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February 10, 2016 2:29 PM | Permalink |
Lyndsay Montour
On February 9, 2016, Arizona Governor Doug Ducey appointed Leslie Hess as the Interim Director of the Arizona Department of Insurance. Hess has more than 25 years of experience in both public and private sectors of the insurance and financial service industries. read more
February 8, 2016 11:01 AM | Permalink |
On February 7, 2016 during the Plenary meeting of the NAIC, members elected Wisconsin Commissioner Ted Nickel to fill the vacant President-Elect position. read more
February 5, 2016 2:03 PM | Permalink |
Christopher Martin, Jon Gillum
Locke Lord LLP recently represented a national platform client in connection with a unique internal reorganization and simplification of their Texas insurance company subsidiary organizational chart. The principal objective on this engagement was to eliminate a legacy Texas Lloyd’s Plan (“TLP”) entity. read more
February 3, 2016 10:02 AM | Permalink |
The Illinois Department of Insurance recently posted its January 2016 Regulatory Agenda. The Regulatory Agenda contains several proposed changes to holding company regulations. The Insurance Holding Company Systems Article of the Illinois Insurance Code was amended by Public Act 98-609, effective in 2014. read more
February 2, 2016 2:39 PM | Permalink |
Aaron Igdalsky
A bipartisan team of Congresspersons from New York plan to reintroduce legislation that would require disclosure of information about the beneficial owners of LLCs used in real estate transactions. read more
California recently passed state law AB 1131 to establish new electronic process standards for life and annuity insurers. read more
January 29, 2016 8:20 AM | Permalink |
Carey Barney
On January 25 the California Insurance Commissioner issued a press release, and also sent email messages to insurers licensed in California, indicating that he is requesting all insurers doing business in California to refrain from making any new investments, refrain from renewing any existing investments, and to sell or withdraw from existing investments, in any company that generates 30% or more of its revenue from the mining or use of thermal coal. read more
January 29, 2016 7:48 AM | Permalink |
Aaron Igdalsky
A bill recently introduced in the House seeks to expand the authority of Risk Retention Groups (“RRGs”) to write property, and not just commercial casualty, coverage. HR 3794, which was introduced on a bipartisan basis, would permit RRG’s to write property coverage for nonprofits with tax-exempt status, as well as educational and education-related institutions that are non-profits or governmental entities. read more
January 21, 2016 10:27 AM | Permalink |
Stewart Keir
New York Governor Andrew M. Cuomo today nominated Maria T. Vullo to serve as the Superintendent of the New York State Department of Financial Services. Vullo is an experienced senior litigator and manager, with more than 25 years of practice in business litigation and investigations. read more
January 19, 2016 2:21 PM | Permalink |
Brian Maynard, of Louisville, has been appointed as Commissioner of the Kentucky Department of Insurance. read more
January 19, 2016 2:09 PM | Permalink |
On January 12, 2016 it was announced that Elizabeth Kelleher Dwyer was appointed as Rhode Island Department of Business Regulation’s Deputy Director and Superintendent of Insurance and Banking following former Deputy Director and Superintendent of Insurance and Banking, Joseph Torti’s retirement at the end of 2015. read more
January 12, 2016 10:10 AM | Permalink |
Please join BDO USA, LLP, Locke Lord LLP, and Sandler O'Neill + Partners, L.P. for a complimentary breakfast briefing. This event will highlight key considerations in a successful M&A transaction or capital raising transaction in today's economic climate for the insurance industry. read more
January 8, 2016 8:02 AM | Permalink |
Christopher Flanagan
On December 18, 2015, Congress enacted the Protecting Americans from Tax Hikes Act of 2015, making, among other items, several significant changes to the provisions of Internal Revenue Code Section 831(b), which provides generally favorable tax treatment for electing small insurance companies. read more
January 5, 2016 3:41 PM | Permalink |
Kevin M. McCarty has announced that he is resigning as the Florida Insurance Commissioner as of May 2, 2016. read more
December 22, 2015 10:33 AM | Permalink |
Theodore Augustinos
As previously reported here, the NAIC Cybersecurity Task Force proposed a “Cybersecurity Bill of Rights” (the “BOR”), which purported to state consumers’ rights related to information security. read more
