Blog Home
Blog Search
Email the Editor About Our Practice News Events
To view topics related to a specific jurisdiction, please select the appropriate flag:
United States United Kingdom Bermuda Hong Kong European Union
Blog Contacts

September 30, 2015 4:10 PM | Permalink |
Mark Deptula
The U.S. Court of Appeals for the Third Circuit has found that post-award objections to an arbitrator were waived because the party had constructive knowledge of the arbitrator’s insufficient disclosure. read more
September 25, 2015 11:04 AM | Permalink |
Mark Deptula
The Nevada Supreme Court has found that an insurer must provide independent counsel for its insured when a conflict of interest arises between the insurer and the insured, adopting California’s “Cumis Counsel” rule. read more
September 25, 2015 9:04 AM | Permalink |
Matthew Murphy
Rhode Island’s Rhode Island Department of Business Regulation (“DBR”) has joined the growing list of state insurance regulators to issue a bulletin on the practice of price optimization. read more
September 10, 2015 1:08 PM | Permalink |
Aaron Igdalsky
As Congress returns to work this week, a number of issues impacting the insurance and financial services industries are expected to be evaluated. First, on Thursday, September 10, two House subcommitees will hold a hearing about the Department of Labor’s proposed fiduciary rule, which seeks to define who is a fiduciary of an employee benefit plan under ERISA as a result of giving investment advice to a plan or its participants or beneficiaries.  read more
August 27, 2015 9:39 AM | Permalink |
Thomas Smedinghoff
A recent attempt by the Illinois legislature to significantly expand the scope of the Illinois data breach notification legislation was vetoed by Governor Rauner. As passed by the General Assembly, Illinois Senate Bill 1833 would have extended the type of information covered by the state’s breach notification law to include medical, health insurance, biometric, consumer marketing, and geolocation information.  read more
August 26, 2015 10:56 AM | Permalink |
Elizabeth Tosaris
In a recent Bloomberg BNA Privacy & Data Security newsletter article, Locke Lord Partner Elizabeth Tosaris examined the steps insurers could take in order to craft a comprehensive security plan to ensure safety against a cyberattack.  read more
August 24, 2015 9:35 AM | Permalink |
Laura Ferguson
Today, August 24, 2015 in a long-anticipated decision, the Third Circuit has interpreted the enforcement authority of the Federal Trade Commission under the Federal Trade Commission Act to include cyber security deficiencies as “unfair” acts or practices in or affecting commerce.  read more
August 24, 2015 8:34 AM | Permalink |
Darren T. Ellingson has been appointed Acting Director of Insurance by Arizona Governor Douglas A. Ducey.  read more
August 20, 2015 2:24 PM | Permalink |
Aaron Igdalsky
The NAIC’s Accounting Practices and Procedures Task Force chose not to use its planned template for obtaining terrorism risk insurance data at the NAIC Summer National Meetings in Chicago this past weekend. The template was intended to establish a uniform means nationwide for insurers to submit data about the terrorism risk market. read more
August 18, 2015 11:59 AM | Permalink |
Carey Barney
On Monday, August 17, 2015, California Assembly Bill 553 was signed by Governor Jerry Brown, and became immediately effective. AB 553 adopts much of the NAIC’s Model Corporate Governance Annual Disclosure Model Act, along with a number of measures to bring California’s Insurance Holding Company Systems Act into conformity with NAIC holding company act model legislation pertaining to internationally active insurance groups. read more
August 18, 2015 10:47 AM | Permalink |
Alan Meneghetti
The UK's Prudential Regulation Authority (PRA) has, this month, written to insurance companies in the UK to find out more about how they deal with the threat posed by cyber attacks and what mechanisms they have in place to protect client data. read more
August 17, 2015 7:50 AM | Permalink |
Jennifer Donohue
The 13th August 2015 was not just an unlucky number 13 but the date the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) chose to publish the long awaited rules on the Senior Insurers Manager Regime. read more
