2024 Academy Legislative/Regulatory Review

By Ted Gotsch 
Senior Analyst, Content and Publications 

The Academy in 2024 monitored legislative and regulatory issues of interest at the federal and state levels across practice areas, including:   

Casualty Practice Issues 

• The Federal Emergency Management Agency issued a final rule mandating that projects built using its funds consider the future risk of flooding. 
• President Biden signed an executive order authorizing federal action to protect Americans’ personal data from exploitation by international actors. 
• The Department of Housing and Urban Development issued a final rule revising existing regulations in an attempt to improve the resilience of its projects to natural disasters. 

Read more about CPC-related legislative and regulatory issues in the winter, spring, and summer editions of Casualty Quarterly. 

Health Practice Issues 

• The Centers for Medicare & Medicaid Services issued a final rule improving access to care, quality and health outcomes, and better address health equity issues in the Medicaid program. 
• Voters in seven states (Arizona, Colorado, Maryland, Missouri, Montana, Nevada, and New York) approved ballot measures enshrining the right to an abortion into their state constitutions, while three states (Alaska, Missouri, and Nebraska) mandated paid sick leave. 
   
• A new Massachusetts law made reforms to the long-term care industry, strengthening regulations, requiring infection outbreak response plans, and addressing staffing issues with a career ladder and grant program. 

Read more about HPC-related legislative and regulatory issues in the spring, summer, and fall editions of HealthCheck. 

Life Practice Issues 

• Louisiana and Delaware approved laws prohibiting life insurers from discriminating against consumers based on the use of genetic information. 
   
• The Nevada Division of Insurance issued revisions of certain provisions related to recommendations for the purchase of annuity products, including language clarifying that the sellers of an annuity must work in the best interest of the consumer. 
• Rhode Island Gov. Dan McKee signed legislation prohibiting life insurers from discriminating against consumers who have been prescribed an opioid antagonist like Naloxone. 

 
Read more about LPC-related legislative and regulatory issues in the spring and summer/fall editions of Life Perspectives. 

Retirement Practice Issues 

• The IRS issued final rules raising the age at which workers must start taking funds out of their qualified retirement accounts to between 70.5 and 75 years, depending on date of birth. 
• A U.S. Department of Labor issued a final Retirement Security Rule, clarifying how fiduciary obligations under ERISA apply to investment professionals dealing with retirement-related investments. 
• Washington and Rhode Island enacted legislation creating automatic individual savings accounts. 

Read more about RPC-related legislative and regulatory issues in the winter, spring/summer, and fall editions of Retirement Report. 

Risk Management and Financial Reporting 

• Twenty states adopted the National Association of Insurance Commissioners’ model bulletin for use of artificial intelligence systems by insurers, with another four states issuing regulations or guidance on the issue. 
   
• The Consumer Financial Protection Bureau released a final rule requiring banks, credit unions, and other financial service providers to make consumers’ data available upon request to consumers and authorized third parties. 
   
• The Federal Deposit Insurance Corporation (FDIC) issued a final Statement of Policy on Bank Merger Transactions to provide transparency on how the FDIC administers its responsibilities under the Bank Merger Act. 
   

Read more about RMFRC-related legislative and regulatory issues here.