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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 |
Mark Deptula
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
November 18, 2016 3:50 PM | Permalink |
Mark Deptula, Jonathan Bank
A New York Federal Court recently rejected a cedant’s request to vacate an arbitration award on the grounds that it was in manifest disregard of the law or because the umpire failed to disclose his prior representation of the reinsurer. read more
November 18, 2016 3:37 PM | Permalink |
Locke Lord's Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d'oeuvre Buffet during the NAIC Fall 2016 National Meeting in Miami, FL. read more
November 18, 2016 10:24 AM | Permalink |
Jonathan Bank, Al Bottalico
Recently Rhode Island revised its Voluntary Restructuring of Solvent Insurers Act as implemented by DBR Regulation 68. This was, in many respects, modeled after the UK’s Part VII Transaction, which, subject to court approval, enables an insurance company to transfer/novate a book of business (and divest itself of all residual liability), to another unrelated insurer which assumes all liabilities associated with that business. read more
November 10, 2016 9:33 AM | Permalink |
Christopher Flanagan
The Internal Revenue Service on November 1 issued Notice 2016-66, which requires information reporting with respect to certain insurance or reinsurance transactions involving captive insurance companies that claim the benefits of an election under Section 831(b) of the Internal Revenue Code available to certain small insurance companies, often referred to as micro-captive transactions. read more
November 10, 2016 8:42 AM | Permalink |
New insurance commissioners were elected in 5 states. Delaware elected Democrat Trinidad Navarro. Montana elected Republican Matthew Rosendale. North Carolina elected Republican Mike Causey. read more
November 10, 2016 8:09 AM | Permalink |
Aaron Igdalsky
The Vermont Department of Financial Regulation recently issued a proposed rule on Regulation C-81-2. The proposed rule, which will be the subject of a public hearing on December 5, clarifies annual reporting requirements of Vermont-domiciled captive insurance companies by adding details to the annual audit and certification of loss reserves. read more
October 25, 2016 3:43 PM | Permalink |
Brian Casey
Red Chalk Group presents this first of its kind event dedicated to the $1+ trillion insurance marketplace and designed for senior executives to engage leading industry and Blockchain experts as they address top-of-mind issues. read more
October 13, 2016 2:47 PM | Permalink |
Thomas Sherman
Judge Richard Posner, writing for a three judge panel for the Seventh Circuit and applying Wisconsin law, has affirmed a 2015 federal District Court decision and ruled that a STOLI policy (the original owner may not have had an insurable interest in the life of the insured), once issued by the insurer, is neither void nor voidable by the insurer for lack of insurable interest. read more
October 3, 2016 1:00 PM | 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
September 27, 2016 9:56 AM | Permalink |
Zachary Lerner
The EU-U.S. Privacy Shield (the “Privacy Shield”) has been promulgated through a joint effort between the United States (the “U.S.”) and the European Union (the “EU”) in order to facilitate the transfer of personal data from the EU to U.S. companies. read more
September 23, 2016 8:26 AM | Permalink |
Brian Casey, Thomas Sherman
The U.S. Eleventh Circuit Court of Appeals certified 2 questions under Florida law to the Florida Supreme Court relating to 3 STOLI life insurance policies. read more
September 19, 2016 10:23 AM | Permalink |
Mark Deptula
The UK Parliament’s Treasury Committee recently issued “Terms of Reference” providing the structure for its inquiry into Solvency II, including the amount of capital insurers must maintain to reduce their risk of insolvency, and the regulation of the UK insurance industry post-Brexit. read more
September 12, 2016 8:23 AM | Permalink |
Molly McGinnis Stine
A Georgia appellate court has ruled that there is no continuous trigger of coverage for an environmental claim when the subject policy responds to occurrences, not property damage, during the policy period. read more
September 9, 2016 2:38 PM | Permalink |
Mark Deptula
The U.S. Court of Appeals for the Seventh Circuit recently affirmed a district court’s decision remanding a reinsurance dispute to state court because the language of the service of suit provision in the reinsurance treaties waived the right of removal to federal court. read more
September 9, 2016 2:33 PM | Permalink |
Molly McGinnis Stine
The Louisiana Supreme Court has endorsed pro rata allocation of defense costs associated with hearing loss cases across triggered policy periods. read more
September 6, 2016 11:28 AM | Permalink |
Christopher Martin
A form of reinsurance whereby the reinsurer accepts a stated percentage of each and every risk underwritten by the reinsured company within a defined category of business and within the underlying insurance contract parameters on a pro rata basis and is usually paid a pro rata portion of the applicable premium after agreed deductions. read more
August 31, 2016 9:58 AM | Permalink |
Brian Casey
Insurance statutory accounting principles which are codified in the National Association of Insurance Commissioners’ Accounting Practices & Procedures Manual, and sometimes by “permitted practices” of the state insurance department; the term is oftentimes used as an accounting reference for insurance company financial matters in a stock purchase agreement and managing general agency agreement. read more
August 31, 2016 9:36 AM | Permalink |
Brian Casey
During last few years, approximately 23 states passed seemingly favorable, pro ecommerce insurance laws, primarily at the behest of the personal lines property and casualty insurance industry, namely new state insurance code statutes that allow an insurer to deliver an insurance policy to a policyholder simply by posting an electronic version of the policy’s content on the insurer’s website as well as delivery by email (insurance code policy e-delivery laws). read more
August 30, 2016 3:12 PM | Permalink |
Rebecca Hemmings
The Illinois Department of Insurance (“DOI”) has issued a notice of proposed rules to create 50 Ill. Adm. Code 941 regarding misrepresentations and false warranties. A previous version of the proposed rule was proposed in December of 2014 and withdrawn in October 2015. read more
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