Insurance & Reinsurance - Locke Lord LLP

Locke Lord QuickStudy: New Washington Statutory Financial Requirements for Providers of Service Contracts and Protection Product Guarantees Effective July 28, 2019

by Paige Waters, Stephanie O'Neill Macro | Jun 17, 2019 | Regulatory, Service Contracts and Warranties

Washington H.B. 1001 was enacted on April 8, 2019, and will take effect on July 28, 2019.1 H.B. 1001 makes changes to Wash Rev. Code Chapter 48.110 governing service contracts and protection product guarantees which permit new items to be covered under service contracts and establishes new minimum net worth and financial responsibility requirements for service contract providers.

LL Surplus Lines Series (Entry 11): Vermont authorizes Domestic Surplus Lines Insurers; Standardizes Premium Tax rates; Repeals SLIMPACT

by Zachary Lerner, Stephen Anastasia | Jun 17, 2019 | Excess and Surplus Lines | United States

On June 10, 2019, Governor Phil Scott of Vermont signed Senate Bill 131 (the “Bill”) into law, permitting domestic surplus line insurers to offer and sell surplus lines insurance under a surplus lines certificate of authority in the state. Imitation is the sincerest form of flattery, and as mentioned in our previous post found here, Nevada passed similar legislation earlier this month.

LL Surplus Lines Series (Entry 10): Nevada Joins List of Domestic Surplus Lines Insurer States; Revises Broker Fee Statute; Other Changes

by Zachary Lerner | Jun 11, 2019 | Excess and Surplus Lines | United States

Add Nevada to the growing list of states that have adopted domestic surplus lines legislation. Senate Bill 86 (the “Bill”) was signed into law on June 1, 2019, with most provisions effective October 1, 2019. Of perhaps most significance Is that Nevada will now allow for insurance companies to domesticate in Nevada for the exclusive purpose of writing surplus lines insurance coverage within the state and potentially elsewhere.

InsurTech Weekly Roundup – June 10, 2019

by Aaron Igdalsky | Jun 10, 2019 | InsurTech

While you were off changing the industry, you may have missed these important developments

Mike Rohan Elected to IRES Board

by Michael Rohan | Jun 5, 2019 | Regulatory

Chicago Of Counsel Mike Rohan has been elected to the Board of Directors of the Insurance Regulatory Examiners Society (IRES) Foundation. The Foundation’s mission is to promote professionalism and education in the insurance regulatory community and to educate the private sector about state insurance regulation.

Ben Sykes Provides Testimony on NAIC Anti-Rebating Law

by Benjamin Sykes | Jun 4, 2019 | InsurTech, Regulatory

Chicago partner Ben Sykes provided testimony on the NAIC Anti-Rebating law’s impact on innovation today at the NAIC Innovation & Technology Task Force at the NAIC Insurance Summit, in Kansas City.

Brian Casey and Chamber of Digital Commerce Meet with FIO

by Brian Casey | Jun 4, 2019 | Blockchain, InsurTech

On May 28, 2019, Brian Casey, along with the senior leadership of the Chamber of Digital Commerce, the United States leading trade association representing the digital asset and blockchain industry, and representatives of two of its other members, USAA and AIG, and met with Federal Insurance Office’s Director Steven Seitz and several of his key, senior policy leadership team members to discuss the state of the insurtech industry and the existing and potential applications of blockchain technology to the insurance and reinsurance industries.

NAIC Anticipated to Adopt Revised Reinsurance Law and Regulation

by Robert Kasinow | May 31, 2019 | Reinsurance | United States

The NAIC has scheduled an Executive Committee meeting on June 25, 2019 to consider finalizing proposed revisions to the NAIC Credit for Reinsurance Model Law and Regulation (Models). It is anticipated that the Executive Committee will adopt the revised Models during this meeting.

Cybersecurity Update: NYDFS, NAIC, and What’s Going on in SC, OH, MI, and MS?

by Theodore Augustinos, Ben FrazziniKendrick | May 29, 2019 | Privacy/Data Security/Cyber Risk | United States

On March 1, 2017 the cybersecurity regulation of the New York Department of Financial ‎Services (the “DFS Regulation”) took effect, requiring subject financial institutions, including ‎insurance companies, (“Covered Entities”) to among other things adopt written information ‎security programs to address the protection of nonpublic information and information systems.