Topic: Regulatory

NAPSLO Merges with AAMGA to form Wholesale and Specialty Insurance Association (WSIA)

The insurance world has its share of industry organizations, and a new one has arrived.  According to a joint announcement on July 25, 2017, the National Association of Professional Surplus Lines Officer (“NAPSLO”) merged with the American Association of Managing General Agents (“AAMGA”) to produce a new organization called the Wholesale and Specialty Insurance Association (“WSIA”). WSIA will combine the specialties of NAPSLO and AAMGA and represent the spectrum of whole, specialty and surplus lines interests and matters.  The board of WSIA will include members from both NAPSLO and AAMGA, with Corinne Jones serving as president. WSIA intends to offer the same opportunities and similar programs NAPSLO and AAMGA previously offered, along with host of additional services, educational programs and activities.  Programs such as the under-40s initiative of each legacy entity will continue as well under one, combined group. The potential for AAMGA to bring together industry participants from different sectors of the insurance arena is encouraging, and we will continue to report on any new initiatives and...

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You’re Invited – NAIC Spring Meeting Cocktail Reception – August 7

Locke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d’oeuvre Buffet during the NAIC Summer 2017 National Meeting in Philadelphia, PA. Monday, August 7, 2017 5:30 pm – 7:30 pm (Eastern) Hard Rock Café Philadelphia 1113-31 Market Street Philadelphia, PA For more information, click...

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You don’t need a weather man to know which way the wind blows* (*Bob Dylan)

Dave Jones, California Insurance Commissioner took an aggressive stand on Climate Change in a Press Release issued June 21, 2017, stating that if any “…climate denying politicians of red states who threaten to sue me, I will happily defend my obligation as California’s Insurance Commissioner to make sure insurers are addressing climate change related risks and to protect California consumers.” He further noted, “The threats of lawsuits by 12 red state attorneys general and one governor are not going to stop me from doing my job as insurance commissioner to make sure that insurance companies are recognizing potential financial risks associated with climate change.” He pointed out that the bankruptcy of over 35 coal companies and the refusal of four major US banks to provide loans for new coal infrastructure, and the shift away from fossil fuels (oil, gas, coal and utilities that rely on those) creates a risk of becoming ‘stranded assets’ “ …on the books of insurance companies with significantly reduced or no value.” Commissioner Jones then asked those regulated insurance companies to “voluntarily divest from coal…and to publicly disclose their investments in coal, oil, gas, and utilities so insurers, regulators, shareholders, and consumers have better insight into these investments and the risks they face due to climate change. Insurers doing business in California now know which way the wind...

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Texas Eliminates Enterprise Risk Report Small Insurer Exemption

With the adoption of new legislation supported by the Texas Department of Insurance, Texas has formally eliminated its $300 million minimum premium volume exemption from otherwise required Enterprise Risk Report filings for Texas licensed insurers.  Texas now joins other states in requiring the solvency and enterprise risk evaluation filings for regulated insurers and their holding companies, irrespective as to size.  A limited exemption for companies with less than $300 million in Texas-only direct and assumed premiums remains in effect.  This change passed both houses of the Texas Legislature, has been signed by the governor, and became effective immediately on May 22,...

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