacific behind the curve in global tax reporting
    (Published January 14, 2016) This paper analyzes a recent survey around FATCA and GATCA compliance in Asia-Pacific conducted by Wolters Kluwer in association with the GRC Institute.
    Telehealth Benefits: State Activity Continues
    (Published November 25, 2015) Regulatory changes affecting health insurers often include new or revised mandated benefits, requiring multiple steps by company staff to assess the business impacts and ensure compliant implementation. One such mandated benefit type which has seen significant activity over the past few years is telehealth/telemedicine coverage, with this current legislative year being no exception.
    States Issuing Warnings Against the Use of Price Optimization in Rating
    (Published September 9, 2015) Price optimization seems to be the topic-du-jour for insurance departments. At least 10 jurisdictions have issued bulletins or notices to insurance companies regarding the use of price optimization in rating personal lines policies, and more seem to be coming out every month. In the insurance industry, price optimization, also known as price elasticity of demand, is commonly known as an underwriting practice of using non-risk-related information to set rates for a particular insured.
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