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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
March 16, 2016 2:01 PM | Permalink |
Aaron Igdalsky
A bill that would require homeowners’ policies to cover mitigation undertaken to prevent a covered property from collapsing or caving in advanced through the Connecticut General Assembly’s Insurance and Real Estate Committee (“Committee”) Tuesday. read more
March 10, 2016 3:14 PM | Permalink |
Mark Deptula
The Supreme Court of Wisconsin recently addressed the consequences of an insurer partially settling the underlying plaintiff’s claim for less than its full limit of liability and withdrawing its defense of the insured. read more
March 9, 2016 11:21 AM | Permalink |
Mark Deptula
The Massachusetts Supreme Judicial Court recently rejected the application of the “Selective Tender Rule” as against Massachusetts law and public policy. read more
March 7, 2016 9:09 AM | Permalink |
Locke Lord's Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d'oeuvre Buffet during the NAIC Spring 2016 National Meeting in New Orleans, LA. read more
March 4, 2016 10:59 AM | Permalink |
John Dearie
We are happy to provide the 2016 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
March 3, 2016 9:27 AM | Permalink |
Leighanna Driftmier
Legislation to allow privatized flood insurance on the market surged unanimously through a House Financial Services Committee mark up. Voting 53-0 on March 2nd, the Committee approved the idea of enabling private flood insurance plans to be sold separately from the National Flood Insurance Program. read more
March 3, 2016 9:22 AM | Permalink |
Leighanna Driftmier
The House Financial Services Subcommittee on Housing and Insurance recently launched an examination into the competitiveness of U.S. insurers as impacted by international regulatory standards. read more
February 29, 2016 1:19 PM | Permalink |
Jon Gillum, Christopher Martin
On March 10, 2016, the Texas Department of Insurance (TDI) will hold a stakeholders meeting to seek input on the preparation of the Department’s next report to the Texas Legislature. read more
The growing percentage of businesses that purchase cyber security and data privacy insurance portends a growing number of claims and, inevitably, litigation over some of those claims. read more
Insurers have struggled to find a common baseline to measure cyber risks. Changes in technology, hacking and other data security risks and the shifting legal landscape concerning liability for data breaches have made the terrain particularly uncertain. read more
February 25, 2016 10:05 AM | Permalink |
Rebecca Hemmings
The Illinois Legislature has a bill pending in the House Rules Committee that would ban the use of price optimization by insurers. Price Optimization is the practice of setting premiums based on factors that are not tied to expected losses. read more
February 24, 2016 10:43 AM | Permalink |
Aaron Igdalsky
According to media reports, Rep. Blaine Luetkemeyer (R-Mo.) is expected to introduce legislation that will create new requirements applicable to government officials negotiating international capital standards for insurers. read more
February 19, 2016 1:40 PM | Permalink |
Beginning in March, Barbara Richardson will start her appointment as Commissioner of the Nevada Division of Insurance after the long recruitment to fill the vacancy following Scott Kipper’s resignation in July 2015.  read more
February 16, 2016 10:36 AM | Permalink |
Zachary Lerner
Effective August 1, 2015, Louisiana became the 9th state in the United States to adopt legislation permitting the establishment of a domestic surplus lines insurer (“DSLI”). read more
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