Reporting Developments Affecting the Insurance and Reinsurance Industries

 

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

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.

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

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.

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

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.

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Brian Casey and Chamber of Digital Commerce Meet with FIO

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.

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

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.

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