August 13, 2015 11:20 AM | Permalink |
Theodore Augustinos
A recent report entitled “Promoting UK Cyber Prosperity: Public-Private Cyber-Catastrophe Reinsurance” issued by Long Finance examines the potential effects of cyber-catastrophe events on the economy. read more
August 3, 2015 2:48 PM | Permalink |
Aaron Igdalsky
Governor Cuomo recently signed Assembly Bill 7789, which will expand the scope of activities that insurance brokers may engage in with respect to Group Life and Group A&H insurance sales to multinational clients covering non-US employees. read more
July 27, 2015 11:27 AM | Permalink |
Joshua Broudy
The Connecticut Supreme Court recently overturned a $34.7 million judgment against The Hartford Fire Insurance Company (“Hartford”) in a class action suit filed by over 1000 auto body repair shops alleging unfair trade practices by Hartford for paying the shops well below their hourly rates. read more
July 22, 2015 8:13 AM | Permalink |
John Hughes
In Preferred Mutual Insurance Company v. Vermont Mutual Insurance Company, 87 Mass App Ct. 510 (June 17, 2015), the Massachusetts Appeals Court discussed several interesting insurance coverage issues when it addressed a dispute between a homeowner’s insurer and a CGL insurer. The facts of the case were as follows. read more
July 15, 2015 3:34 PM | Permalink |
Zachary Lerner
Since 2005, banks have continued to provide certain military service members with loans that require payment of interest far beyond the 16% New York state cap under what has become known as the “Fort Drum Loophole.” read more
July 9, 2015 10:25 AM | Permalink |
Aaron Igdalsky
Louisiana’s legislature recently enacted House Bill 259, which cuts the surplus lines tax rate from 5 percent to 4.85 percent. read more
July 8, 2015 10:57 AM | Permalink |
Christopher Flanagan
As discussed in our earlier article on the topic (a copy of which can be accessed here) and our prior entry on this site (which can be accessed here), uncertainty remains over whether the self-procurement tax and regulatory provisions of the Non-admitted and Reinsurance Reform Act, enacted as a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, apply to non-admitted insurance procured from a captive insurance company. read more
July 8, 2015 10:17 AM | Permalink |
On July 7, 2015, Amy L. Parks was appointed as Acting Nevada Insurance Commissioner following Scott J. Kipper’s resignation. read more
July 2, 2015 1:53 PM | Permalink |
John Dearie
We are happy to provide the 2015 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. read more
July 1, 2015 11:36 AM | Permalink |
Aaron Igdalsky
Wisconsin, which was an Associate Member of the Nonadmitted Insurance Multi-State Agreement, Inc. (“NIMA”) until June 30, 2015, announced this week that it will not become a full tax-sharing member of NIMA. read more
July 1, 2015 9:43 AM | Permalink |
Geoffrey Etherington
Since the end of November 2013, the so-called P5 + 1 (the United States and its partners, China, France, the United Kingdom, Germany and Russia) have been negotiating with Iran regarding its nuclear program. read more
June 29, 2015 7:57 AM | Permalink |
Aaron Igdalsky
The International Association of Insurance Supervisors (“IAIS”) recently requested comments from the public as part of its effort to finalize development of the Higher Loss Absorbency (“HLA”) requirement for global systemically important insurers (“G-SIIs”). read more
June 23, 2015 1:17 PM | Permalink |
It was announced today that New Jersey Governor Christie intends to replace Ken Kobylowski who is leaving his position as Commissioner of Banking and Insurance with Richard J. Badolato who will be nominated to the position shortly. read more
This month Texas Governor Greg Abbott has signed two pieces of recent legislation into law which expand Texas’s growing captive insurance market. read more
June 15, 2015 8:39 AM | Permalink |
Stewart Keir
New York Superintendent of Financial Services Benjamin M. Lawsky’s chief of staff will take over leadership of the Department of Financial Services after Lawsky’s departure next week. Mr. Lawsky recently announced that he is leaving the DFS to start his own firm. read more
