Reporting Developments Affecting the Insurance and Reinsurance Industries
When Congress passed the Federal Liability Risk Retention Act of 1986 in response to skyrocketing insurance premiums being charged for, and the lack of available, commercial liability insurance, a new regime was born.
Read MoreOn June 17, the New York State Assembly passed the Stop Hacks and Improve Electronic Data Security Act, commonly referred to as the SHIELD Act which will be enforced by the New York Attorney General. This SHIELD Act should not be confused with Marvel’s Strategic Homeland Intervention Enforcement and Logistics Division also called S.H.I.E.L.D. The SHIELD Act is awaiting the governor’s signature to become law.
Read MoreLocke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail & Hors d’oeuvre Reception During the NAIC National Summer Meeting
Read MoreOn January 10, 2019, Massachusetts Governor Charlie Baker signed House Bill No. 4806 into law. The bill amends certain provisions of the state data breach notification law, increasing reporting requirements on a person or agency collecting personal information of Massachusetts residents.
Read MoreOn Tuesday, June 18th, Florida Gov. Ron DeSantis signed into law House Bill 301 (the “Bill”), an insurance omnibus package aimed at modernizing the state’s surplus lines industry.
Read MoreThe Deal has awarded Locke Lord with its 2019 Deal of the Year distinction for the Firm’s role as national insurance regulatory counsel to CVS Health in its completed acquisition of Aetna. The honor was announced at the June 20 ceremony for The Deal Awards, which recognize leading lawyers, bankers, advisers and investors who are setting the trends in the industry.
Read MoreWhile you were off changing the industry, you may have missed these important developments
Read MoreOn June 17th, the Excess Lines Association of New York (“ELANY”) published Bulletin No. 2019-19 (the “Bulletin”) detailing New York’s substantial restrictions on group property and casualty insurance policies. The Bulletin echoes some of the remarks at the most recent Surplus Lines Law Group Meeting where this author provided details on the growing regulatory concerns as to group P&C policies.
Read MoreWashington H.B. 1001 was enacted on April 8, 2019, and will take effect on July 28, 2019.1 H.B. 1001 makes changes to Wash Rev. Code Chapter 48.110 governing service contracts and protection product guarantees which permit new items to be covered under service contracts and establishes new minimum net worth and financial responsibility requirements for service contract providers.
Read MoreOn June 10, 2019, Governor Phil Scott of Vermont signed Senate Bill 131 (the “Bill”) into law, permitting domestic surplus line insurers to offer and sell surplus lines insurance under a surplus lines certificate of authority in the state. Imitation is the sincerest form of flattery, and as mentioned in our previous post found here, Nevada passed similar legislation earlier this month.
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