July 12, 2021
PCI SmartBrief
Top Story
The Principles of Good Insurance Regulation recently adopted by APCIA uphold a regulatory environment that recognizes diverse consumer needs, supports the expansion of private competitive markets, keeps up with market evolution and safeguards market competition amid fast-moving innovation. "Some level of regulation is necessary to protect consumers and insurers, but excessive regulation of price and product can impact affordability, limit availability, and slow the ability of insurers to innovate and meet consumer needs for new products and services," say the principles.
Full Story: Financial Regulation News (7/9) 
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Industry News
States that create permanent presumption laws for infectious diseases would set "an extremely dangerous precedent" for the workers' compensation system, said APCIA's Steve Bennett. These are diseases that employees can contract anywhere and forcing them to be covered by workers' compensation is dangerous, Bennett said.
Full Story: Business Insurance (tiered subscription model) (7/12) 
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The Net-Zero Insurance Alliance, a coalition created by eight major insurance and reinsurance companies, will look to position their insurance portfolios for net-zero greenhouse gas emissions by 2050. The alliance includes AXA, Aviva, Allianz, Generali, Munich Re, SCOR, Swiss Re and Zurich Insurance Group.
Full Story: Reuters (7/11) 
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The Aon and Willis Towers Watson merger has been approved with the condition that the two divest assets to Arthur J. Gallagher. The companies cautioned that hurdles still remain, including US approval of the merger.
Full Story: Reuters (7/9) 
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Awareness is high among owners of units in the 160,000 condominium buildings in the United States and their homeowners associations of the growing financial and safety-related challenges of unplanned repairs. Nine states require reserve studies, while California and two Florida counties mandate structural inspections as buildings age, but multiple areas of uncertainty exist regarding appropriate regulation and financial responsibility.
Full Story: The Washington Post (tiered subscription model) (7/11) 
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Catastrophic Risk
The Beckwourth Complex Fire in Northern California has destroyed approximately 20 homes in Northern California, officials said. The complex, which has forced evacuations, has burned almost 84,000 acres and is 8% contained, added officials.
Full Story: KOVR-TV (West Sacramento, Calif.) (7/11),  KRCR-TV (Redding, Calif.) (7/11) 
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Four writers analyzed data and spoke with numerous experts to break down the processes of ransomware attacks. This explanation has five parts, starting with the hackers and concluding with how the parties deal with the aftermath of attacks.
Full Story: The Washington Post (tiered subscription model) (7/9) 
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Policy and Law
New York has released standards and plans related to infectious disease prevention under the New York Health and Essential Rights Act. Employers may opt to adopt relevant plans created by the state or implement their own plans that meet or surpass minimum requirements.
Full Story: Business Insurance (tiered subscription model) (7/8),  JD Supra/Hogan Lovells (7/8) 
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Treasury Secretary Janet Yellen plans to head a regulatory review of risk that climate change presents to financial stability. The Financial Stability Oversight Council, which Yellen chairs, will analyze the issue, implementing an executive order from President Joe Biden, Yellen says.
Full Story: The Hill (7/11) 
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Hot July brings cooling showers, Apricots, and gillyflowers.
Sara Coleridge,
poet, writer, translator
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