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
Topics
Blog Contacts
401-276-6497

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
February 18, 2015 3:31 PM | Permalink |
Carey Barney
The California Department of Insurance issued a bulletin on February 18, 2015 advising insurers that they may not use “price optimization” as a rating factor in California. read more
February 18, 2015 11:22 AM | Permalink |
Stewart Keir
The NAIC’s Private Equity Issues Working Group has exposed for comment the attached, proposed revised guidance to be added to Financial Analysis Handbook related to reviewing Change In Control Applications . read more
February 16, 2015 8:50 AM | Permalink |
Jenna Mintzer
Federal Insurance Office (FIO) Director Michael McRaith announced during the Federal Advisory Committee on Insurance (FACI) meeting last week that the FACI is expected to issue its recommendations on retirement security, capital standards, and cybersecurity by the next FACI meeting in May. read more
February 13, 2015 11:02 AM | Permalink |
Theodore Augustinos, Karen Booth
As further analyzed in our QuickStudy, available here, New Jersey has enacted a new law (P.L. 2014, c. 88, codified at N.J. Stat. Ann. §§ 56:8-196 - 56:8-198) effective August 1, 2015, requiring health insurance carriers authorized to issue health benefits plans in New Jersey to encrypt personal information that they store electronically. read more
February 11, 2015 1:07 PM | Permalink |
Jenna Mintzer
On February 9, Connecticut Governor Dannel Malloy wrote a letter to U.S. Department of the Treasury Secretary Jacob Lew and U.S. Trade Representative Ambassador Michael Froman expressing his concern over their departments’ consideration of preempting state insurance regulation by potentially negotiating a “covered agreement” with foreign authorities. read more
February 10, 2015 3:33 PM | Permalink |
Laura Bange
In a recent decision, a Massachusetts trial court addressed whether an insurer could recoup previously-paid indemnity and defense costs from its insured. Finding that the insured had not obtained the payments as a result of fraud or bad faith, and that the insurer had failed to cite policy language permitting reimbursement or show that the insured had entered into an express agreement regarding the insurer’s right to seek reimbursement, the court rejected the insurer’s request for reimbursement. read more
February 9, 2015 2:57 PM | Permalink |
Benjamin Sykes
During a special meeting of the National Association of Insurance Commissioners (NAIC) on February 8, members elected Missouri Insurance Director John M. Huff to the office of NAIC President-Elect. read more
February 6, 2015 9:23 AM | Permalink |
Locke Lord Edwards' latest Healthcare Update discusses that CMS proposes to update the EHR Incentive Program; that HHS announced timeline for medicare payment reform; that OIG issued favorable advisory opinion regarding patient assistance program; and the HIPAA settlement following breach caused by malware. read more
February 6, 2015 9:12 AM | Permalink |
Tara Robertson
On Wednesday, the Financial Stability Oversight Council (FSOC) announced that it had changed its non-bank review process. read more
February 6, 2015 8:59 AM | Permalink |
John Dearie
Earlier this week, the U.S. Department of Treasury Federal Insurance Office released Interim Guidance on implementation of the Terrorism Risk Insurance Program Reauthorization Act of 2015, which was signed into law last month after the prior program had expired on January 1. read more
February 4, 2015 5:22 PM | Permalink |
Treasury Secretary Jacob (Jack) Lew presided over an executive session of the Financial Stability Oversight Council (Council) on Wednesday, February 4.  read more
February 3, 2015 11:30 AM | Permalink |
Kirk Van Brunt
President Obama’s fiscal year 2016 budget once again contains a revenue proposal to tax certain reinsurance transactions between U.S. insurers and foreign reinsurers. The proposal would apply to a U.S. ceding company that reinsures property/casualty risks with an affiliated foreign reinsurer.  read more
January 29, 2015 12:01 PM | Permalink |
Jenna Mintzer
Since the Terrorism Risk Insurance Program Reauthorization Act was signed into law by President Obama on January 12, many have been waiting on guidance from the U.S. Treasury Department regarding implementation of the new program. read more
January 27, 2015 6:54 PM | Permalink |
Benjamin Sykes
The Illinois Department of Insurance recently published proposed regulations impacting insurance producer licensing in Illinois.  While largely technical in nature, the proposed rules do require an individual to spend at least 51% of their time in Illinois to be considered a “resident” producer.  read more
January 23, 2015 11:21 AM | Permalink |
Last week, the Appellate Division (First Department) of the New York State Supreme Court issued its latest ruling in the matter of JP Morgan Securities, Inc. v. Vigilant Insurance Company. read more
January 21, 2015 5:02 PM | Permalink |
Theodore Augustinos
The NY State Department of Financial Services has announced new IT examination procedures for banks chartered or licensed in NYS to focus on cyber security. read more
January 21, 2015 2:44 PM | Permalink |
Jenna Mintzer
Florida Insurance Commissioner Kevin McCarty has been selected by the NAIC as the new chair of the NAIC’s International Insurance Relations Committee. McCarty has been very involved and outspoken on international insurance issues for several years on behalf of the U.S. insurance industry. read more
January 15, 2015 10:16 AM | Permalink |
Anthony Sherman
Anthony B. Sherman, partner in our Chicago office, discusses how Congress has put in place a mechanism to streamline nonresident licensing for insurance producers. The National Association of Registered Agents and Brokers Reform Act of 2015 was included in the federal legislation reauthorizing TRIA, the ‘‘Terrorism Risk Insurance Program Reauthorization Act of 2015” (H.R. 26) (TRIPRA), which President Obama signed into law on January 12, 2015. read more
January 13, 2015 12:18 PM | Permalink |
Jenna Mintzer

On Monday, President Obama signed into law the TRIA reauthorization bill that passed overwhelmingly in both the House and the Senate last week.

read more