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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
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