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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
March 30, 2015 8:50 AM | Permalink |
The New York State Department of Financial Services (NYDFS) has expanded its information technology examination procedures to focus more attention on cyber security. read more
March 29, 2015 10:07 AM | Permalink |
Stewart Keir
An ad-hoc group of Surplus Lines interested parties held their semi-annual meeting on March 27, 2015 in Scottsdale, AZ.  read more
March 25, 2015 9:47 AM | Permalink |
Jenna Mintzer
Michael McRaith, the Director of the Federal Insurance Office, has offered useful information regarding the TRIA disclosure notices to supplement the February 6 interim guidance. The interim guidance called for an April 13, 2015 deadline for insurance companies to deliver certain TRIA-related notices to policyholders. read more
Companies looking to establish insurance coverage, especially in situations involving a captive type of arrangement, will, as always, need to focus on the qualification of the coverage as insurance for U.S. federal income tax purposes. read more
March 23, 2015 8:58 AM | Permalink |
Julie Mahaney
On March 20, 2015, Connecticut Governor Dannel P. Malloy announced that Katharine L. Wade will be the new Commissioner of the Connecticut Insurance Department (the “Department”). read more
Effective January 1, 2010, the National Association of Insurance Commissioners (NAIC) adopted the Annual Financial Reporting Model Regulations (Model Audit Rule), which among other requirements, substantially expanded the role of board of director audit committees in the oversight of insurance company financial reporting, auditor qualifications and independence, corporate governance and internal control reporting. read more
March 19, 2015 8:18 AM | Permalink |
Jennifer Donohue
The global stock of insurance linked securities at the end of 2014 was approaching $25.2 billion. Yesterday George Osborne unleashed the giant peach for the United Kingdom in a seemingly measured statement but one full of promises.  read more
March 18, 2015 1:06 PM | Permalink |
Illinois Governor Rauner has named Acting Director Jim Stephens as director of the Department of Insurance on a temporary basis through January 2017. The Governor’s Office will continue the search for a permanent director in the interim.  read more
March 18, 2015 10:50 AM | Permalink |
Jack Messmore
On a March 16 conference call, the NAIC Principle-Based Reserving Implementation (EX) Task Force adopted the 2015 XXX/AXXX Reinsurance Supplement Proposal. The Proposal adds to the Annual Statement a reinsurance exhibit which discloses data regarding reinsurance cessions subject to reserve valuation under Regulations XXX and AXXX.  read more
March 18, 2015 10:24 AM | Permalink |
Stewart Keir
Highlights of the National Conference of Insurance Legislators (NCOIL) Spring Meeting in Charleston, South Carolina,  February 27 to March 1, 2015.  read more
March 11, 2015 3:54 PM | Permalink |
Rachel Coan
On Tuesday, March 10, the Bipartisan Policy Center, which was created in 2007 by former Congressional leaders as a Washington D.C.- based think tank, announced it was launching an insurance task force. The task force would assess the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on insurance regulation. read more
The Federal Insurance Office has made it clear that it considers cyber insurance to play a crucial role in encouraging cyber security of companies as well as providing financial support for companies in the event of a cyber incident. read more
March 11, 2015 11:59 AM | Permalink |
Jenna Mintzer
Recently, the Uniform Law Commission’s Committee to Revise the Uniform Unclaimed Property Act met in Washington and adopted uniform rules drafted by an advisory group. These approved recommendations are consistent with the Model Unclaimed Life Insurance Benefits Act which was adopted by the National Conference of Insurance Legislators last year. read more
March 11, 2015 9:25 AM | Permalink |
Stewart Keir
Comments on the proposed revised guidance to be added to Financial Analysis Handbook related to reviewing form Change In Control Applications (attached) are due close of business today to Dan Daveline, NAIC Staff at DDaveline@naic.org. read more
March 6, 2015 3:37 PM | Permalink |
Benjamin Sykes
South Dakota recently enacted legislation that will allow insurance agents and service contract producers (e.g. motor vehicle dealer) to form captive insurance companies to insure or reinsure the risks placed by or through such agency or service contract producer. read more
March 5, 2015 2:07 PM | Permalink |
Jenna Mintzer
Secretary of the Treasury Jacob (Jack) Lew will preside over an executive session of the Financial Stability Oversight Council (Council) on Wednesday, March 11 at the Treasury Department. read more
March 2, 2015 1:51 PM | Permalink |
On Thursday at the ACI Conference on Insurance Regulation a panel composed of Kermit Brooks, Managing Director and Associate General Counsel, AXA Equitable; Alessandro Iuppa, SVP & Senior Policy Advisor on Global Affairs International Government Affairs, Zurich Insurance Group; Edward J. Kelley, Sr. Vice President and Deputy General Counsel, Transatlantic Reinsurance Company; and Barry Leigh Weissman, Partner, Locke Lord LLP had a lively discussion concerning among other things International Capital Standards, Group Supervision, Systemic Risk and ComFrame.
read more
March 2, 2015 10:05 AM | Permalink |
David Mattax was confirmed as the Texas Insurance Commissioner on February 24, 2015 by the Texas Senate. read more
February 25, 2015 9:46 AM | Permalink |
Thomas Bush
Insurance companies face increased scrutiny from both government antitrust enforcers and the plaintiff antitrust class action bar. With many companies now undertaking a reassessment of their practices for compliance with antitrust laws, antitrust issues are arising with joint underwriting arrangements, such as pools and binding authorities, where a single underwriter prices and accepts risks on common terms for several insurers. read more
Recent efforts by hospitals, physician practice groups and health insurance and managed care companies to lower health care delivery costs and better align their respective interests following the passage of the Affordable Care Act was the focus of a Bloomberg BNA article from Locke Lord LL lawyers Jon Biasetti, Baird Allis and Benjamin Sykes. read more