Reporting Developments Affecting the Insurance and Reinsurance Industries
Jon Biasetti (Chicago) led a Locke Lord team representing Oscar, a tech-driven health insurance company, in a joint venture with Cigna, a leading global health service company. Cigna and Oscar will jointly provide fully insured health benefits under the Cigna + Oscar brand to the small group market, and share risk thereon through reinsurance.
Read MoreNew York Regulatory and Transactional Insurance Partner Zachary Lerner primarily focuses on helping insurance companies and intermediaries (increasingly in the nonadmitted or “surplus lines” market) buy and sell each other and develop legally compliant business practices.
Read MoreOne substantial area of ambiguity that permeates the surplus lines industry throughout the United States relates to the applicability of state law to surplus lines insurance carriers and brokers. This week, the Excess Line Association of New York (“ELANY”) published its “Compliance Advisor” intending, in part, to shed light on applicability of various New York statutes and regulations to the excess (surplus) lines market.
Read MoreOn January 9 from noon-1:00 p.m. CT, Locke Lord LLP and Novarica will look at new regulatory developments in analytics, use of data, and data security that have the potential to affect insurer technology strategy. This webinar covers the similarities and differences between NYDFS Cybersecurity Regulation and NAIC Data Security Model Law, the recent updates to the California Consumer Privacy Act of 2018, and the potential innovation opportunities and limitations surrounding insurance regulatory sandboxes.
Read MoreAndrew N. Mais, the Connecticut Insurance Department Commissioner, announced last week that the department was awarded their re-accreditation by the National Association of Insurance Commissioners (NAIC) during the NAIC’s national meeting on Dec. 6.
Read MoreFollowing comments by interested parties, including the American Property Casualty Insurance Association (APCIA) and the Excess Line Association of New York (ELANY), at the National Association of Insurance Commissioners (NAIC) Fall National Meeting in Austin, Texas, the Surplus Lines Task Force tabled its new Blanks proposal regarding home state direct premium written.
Read MoreLocke Lord corporate and regulatory insurance Partners Brian Casey and Ben Sykes will host an open organizational conference call for insurtechs and those interested in how insurtechs will be regulated going forward. The goal is to present a united voice for addressing the regulatory and legal challenges related to the adoption of new technologies-driven changes precipitated by insurtech businesses challenging and reforming insurance products, underwriting, distribution and claims models.
Read MoreOn November 26th, Maine issued Bulletin 439 (the “Bulletin”) which provides, in granular detail, the criteria for placing insurance through the surplus lines market in the state. The Bulletin has received immediate and substantial attention within the surplus lines industry both for its thoroughness as well as its deviation, in some respects, from the expectations of other states.
Read MoreLocke 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.
Read MoreCoinciding with a plan to consider and evaluate alternative approaches to implementing an Insurance Capital Standard (ICS), the International Association of Insurance Supervisors (IAIS), during its November annual meeting, finalized a Holistic Framework for Systemic Risk in the Insurance Sector to be implemented in 2020.
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