As reported here, the NAIC adopted a model law for the protection of the data and systems used by the insurance industry, and South Carolina became the first state to enact legislation based on the NAIC model.
New York State and New York City recently passed several anti-harassment laws in the wake of the #MeToo movement that will soon require employers to provide annual sexual harassment prevention training to all workers, distribute a comprehensive sexual harassment prevention policy, and update their form employment contracts and settlement agreements.
A recent S.D.N.Y. opinion authored by Judge Daniels, IN RE: TERRORIST ATTACKS ON SEPTEMBER 11, 2001, 2018 WL 3323159, in an ongoing multidistrict litigation, concluded that reinsurer-plaintiffs seeking to recover damages from aiders and abettors of the 9/11 terrorists are entitled to recoup amounts paid under reinsurance contracts.
The Rhode Island state legislature has amended the enabling act to the state’s legacy transfer program, R.I.G.L § 27-14.5-1 et seq. (“R.I. Restructuring Act”), to provide clarification to the marketplace. The enabling act, originally enacted in 2002, was designed to allow for “commutation plans” to provide for reorganization through a court-approved commutation among a reinsurer or insurer and all of its insurance or reinsurance creditors.
In 2015, the Rhode Island Department of Business Regulation (“DBR”) implemented the state’s Insurance Business Transfer Act (“IBT”) (“Regulation 68”), which permits insurers to transfer commercial ‘legacy business’ (subject to certain limitations) to a Rhode Island domestic insurer by way of novation, subject to court approval.
Earlier this month Connecticut Governor Malloy signed Senate Bill No. 198 into law. SB 198 establishes a task force, made up of twelve members, to study and develop strategies to develop, expand and improve the insurance industry workforce in the state of Connecticut.