Law360 featured Austin Partner Kim Yelkin, chair of Gardere's Insurance Regulatory Practice, in the article "Insurance Regulation And Legislation To Watch In 2013." An excerpt can be viewed below.
Insurance Regulation And Legislation To Watch In 2013
While insurers will keep a sharp eye on how federal regulators implement Dodd-Frank rules in 2013, they will also fight for a reauthorization of a federal backstop for terrorism insurance and closely watch policy proposals for tackling catastrophes in the wake of Hurricane Sandy.
The Fed has already proposed rules based on the Basel III bank capital standards. Those rules could be applied to depository institution holding companies with insurer affiliates or to nonbank SIFIs.
But the insurance industry — as well as Kevin McCarty, the NAIC's president — have urged regulators not to impose bank-centric regulations on insurers.
Kimberly Yelkin, head of government affairs practice group at Gardere Wynne Sewell LLP, said the insurance industry will try to lobby Congress to amend the massive U.S. financial system overhaul to make it clear that these Dodd-Frank provisions were not geared toward insurers.
"You will see most of the attention of the insurance industry focused on the implementation of these rules and possibly going back and trying to amend Dodd-Frank," Yelkin said. "They would have support."