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August 25, 2016 9:17 AM | Permalink |
Molly McGinnis Stine
The Wyoming Supreme Court ruled on August 17, 2016 that an insurer “must be prejudiced before being entitled to deny coverage when the insured has failed to give notice ‘as soon as practicable.’” read more
August 16, 2016 3:41 PM | Permalink |
Rebecca Hemmings
Illinois State Treasurer Michael Frerichs has called for statewide hearings to educate the public on how life insurance companies avoid paying death benefits. read more
August 15, 2016 7:38 AM | Permalink |
Christopher Martin
Any premium that is determined to be payable from (Audit Additional Premium) or to (Audit Return Premium) a policyholder as a result of a policy provision that permits the insurance company to base the ultimate premium to be charged for the policy on auditable criteria at the end of the policy’s term or over another specified measurement period. read more
August 4, 2016 2:43 PM | Permalink |
Berne Kluber
On August 2, 2016, the Office of Foreign Assets Control (“OFAC”) issued Findings of Violations of the Foreign Narcotics Kingpin Sanctions Regulations against AXA Equitable Life Insurance Company and Humana Inc. read more
August 1, 2016 11:21 AM | Permalink |
Brian Casey
A reinsurance company or insurance company that assumes reinsurance risk ceded by another reinsurance company or insurance company acting as a primary reinsurer of an insurance company. read more
July 29, 2016 8:01 AM | Permalink |
Aaron Igdalsky
Earlier this week, European Union (“E.U.”) and U.S. representatives met in Brussels to continue to discuss a potential agreement concerning insurance and reinsurance matters. read more
July 29, 2016 7:55 AM | Permalink |
Zachary Lerner
As we recently reported in Law360, the surplus lines industry is increasingly serving as a mechanism to provide evolving and complex coverage to new ideas and products throughout the world. read more
The Texas Department of Insurance (“TDI”) has posted a 48-page working draft of new surplus lines rules. Specifically, TDI issued an informal notice on July 22, 2016 reflecting several modifications to Title 28, Texas Administrative Code Chapter 15—the regulations which implement Texas’s surplus lines insurance laws found in Texas Insurance Code Chapters 981 and 225. read more
July 22, 2016 2:46 PM | Permalink |
Zachary Lerner
This week, the National Association of Insurance Commissioners (“NAIC”) provided an update on its TRIA data call initiative (the “Data Call”). read more
July 22, 2016 8:55 AM | Permalink |
Mark Deptula
Based on the policy language before it, the U.S. Court of Appeals for the Seventh Circuit recently found that an insurer has a duty to defend a pharmaceutical distributor in a lawsuit brought by West Virginia’s attorney general alleging that drug distributors contributed to the rise of so-called “pill mills” and, given the massive quantities of drugs ordered, they should have known that the drugs were being used for illicit and destructive purposes. read more
The Texas Department of Insurance (TDI) recently adopted amendments to 28 TAC §7.209 (Rule 7.209) relating to the requirements for Form A filings in connection with the acquisition or change of control of Texas domestic insurers. read more
July 20, 2016 12:30 PM | Permalink |
Timothy Farber
The Illinois Department of Insurance recently issued a bulletin requiring all companies to obtain independent third party background investigation/verification reports from nationally recognized vendors. read more
July 19, 2016 8:59 AM | Permalink |
Jonathan Bank
This year the CEA will buy more reinsurance than in prior years, but the CEA may be casting an eye towards revenue bonds as part of its overall claims-paying resources, believing that a bond program could be more effective than reinsurance. read more
July 18, 2016 3:52 PM | Permalink |
Zachary Lerner
The explosion of scientific achievement and international interconnectivity over the last decade has provided increased opportunities for businesses worldwide. read more
July 15, 2016 11:14 AM | Permalink |
Zachary Lerner
This month, the Federal Insurance Office (“FIO”) issued its “Report on the Overall Effectiveness of the Terrorism Risk Insurance Program” (the “Report”, found here), required by the latest reauthorization of the Terrorism Risk Insurance Act (“TRIA”) in 2015. read more
July 11, 2016 9:55 AM | Permalink |
Zachary Lerner
As we previously reported here, the Non-Admitted Insurance Multi-State Association (“NIMA”) had announced its intentions to dissolve, with a run-off period until September 30, 2017 to allow for endorsements to be filed through the Surplus Lines Clearinghouse (the “Clearinghouse”). read more
July 8, 2016 3:47 PM | Permalink |
Zachary Lerner
