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The Texas Legislature has passed legislation authorizing domestic surplus lines insurance companies in Texas, which may lead to an influx of new insurance company applications for licensure and redomestication to Texas applications as insurer groups seek to take advantage of the increasingly liberalized Texas rules governing its surplus lines market. read more
May 22, 2017 9:34 AM | Permalink |
Brian Casey
The following are summaries some of the key legislative bills that the Georgia General Assembly adopted in its 2017 legislative regular session that affect the insurance industry. read more
The Texas Legislature has passed new legislation that amends key provisions of Texas’s Prompt Pay Statute for insurance claims. read more
May 17, 2017 3:16 PM | Permalink |
The Illinois Department of Insurance has issued a Notice of Proposed Repealer of the Reinsurance Ceded Contracts regulation (50 Ill. Adm. Code Part 1101). The regulation requires all insurance companies to submit a certified copy of a reinsurance ceded contract upon written request of the Director of Insurance. read more
May 17, 2017 3:14 PM | Permalink |
On May 16, 2017, California Insurance Commissioner Dave Jones announced the appointment of Ken Schnoll as General Counsel for the California Department of Insurance. read more
Three bills have recently been filed in the Massachusetts legislature that would require motor vehicle insurers to pay a minimum hourly labor rate when reimbursing repair shops in the State. read more
After nearly being enacted last year, a bill impacting the life settlement industry in Massachusetts has been re-filed for the State’s 2017-2018 legislative session. read more
May 8, 2017 1:43 PM | Permalink |
Theodore Augustinos
Beginning October 1, 2017, health insurers, health care centers, pharmacy benefits managers, and third party administrators that administer health benefits, and utilization of new companies, licensed in Connecticut, will be required to file their first annual certification to the insurance department that it maintains a comprehensive information security program in compliance with the Connecticut Health Records Data Security Law that became effective October 1, 2015. read more
The Financial CHOICE Act 2.0 released by Rep. Jeb Hensarling (R-Texas) on April 19, 2017 (“Act”) would have a significant impact on the extent to which the federal government regulates insurance. read more
May 8, 2017 7:57 AM | Permalink |
Aaron Igdalsky
Both houses of the Connecticut General Assembly have passed HB 7025, which would create a new legal process whereby a Connecticut domestic insurer could divide into multiple insurers and allocate assets and obligations to the “new” insurer. read more
May 4, 2017 12:33 PM | Permalink |
Rebecca Hemmings
Several insurance related bills are currently pending in the Illinois General Assembly. A Senate passage deadline has been extended to May 5, 2017 for a bill requiring diversity reporting by insurers (Senate Bill 809) and a bill banning the use of credit information to calculate personal automobile insurance premiums (Senate Bill 1706). read more
The Texas Legislature is currently considering the authorization of domestic surplus lines insurance companies in Texas. If approved, Texas would join at least 10 other states with similar domestic surplus lines insurance company laws. read more
April 24, 2017 8:24 AM | Permalink |
Molly McGinnis Stine
The federal Third Circuit Court of Appeals has enforced a Travelers asbestos exclusion, finding it to be unambiguous. In General Refractories Co. v. First State Ins. Co., the court analyzed language that read: “It is agreed that this policy does not apply to [loss] arising out of asbestos…” read more
April 21, 2017 11:11 AM | Permalink |
Rebecca Hemmings
An amendment to Illinois Senate Bill 809 proposes to add a new section to the Illinois Insurance Code (215 Ill. Comp. Stat. 5/155.46) requiring insurance companies to submit supplier diversity reports. SB 809 is assigned to the Senate Insurance Committee. read more
April 12, 2017 8:33 AM | Permalink |
Zachary Lerner
New York Associate Zach Lerner authored a Law360 article on group property and casualty insurance. read more
March 29, 2017 12:10 PM | Permalink |
Jon Gillum, Brian Casey
The Texas Legislature is considering legislation that would expressly permit service contracts to include the replacement of a motor vehicle key or key-fob. read more
March 28, 2017 2:28 PM | Permalink |
John Dearie
We are happy to provide the 2017 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 27, 2017 7:51 AM | Permalink |
Molly McGinnis Stine
The Delaware Supreme Court has endorsed the application of a single state’s insurance law to disputes over coverage under policies issued to a global company for costs associated with environmental waste sites in two states. read more
March 23, 2017 1:03 PM | Permalink |
Molly McGinnis Stine
A new federal 9th Circuit appellate decision has ruled for the insured in its suit against its excess insurer that refused to contribute to a settlement. The district court denied the excess insurer’s motion for summary judgment that said the insured failed to secure its consent to the settlement as required by the excess policy. read more
March 22, 2017 1:54 PM | Permalink |
Locke Lord's Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d'oeuvre Buffet during the NAIC Spring 2017 National Meeting in Denver, CO. read more
March 16, 2017 10:50 AM | Permalink |
Zachary Lerner
The New York Department of Financial Services (“DFS”) has recently taken a leading stance on strengthening the cybersecurity standards within the insurance sphere, but its reach has been curtailed due to pressures within the industry. read more
March 15, 2017 2:37 PM | Permalink |
Donald Frechette
In a sprawling 163 page opinion issued just last week, the Connecticut Appellate Court addressed, as a matter of first impression, five different issues that will significantly affect the disposition of asbestos, and potentially other, long tail claims in Connecticut. read more
This program will discuss the New York cybersecurity regulation that became effective March 1, 2017, and compliance with many of its provisions is required by September 1, 2017. read more
February 10, 2017 9:27 AM | Permalink |
Zachary Lerner
In the early days of President Trump presidency, it has become increasingly likely that the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) will be revisited by the Republican Congress and administration. President Trump was quoted on January 30th as referring to Dodd-Frank as a “disaster” and insisting that his administration would do a “big number” on the legislation. read more
February 7, 2017 1:23 PM | Permalink |
The New Jersey Supreme Court recently held that an insured’s corporate successor by merger was entitled to assert rights to insurance for environmental claims on the grounds that, once an insured loss occurs, an anti-assignment clause in an occurrence based policy does not bar such an assignment. read more
February 2, 2017 11:03 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 - what do we anticipate next?