On May 19, 2015, Governor Abbott signed into law the Texas version of the NAIC’s Own Risk and Solvency Assessment (ORSA), which became effectively immediately and will be codified in Chapter 830 of the Texas Insurance Code. read more
June 1, 2015 5:15 PM | Permalink |
State Senator Dean Cameron has been appointed as the Idaho Director of Insurance as announced today by Governor C.L. Otter. The appointment is effective June 15 and is subject to Senate confirmation next year. read more
June 1, 2015 3:13 PM | Permalink |
Aaron Igdalsky
The NAIC Financial Regulation Standards and Accreditation Committee recently approved revisions that will impact some captives reinsuring XXX/AXXX reserves, variable annuities and long-term care products. read more
June 1, 2015 11:36 AM | Permalink |
It was announced on May 29, 2015 that Anne Melissa Dowling, CFA, will be appointed the Director of the Illinois Department of Insurance (IDOI) by Governor Bruce Rauner. read more
On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a lower court decision and ruled that the IRS could not impose excise tax on certain wholly-foreign retrocessions of insurance. read more
The ruling – On May 8, 2015, the Texas Supreme Court, in Life Partners, Inc., et al. v. Michael Arnold, et al., case number 14-1022, unanimously affirmed two Texas state appellate court decisions and concluded that fractionalized life settlement interests in the death benefits payable under in force, non-variable life insurance policies were securities required to be registered under the Texas Securities Act. read more
May 27, 2015 8:05 AM | Permalink |
Please join us for a complimentary Insurance & Reinsurance seminar on June 9th at our New York office.
read more
May 4, 2015 3:07 PM | Permalink |
Aaron Igdalsky
Last week, Sen. Elizabeth Warren (D- MA) wrote the heads of the 15 companies with the highest 2014 U.S. individual annuity sales expressing concern about whether the rewards and incentives offered by the companies to brokers and dealers create a conflict of interest that may result in inadequate advice or disclosure to consumers, as well as the sale of products that may not meet consumers’ needs. read more
May 4, 2015 2:35 PM | Permalink |
Stewart Keir
New York Superintendent of Financial Services Benjamin Lawsky has brought his criticism of so-called "shadow insurance" (through which life insurers set up reinsurance captives to divert reserves to jurisdictions with less stringent regulatory requirements) to the U.S. Senate Committee on Banking, Housing, and Urban Affairs. read more
The Internal Revenue Service late last week issued proposed regulations addressing what constitutes the “active conduct of an insurance business” for purposes of the passive foreign investment company (“PFIC”) rules. read more
April 24, 2015 9:25 AM | Permalink |
Aaron Igdalsky
Earlier this week, the European Union’s executive body gained key approval to begin negotiations with the United States on a deal aimed at cutting the minimum collateral levels required of foreign reinsurers operating in the US. read more
April 17, 2015 2:56 PM | Permalink |
Theodore Augustinos
On April 16, 2015, the Cybersecurity Task Force of the National Association of Insurance Commissioners adopted 12 principles for effective cybersecurity insurance regulatory guidance. read more
April 14, 2015 4:01 PM | Permalink |
Brian Casey, Benjamin Sykes
On April 9, 2015, the Georgia legislature sent a bill to the governor for his signature that would improve the regulatory environment for captive formation in the state. read more
April 13, 2015 9:50 AM | Permalink |
Aaron Igdalsky
The NAIC’s Cybersecurity Task Force and Property and Casualty Insurance Committee are jointly weighing whether to add a required cybersecurity insurance coverage supplement to the already required Property and Casualty Annual Statement.  read more
In 2013, Texas enacted legislation authorizing captive insurance companies to be domiciled in Texas for the first time, with the first Texas captive becoming licensed on March 17, 2014. read more
April 8, 2015 2:08 PM | Permalink |
Michigan Governor Rick Snyder has named Pat McPharlin as the Director of the state Department of Insurance and Financial services effective May 18th. read more