This week, the New York Department of Financial Services (the “Department”) announced that it will adopt a principle-based reserving (“PBR”) approach for life insurers beginning in 2018. read more
July 7, 2016 2:42 PM | Permalink |
Michael Pieciak has been appointed as the Commissioner of the Vermont Department of Financial Regulation (“DFR”) by the Governor. Susan Donegan, the previous Commissioner, left on June 30th after serving in the position for over 3 years. read more
July 6, 2016 12:29 PM | Permalink |
Zachary Lerner
Last month, New York issued two advisory opinions that could alter the tax obligations for surplus lines insurers. read more
June 30, 2016 9:19 AM | Permalink |
Alan Meneghetti
For many years, the European Union’s single market directives have allowed City of London firms to ‘passport’ their services across the European Economic Area (‘EEA’) and operate out of other member states without the need to obtain additional authorisation l to the one which they had obtained in a particular member state. read more
This article examines some potential issues for UK re/insurers following the referendum vote for the UK to end its membership in the EU. read more
June 29, 2016 2:07 PM | Permalink |
Zachary Lerner
The insurance industry is beginning to see the emergence of new kinds of coverage to protect life science companies from contingencies traditionally not covered by political risk policies. read more
June 24, 2016 11:54 AM | Permalink |
Mark Deptula
A Massachusetts federal court recently denied a pre-award petition to remove a party-appointed arbitrator finding that the Federal Arbitration Act (FAA) did not authorize the court to order arbitrator removal before a final arbitration award has been issued. read more
June 20, 2016 3:39 PM | Permalink |
Zachary Lerner
The New York State Legislature’s 2016 Legislative Session on June 18, 2016 enacted new pieces of legislation affecting the New York insurance industry and also saw proposed pieces of legislation die in the process. read more
June 20, 2016 3:26 PM | Permalink |
Karen Booth
The Illinois Department of Insurance (“IL DOI”) has amended its record disposal and destruction regulation effective May 23, 2016, significantly reducing reporting, book-keeping and retention obligations for Illinois domestic insurers, as well as any principal U.S. office of a foreign or alien insurer located in Illinois. read more
June 17, 2016 12:22 PM | Permalink |
Zachary Lerner
As we have previously reported here, the United States National Flood Insurance Program (“NFIP”) is set to expire in September 2017, at which point surplus lines insurers may find themselves with an opportunity to fill a rapidly-evolving market. read more
June 14, 2016 1:53 PM | Permalink |
Zachary Lerner
On June 9, the Excess Lines Association of New York (“ELANY”) issued guidance as to what must information must be submitted to ELANY for stamping. read more
June 10, 2016 10:37 AM | Permalink |
Thomas Bush
The United States Department of Justice has filed an action seeking to enjoin a hospital from enforcing provisions in its contracts with health insurers that prohibit the insurers from steering policyholders to lower cost providers1. read more
June 7, 2016 8:51 AM | Permalink |
Karen Booth
Representatives of the U.S. and E.U. continued negotiations of a potential bilateral agreement regarding regulation of insurance and reinsurance in Washington D.C. on May 24th and 25th. read more
June 7, 2016 8:36 AM | Permalink |
Christopher Flanagan
Parallel bills proposing to reduce the current two-percent Rhode Island insurance premium tax are before both the Rhode Island House and Senate. read more
Locke Lord’s Brian T. Casey, Partner from the Atlanta Office and Aaron Igdalsky, Associate from the Hartford Office author “CFPB's Arbitration Ban Could Affect Insurance Products” for Law360 on May 31, 2016. read more
May 31, 2016 11:23 AM | Permalink |
Zachary Lerner
Earlier this month we reported here that Florida had withdrawn from the Non-Admitted Insurance Multi-State Association (“NIMA”), a compact between various state to distribute surplus lines premium taxes. read more
May 26, 2016 8:35 AM | Permalink |
Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. For further information on any of the subjects covered in the newsletter, please contact one of the members of our Insurance team. read more
May 16, 2016 8:26 AM | Permalink |
Zachary Lerner
The Florida Surplus Lines Office (“FSLO”) has reported that, effective June 1, Florida will withdraw from the Nonadmitted Insurance Multi-State Agreement (NIMA). Filings after June 1 will now be filed with the FSLO and not through the Surplus Lines Clearinghouse. read more
May 4, 2016 11:08 AM | Permalink |
Mark Deptula
On May 3, 2016, the Court of Appeals of New York issued its opinion in In re Viking Pump, No. 59, 2016 WL 1735790, and found that “all sums” allocation and vertical exhaustion applied to the insureds’ claims to excess coverage for the asbestos exposure claims filed against them. read more
