Reporting Developments Affecting the Insurance and Reinsurance Industries
All eyes have been focused on the federal mid-term elections and the impact on the U.S. House and Senate. Post-mortems by the pundits have begun. See Locke Lord’s take on the mid-terms. The divided government in Washington, D.C. may well stymie efforts to regulate the insurance industry at the federal level, except in very limited circumstances where bi-partisan accord can be achieved.
Read MoreOn October 19th the CDI gave a 45 day notice of a public hearing to be held on December 3, 2018, at 10:00 a.m. at the CDI’s offices in Sacramento. The hearing is to consider amending the California Code of Regulations to eliminate the use of gender in private passenger automobile insurance rating in California pursuant to the authority granted by California Insurance Code section 1861.02(a)(4).
Read MoreLast month, California Governor Jerry Brown signed AB 315 into law. AB 315 is California’s version of the growing national trend to regulate pharmacy benefit managers (“PBMs”). PBMs are entities that not only manage prescription drug benefits under health insurance plans, including drug utilization review, drug plan formulary development, selecting pharmacies for prescription drug networks, and determining reimbursements for those pharmacies, but also operate mail order and specialty pharmacies themselves.
Read MoreThe Texas Department of Insurance (“TDI”) has proposed amendments to 28 Texas Administrative Code sections 7.83 and 7.84, which govern the appeal of and frequency of TDI examinations.
Read MoreLocke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d’oeuvre Buffet during the NAIC Fall 2018 National Meeting in San Francisco, CA.
Read MoreZachary Lerner is moderating a discussion on insurtech and its impact on the surplus lines industry at the 2018 Fall Surplus Lines Law Group Meeting, hosted by the Excess Line Association of New York (ELANY) on October 12, 2018 in New York.
Read MoreCalifornia has written letters to at least fifty California-licensed insurers requesting information on any existing or planned initiatives to increase the diversity of the insurer’s board.
Read MoreThe Texas Department of Insurance (TDI) has proposed a new rule and certain amendments to existing rules intended to implement provisions of the Texas Insurance Code that apply to captive insurance companies.
Read MoreThe New York Department of Financial Services Cybersecurity Regulations, 23 NYCRR part 500 (the “Cybersecurity Regulations”), require companies subject to the regulations to update their record retention schedule for particular documents mandated by the Cybersecurity Regulations.
Read MoreInsurers may soon benefit from reporting revisions to diversify and strengthen investment portfolios and enhance managing Risk Based Capital (“RBC”). As part of the ongoing National Association of Insurance Commissioners (“NAIC”) Investment Classification Project it is proposed that RBC for NAIC designated mutual funds be based on the underlying holdings of the funds.
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