December 18, 2015 11:16 AM | Permalink |
Seven members of the Senate Banking Committee sent a letter to President Obama on December 15th requesting an update on when the thirteen nominations for the Board of Directors of the National Association of Registered Agents and Brokers (NARAB) will be announced. read more
December 17, 2015 12:31 PM | Permalink |
Andy Tobin was named the interim superintendent of the Arizona Department of Financial Institutions by Governor Doug Ducey. He replaces Superintendent Lauren Kingry, following his resignation. read more
The Ninth Circuit has overturned a favorable decision for taxpayers in demutualizations, ruling that taxpayers have a zero basis in their membership interests in the former mutual insurance company, and therefore also in the shares of stock received in a demutualization of the company. As a result, all proceeds from a subsequent sale of such shares is taxable as gain. read more
December 11, 2015 8:05 AM | Permalink |
Mark Deptula
A Wisconsin appellate court recently addressed the applicability of a Telephone Consumer Protection Act (TCPA) exclusion to claims of conversion and which policies are triggered in a TCPA class action. First, the court held the TCPA exclusion barred coverage and that the insurer had no duty to defend. read more
December 10, 2015 10:44 AM | Permalink |
Karen Booth, Theodore Augustinos
On December 4, 2015, President Obama signed the Highway Bill, dubbed Fixing America’s Surface Transportation Act (“FAST Act”), into law. Buried in the 490 page transportation law is a significant amendment to the Gramm-Leach-Bliley Act’s (“GLBA”) annual consumer privacy notice requirement. read more
December 8, 2015 1:06 PM | Permalink |
Karen Booth
On December 4, 2015, the Connecticut Insurance Department (the “CID”) issued Bulletin PC-81 banning the practice of price optimization, a pricing method whereby insurers use factors not specifically related to an insured’s expected losses and expenses in pricing coverage. read more
December 1, 2015 8:40 AM | Permalink |
Brian Casey
During the last few years, many states have undertaken aggressive efforts to collect sales tax on amounts paid for service contracts a/k/a extended warranties, which in most states are deemed not to be insurance products. read more
November 30, 2015 10:51 AM | Permalink |
Zachary Lerner
In light of the reauthorization of the Terrorism Risk Insurance Act (“TRIA”) earlier this year, a growing focus within the industry has been on the collection of data on terrorism risk exposure from insurers to help assess company solvency and market trends in light of particular changes to TRIA. read more
November 20, 2015 1:40 PM | Permalink |
Jon Gillum, Christopher Martin
After 24 years of service with the Texas Department of Insurance (TDI), General Counsel Sara Wait will be retiring in December 2015. read more
November 18, 2015 12:42 PM | Permalink |
Stewart Keir
The Excess Line Association of New York (ELANY) has hired James Davis as financial director. Davis is responsible for the financial review and analysis of all eligible listed excess line insurers to verify their financial strength. read more
November 16, 2015 3:05 PM | Permalink |
Theodore Augustinos
Last week, the Department of Financial Services of the State of New York (“DFS”) issued a letter available here, indicating its intention to promulgate cybersecurity regulations that will apply to financial institutions licensed by DFS, including insurance companies, banks, and mortgage brokers. read more
November 13, 2015 1:33 PM | Permalink |
Karen Booth
The Illinois Department of Insurance (“ IL DOI”) has proposed an amendment to Illinois’ insurer record retention requirements, which would significantly reduce reporting, book-keeping and retention obligations. read more
November 11, 2015 8:59 AM | Permalink |
Rebecca Hemmings
On October 26, 2015, three life insurance companies (the “Kemper Companies”) filed a lawsuit against the Illinois State Treasurer (the “Treasurer”) and private auditing firm, Verus Financial LLC, over the Treasurer’s unclaimed property audits of the Kemper Companies. read more
November 5, 2015 9:40 AM | Permalink |
The Massachusetts Office of the Attorney General recently settled another in a series of cases in which a health insurer sold health care policies which did not include coverage for certain benefits that Massachusetts law requires be provided by any group insurance policy. read more
October 29, 2015 10:53 AM | Permalink |
Benjamin Sykes
The Tennessee Department of Commerce and Insurance recently issued a bulletin providing guidance to the Tennessee captive insurance industry on credit for reinsurance obtained by Tennessee captives from unauthorized reinsurers. read more