May 2, 2016 9:43 AM | Permalink |
On April 29, 2016 it was announced that David Altmaier has been appointed as the new Insurance Commissioner for the Florida Office of Insurance Regulation and will succeed Kevin M. McCarty. read more
April 29, 2016 10:25 AM | Permalink |
Leighanna Driftmier
The House unanimously passed legislation yesterday which would open up flood insurance to the private market. As previously reported in this blog, H.R. 2901, the Flood Insurance Market Parity and Modernization Act will lower the barriers for private insurers hoping to offer flood insurance policies. read more
April 22, 2016 11:07 AM | Permalink |
Mark Deptula
The U.S. District Court for the Northern District of Illinois recently dismissed a complaint filed by a policy beneficiary asserting that her husband’s lapsed life insurance policy was reinstated because she paid the unpaid premiums five days after her husband’s death. read more
The federal Seventh Circuit Court of Appeals has reiterated its approach to standing in data breach cases: allegations of “increased risk of fraudulent charges and identity theft” are sufficient to meet the requirements for Article III standing for data breach victims in federal court. read more
As reported here, recent amendments to the annual privacy notice requirement under the Gramm-Leach-Bliley Act (the “GLBA”) contained in the Fixing America’s Surface Transportation (“FAST”) Act eliminated the requirement for financial institutions to provide annual privacy notices under GLBA under certain circumstances. read more
April 14, 2016 10:14 AM | Permalink |
Aaron Igdalsky
A bill that would mandate coverage of breast cancer screenings by breast tomosynthesis is currently pending before Connecticut’s General Assembly. read more
April 13, 2016 8:21 AM | Permalink |
Zachary Lerner
Celeste Koeleveld, former chief of the Criminal Division at the U.S. Attorney’s Office for the Southern District of New York, has been appointed general counsel at the New York State Department of Financial Services (“Department”). read more
April 12, 2016 3:20 PM | Permalink |
Zachary Lerner
As we have previously reported here, one of the requirements under the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“TRIPRA”) is that the Department of Treasury must report to Congress on the effectiveness of the legislation. read more
April 12, 2016 9:25 AM | Permalink |
Brian Casey
Key Legislative Bills Passed by Georgia Assembly in 2016 Legislative Session, which Adjourned March 24, 2016, subject to Governor’s signature or veto by May 9, 2016 read more
The Fourth Circuit Court of Appeals has affirmed a Virginia federal district court’s summary judgment ruling for the insured under a CGL policy, finding that the insurer had a duty to defend a third-party lawsuit alleging failure to properly secure electronic storage of medical records. read more
April 7, 2016 8:15 AM | Permalink |
Al Bottalico
The March edition of the NAIC’s CIPR newsletter discusses recent developments including the Paris Accord, U.S. efforts to lower carbon emissions, new risks arising from a transition to a low carbon future and the risk of climate change to insurers and how they are responding to the low carbon movement. read more
March 29, 2016 1:49 PM | Permalink |
Theodore Augustinos
Early this month, the NAIC Cybersecurity (EX) Task Force released a preliminary working and discussion draft of an Insurance Data Security Model Law. While praise worthy in its effort to provide uniformity for data security and breach notification requirements among the states, at least with respect to the insurance industry, the draft clearly needs further development, input and revision, or it may do more harm than good. read more
March 25, 2016 3:42 PM | Permalink |
Thomas Bush
The European Commission has recently issued a Report announcing its preliminary view that the Insurance Block Exemption Regulation (“IBER”) should not be renewed when it expires on March 31, 2017. read more
March 25, 2016 7:38 AM | Permalink |
Christopher Flanagan
Three recent decisions (March 3, 2016) by a New York State Division of Tax Appeals administrative law judge help to clarify the taxation of unauthorized insurance companies subject to New York State taxation. read more
March 21, 2016 10:09 AM | Permalink |
Brian Casey, Aaron Igdalsky
Last month, the Consumer Financial Protection Bureau’s (“CFPB”) Director denied J.G. Wentworth’s (“JGW”) petition to set aside or modify a CFPB civil investigative demand (“CID”) that required JGW to produce 14 documents, seven interrogatories and two requests for written reports seeking information about structured-settlement transactions and other financial products/services provided by JGW. read more