Reporting Developments Affecting the Insurance and Reinsurance Industries

 

Illinois Passes Uniform Electronic Transactions Act

Illinois has passed Senate Bill 2176 which is effective as of June 25,2021, repeals the state’s former non-UETA “Electronic Commerce Security Act”, and includes the Uniform Electronic Transactions Act (UETA), making Illinois the 49th state to have adopted UETA and leaving New York as the only non-UETA state.

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Privacy & Cybersecurity Newsletter – Summer 2021

Locke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.

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LL Surplus Lines Series (Entry 32): Illinois Legislature Eliminates the Diligent Search Effort for Certain Commercial Transactions and Provides Clarity With Respect to Group Policies

On May 21, 2021, the Illinois legislature passed SB 1753, which eliminates the surplus lines ‎producers’ diligent search effort with respect to commercial risks when those risks are referred to ‎the surplus lines producer by an unaffiliated Illinois-licensed insurance producer. The legislation ‎is currently awaiting the Governor’s signature‎.

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Connecticut Passes the First Climate-Related Risk Legislation in the United States

The Connecticut General Assembly passed climate-related risk legislation on June 17, 2021 in a section of its state budget implementation bill, making this legislation the first climate-related risk legislation in the United States. SB 1202 Section 346 incorporates provisions of SB 1047, a bill introduced by the Insurance Committee and Real Estate Committee.

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Complimentary Webinar: Methods of Accessing the Non-Admitted Insurance Market in the U.S. for InsurTech Distributors

Locke Lord and InsurTech NY will present a one-hour virtual presentation on June 9 at noon ET addressing current issues facing insurtechs operating in the surplus lines space, including insurers, brokers, distribution partners and other vendors – and their various products – when seeking to access the non-admitted insurance market in today’s increasingly high-tech and digital world.

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New Jersey Considering Legislation That Would Authorize Insurers to Provide Policy Riders Covering Global Virus Transmission or Pandemic

The New Jersey Assembly is currently considering legislation that would authorize property ‎insurers offering coverage for loss of use and occupancy and business interruption to provide ‎their insureds a rider covering global virus transmission or pandemic. The bill provides that the ‎Commissioner of Banking and Insurance must review and approve, on an expedited basis, any ‎such rider offered by an insurer. ‎

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Washington State Implements Registration and Tax Requirement on Eligible Captive Insurers Operating in the State

On May 12, 2021, Washington’s legislature passed into law Senate Bill 5315, which implements a registration requirement and a tax on captive insurers operating in Washington. Although Washington does not license captive insurers, this new legislation now recognizes the concept of “eligible” captive insurers operating in the state but located in other jurisdictions.

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