Reporting Developments Affecting the Insurance and Reinsurance Industries

 

LL Surplus Lines Series (Entry 18): Surplus Lines Compliance – Does it Apply or Not?

The American Property Casualty Insurance Association (APCIA) published a bulletin on November 8 ‎regarding the California Department of Insurance (“CID”) issued legal opinion, which concluded that ‎the cancellation and non-renewal provisions under California Insurance Code (“CIC”) sections 677 and ‎‎678 apply to insurance policies written on risks located or resident in California by non-admitted ‎‎(surplus line) insurers that insure any of the contingencies specific in CIC section 675 (the “Opinion”).‎

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U.S. Insurance Regulators Achieve Positive Progress on Insurance Capital Standards

Team USA (collectively the National Association of Insurance Commissioners (NAIC), Federal Reserve Board (FRB), and the Federal Insurance Office (FIO) of the U.S. Treasury) achieved a major U.S. regulatory objective at the current 2019 Annual Meeting of the International Association of Insurance Supervisors (IAIS) regarding next steps and planned monitoring process for the Insurance Capital Standard (ICS) project.

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Locke Lord QuickStudy: New CFIUS Regulations Foreshadow an Increased Impact on the Insurance Industry

On September 24, 2019, the U.S. Department of the Treasury (“Treasury”) proposed regulations to expand considerably the scope of transactions subject to review by the Committee on Foreign Investment in the United States (“CFIUS”), to now include certain transactions in the insurance industry, where ‎“sensitive personal data” could become accessible to a foreign person.

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Locke Lord is Excited to Participate During Selection Days at the Hartford InsurTech Hub

Locke Lord is excited to participate during Selection Days as a partner of the Hartford InsurTech Hub on November 12-13, 2019. During Selection Days, investors, partners and mentors will meet with 21 promising startups, 10 of which the Hartford InsurTech Hub will welcome for their accelerator program beginning in mid-February.

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It’s Not Over … Until The Panel Sings

A federal court in New York recently held that an arbitration panel retained the right to resolve any dispute arising out of an arbitration award.  In Chicago Insurance Company v. General Reinsurance Corporation et al., no. 18-cv-10450, 2019 WL 5387819 (S.D.N.Y. Oct. 22, 2019), Chicago Insurance Company and its reinsurers disputed the reinsurers’ share of a settlement agreement that Chicago entered into with its insured with respect to the insured’s liability arising out of asbestos claims.

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CCPA Amendments Are In! Draft CCPA Regulations Are Out!

The long-awaited amendments to the California Consumer Privacy Act of 2018 (CCPA) have finally become law. On October 11, 2019—two days before the October 13 deadline—California Governor Gavin Newsom announced that he signed all of the California Legislature’s September 2019 amendments to the CCPA: AB-25, AB-874, AB-1146, AB-1355, and AB-1564.

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