October 28, 2015 2:03 PM | Permalink |
Christopher Martin, Jon Gillum
Within an environment of increased federal and state regulatory emphasis on health insurance related issues arising due to the passage by the U.S. Congress of the Patient Protection and Affordable Care Act of 2010, the Texas Department of Insurance (“TDI”) has drafted new and potentially transformative rules relating to medical stop-loss insurance policies issued in connection with self-funded employer health benefit plans. read more
October 28, 2015 8:39 AM | Permalink |
Stewart Keir
New York’s Department of Financial Services is once again changing personnel ; Acting Superintendent Anthony Albanese gave notice that he will be leaving the agency. read more
October 28, 2015 8:33 AM | Permalink |
Aaron Igdalsky
A panel of the National Association of Insurance Commissioners (“NAIC”) recently approved a preliminary framework that may pave the way towards eliminating variable annuities captive reinsurance transactions. The framework, which changes parts of the capital and reserve framework that creates incentives to use such captives, is scheduled to be discussed on an NAIC Committee call early next month. read more
October 27, 2015 7:46 AM | Permalink |
Matthew Murphy
The Property Casualty Insurers Association of America reports that it has been informed that the Rhode Island Insurance Superintendent, Joseph Torti, will be leaving the state’s Department of Business Regulation at the end of this year to assume a senior position with an insurer. read more
October 19, 2015 11:41 AM | Permalink |
Theodore Augustinos
Last week, an NAIC task force moved forward in recommending a cybersecurity “bill of rights” that insurance regulators could provide consumers, essentially creating an expectation of notice of a breach “never more than 60 days” after a breach, and the right to one year of free credit monitoring. read more
October 19, 2015 9:29 AM | Permalink |
Julie Mahaney
In its commitment to address risks of Global Systemically Important Insurers (“G-SIIs”) on the global financial system, the International Association of Insurance Supervisors (“IAIS”) recently announced completion of its development of the Higher Loss Absorbency (“HLA”) requirement for G-SIIs. read more
October 19, 2015 8:52 AM | Permalink |
Mark Deptula
An Illinois trial court recently addressed the issue of whether an insurer exhausted its limits of liability in paying nearly $90 million for an insured’s defense and indemnity associated with asbestos bodily injury claims.  read more
October 14, 2015 2:35 PM | Permalink |
The majority of states have now adopted the ORSA Model Law and the first filings are officially due by the end of 2015.  The NAIC has been conducting an ORSA pilot project for the last 3 years and many companies participated.  read more
October 14, 2015 2:32 PM | Permalink |
Zachary Lerner
This month, the NAIC set forth a variety of proposals relating to changes risk-based capital (“RBC”) requirements, as well as treatment of investment affiliates.  In particular, the NAIC seeks to require life insurers to actively disclosure how the use of captives to manage their A-XXX risks would impact the insurer’s RBC.  read more
October 8, 2015 8:36 AM | Permalink |
Carey Barney
On October 6, 2015 California’s Governor Jerry Brown signed into law Senate Bill 575, requiring annual notifications of certain nonforfeiture benefits under long-term care insurance contracts. Under current law, an insurer is required to offer, at the time of application for a long-term care insurance contract, an option to purchase a shortened benefit period nonforfeiture benefit. read more
October 5, 2015 7:47 AM | Permalink |
John Hughes
In Boyle v. Zurich American Insurance Company, 472 Mass. 649 (2015), decided on September 14, 2015, the Massachusetts Supreme Judicial Court (the “SJC”) indicated, to the dismay of the insurance defense bar, that the right to a defense under a liability insurance policy is not merely contractual, but rather tantamount to constitutional, rendering that right virtually impossible to waive. read more
October 5, 2015 7:36 AM | Permalink |
On September 29, 2015, the Bank of England’s Prudential Regulation Authority (“PRA”) issued a report analyzing the impact of climate change on the UK’s insurance sector. The report was based on survey responses from thirty PRA regulated insurance companies, four roundtable discussions with representatives from the insurance industry and discussions with stakeholders knowledgeable about the insurance industry. read more
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