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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
August 20, 2015 2:24 PM | Permalink |
Aaron Igdalsky
The NAIC’s Accounting Practices and Procedures Task Force chose not to use its planned template for obtaining terrorism risk insurance data at the NAIC Summer National Meetings in Chicago this past weekend. The template was intended to establish a uniform means nationwide for insurers to submit data about the terrorism risk market. read more
August 18, 2015 11:59 AM | Permalink |
Carey Barney
On Monday, August 17, 2015, California Assembly Bill 553 was signed by Governor Jerry Brown, and became immediately effective. AB 553 adopts much of the NAIC’s Model Corporate Governance Annual Disclosure Model Act, along with a number of measures to bring California’s Insurance Holding Company Systems Act into conformity with NAIC holding company act model legislation pertaining to internationally active insurance groups. read more
August 18, 2015 10:47 AM | Permalink |
Alan Meneghetti
The UK's Prudential Regulation Authority (PRA) has, this month, written to insurance companies in the UK to find out more about how they deal with the threat posed by cyber attacks and what mechanisms they have in place to protect client data. read more
August 17, 2015 7:50 AM | Permalink |
The 13th August 2015 was not just an unlucky number 13 but the date the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) chose to publish the long awaited rules on the Senior Insurers Manager Regime. read more
August 13, 2015 11:20 AM | Permalink |
Theodore Augustinos
A recent report entitled “Promoting UK Cyber Prosperity: Public-Private Cyber-Catastrophe Reinsurance” issued by Long Finance examines the potential effects of cyber-catastrophe events on the economy. read more
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