read more
February 2, 2017 9:23 AM | Permalink |
Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. read more
January 27, 2017 8:30 AM | Permalink |
Aaron Igdalsky
The Connecticut Insurance Department (“CID”) recently released Bulletin No. FS-4C-16 (“Bulletin”), which concerns financial reporting requirements for captive insurers. Pursuant to existing statute, each captive insurer domiciled in (or, for branch captives, licensed in) Connecticut must file an annual financial report with the Insurance Commissioner. read more
January 25, 2017 4:16 PM | Permalink |
Richard Johnson
The California Supreme Court is poised to answer the following unsettled question of California law certified by the Ninth Circuit Court of Appeals on August 22, 2016 (see order here): “Whether there is an ‘occurrence’ under an employer’s commercial general liability policy when an injured third party brings claims against the employer for the negligent hiring, retention, and supervision of the employee who intentionally injured the third party.” read more
January 18, 2017 3:59 PM | Permalink |
Molly McGinnis Stine
A new South Carolina Supreme Court decision has upheld a pro rata allocation of progressive damages. read more
January 13, 2017 8:47 AM | Permalink |
Theodore Augustinos
As previously reported and explained here, the New York State Department of Financial Services (DFS) promulgated a proposed regulation mandating cybersecurity requirements for all licensees, including insurance companies and producers, banks, and others. read more
January 11, 2017 3:32 PM | Permalink |
Zachary Lerner
Effective on December 31, 2016, New York Senate Bill 7536 was signed into law enacting New York Insurance Law Section 201 (“Section 201”). Section 201 establishes the State Insurance Advisory Board (the “Advisory Board”) composed of seventeen members appointed by the New York Superintendent. read more
January 9, 2017 9:08 AM | Permalink |
Rebecca Hemmings
The Illinois Department of Insurance (“DOI”) has issued a notice of proposed amendments to the Insurance Department Consumer Complaints Rule ( 50 Ill. Adm. Code 926). read more
On December 29, 2016, the Internal Revenue Service issued Notice 2017-08, extending the disclosure deadlines for participants in and material advisors to certain micro-captive transactions. read more
December 27, 2016 9:46 AM | Permalink |
Zachary Lerner
This week, the U.S. Department of the Treasury (“Treasury”) promulgated additional rules affecting the Terrorism Risk Insurance Act (“TRIA”), which had been recently reauthorized in late 2015 (the “Rules”). read more
December 7, 2016 2:07 PM | Permalink |
Brian Casey
“Surplus Note” is a hybrid corporate finance instrument unique to insurance companies which constitutes surplus (equity) for insurance law and statutory accounting purposes yet generally constitutes debt for federal income tax purposes, which is similar to subordinated debt and sits above the stockholders, but below general creditors, of the issuing insurance company. read more
December 6, 2016 2:10 PM | Permalink |
Aaron Igdalsky
The Illinois Department of Insurance (“DOI”) will hold a public hearing on December 19 in Chicago regarding proposed amendments to the Illinois Administrative Code that address insurance policy rescissions. read more
December 6, 2016 11:32 AM | Permalink |
The Supreme Court of California has held that it is the duty of employers and premises owners to exercise ordinary care in their use of asbestos, which includes preventing exposure to asbestos carried by the bodies and clothing of on-site workers. read more
December 5, 2016 8:50 AM | Permalink |
Brian Casey, Patrick Hatfield
Locke Lord Attorneys’ Brian Casey and Patrick Hatfield, will be part of the panel of experts on December 13 that will discuss the regulatory requirements of e-posting and e-delivery and the best practices to keep in mind to ensure maximum adoption. read more
December 1, 2016 8:19 AM | Permalink |
Brian Casey, Aaron Igdalsky
Tucked away in the proposed arbitration rule of the U.S. Consumer Financial Protection Bureau is the addition of a new consumer financial product and service deemed to be within the purview of the CFPB. read more