The National Association of Insurance Commissioners (“NAIC”) voted earlier this week to establish a Cannabis Insurance Working Group (“Working Group”) to address insurance issues affecting the legalized cannabis industry. California Insurance Commissioner Dave Jones was appointed chair of the Working Group.
On Tuesday, the Senate passed a four month extension of the National Flood Insurance Program (“NFIP”). President Trump has already signed the extension, which extends authorization for the NFIP and allows it to continue borrowing funds through the end of the 2018 hurricane season.
On July 18, 2018 Maria T. Vullo, New York Financial Services Superintendent, announced the adoption of certain amendments to Insurance Regulation 187, which requires insurers to establish standards and procedures for agent recommendations to consumers with respect to annuity contracts and life insurance policies to best address the insurance needs and financial objectives of the consumer.
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.