For the insurance industry, 2021 was the "year that wasn't" for legislation and regulation, with many bills affecting the industry introduced but few signed into law.
While state lawmakers rushed to introduce bills addressing climate impact and experts predicted the enactment of the Pandemic Risk Insurance Act at the federal level, almost none of the legislation presented made it out of committee, let alone proceeded to a vote on the House, Senate or Assembly floor. However, a few states — California, Florida, Montana and Oregon — did pass laws that will benefit policyholders, and the National Association of Insurance Commissioners adopted a long-awaited update to its century-old anti-rebating law.
At the federal level, industry experts predicted PRIA would see debate and movement in Congress, but the inability of policyholders and carriers to find a middle ground on PRIA was the big sticking point, said Leslie Thorne, partner in the New York office of Haynes and Boone.
"Obviously, trade organizations on both sides were out in force trying to get their perspectives out there," she said. "I think a lot of it comes down to how divided [carrier and policyholder] groups are."
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