Reporting Developments Affecting the Insurance and Reinsurance Industries

 

LL Surplus Lines Series (Entry 9): Florida and California Make News on Broker and Agent Fees

Earlier this month, Florida passed House Bill 301 to remove the cap on the amount of fees that may be charged by a surplus lines broker in connection with the procurement of surplus lines insurance for a prospective insured. Instead of the old cap of a maximum of $35 per policy, surplus lines brokers will be able to charge any fee that is “reasonable” and disclosed to the insured in advance.

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Global Regulatory Cooperation and Innovation Highlight NAIC International Gathering

The National Association of Insurance Commissioners (NAIC) held its annual International ‎Insurance Forum this week in Washington, D.C., May 13 and 14. Alan Levin and Robert ‎Kasinow attended on behalf of Locke Lord LLP. The conference gathers U.S. and international ‎regulators and industry stakeholders to discuss and share ideas and viewpoints on insurance ‎matters with global implications.‎

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What Every InsurTech Should Know About Privacy and Cybersecurity

As an early stage or startup InsurTech, you’re highly focused on all the right things: identifying a ‎challenge for the insurance industry, developing an innovative technical solution, making it ‎practical and scalable, getting it funded, and implementing it. The industry for which InsurTech ‎seeks to develop and deliver solutions is awash, however, in requirements and restrictions related ‎to the collection, use, sharing, and protection of data.‎

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LL Surplus Lines Series (Entry 7): Applicability of Cancellation and Nonrenewal Requirements to Surplus Lines Insurers and recent updates (Attorney Analysis)

Cancellation and nonrenewal requirements applicable to insurance policies exist in every state in the nation. These laws and regulations are founded on the principle that insurance customers should be protected against losing insurance coverage without proper notice and without good reason. As such, many states require that mid-term cancellation of an insurance policy only be effectuated for specific statutorily-defined reasons, and that sufficient advance notice must be given to the insured prior to the cancellation or nonrenewal of an insurance policy.

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