Reporting Developments Affecting the Insurance and Reinsurance Industries
Earlier this month, Florida passed House Bill 301 to remove the cap on the amount of fees that may be charged by a surplus lines broker in connection with the procurement of surplus lines insurance for a prospective insured. Instead of the old cap of a maximum of $35 per policy, surplus lines brokers will be able to charge any fee that is “reasonable” and disclosed to the insured in advance.
Read MoreWhile you were off changing the industry, you may have missed these important developments
Read MoreThe National Association of Insurance Commissioners (NAIC) held its annual International Insurance Forum this week in Washington, D.C., May 13 and 14. Alan Levin and Robert Kasinow attended on behalf of Locke Lord LLP. The conference gathers U.S. and international regulators and industry stakeholders to discuss and share ideas and viewpoints on insurance matters with global implications.
Read MoreAs an early stage or startup InsurTech, you’re highly focused on all the right things: identifying a challenge for the insurance industry, developing an innovative technical solution, making it practical and scalable, getting it funded, and implementing it. The industry for which InsurTech seeks to develop and deliver solutions is awash, however, in requirements and restrictions related to the collection, use, sharing, and protection of data.
Read MoreThe surplus lines market saw plenty of growth in 2018 and one-third of the way through 2019 there is no reason to think that the trend won’t continue.
Read MoreWhile you were off changing the industry, you may have missed these important developments
Read MoreIn a very favorable ruling for insurance companies, a federal district court on May 6 held that Northwestern Mutual Life Insurance Company had not misclassified as an independent contractor (IC) a life insurance agent who alleged that he was an “employee” under the New Jersey Wage Payment Law.
Read MoreTed Augustinos, a member of the steering committee of Locke Lord’s Privacy and Cybersecurity Practice Group, authored an article detailing the stifling effect of privacy and cybersecurity regulations on innovative data usage at insurance companies.
Read MoreWhile you were off changing the industry, you may have missed these important developments
Read MoreCancellation and nonrenewal requirements applicable to insurance policies exist in every state in the nation. These laws and regulations are founded on the principle that insurance customers should be protected against losing insurance coverage without proper notice and without good reason. As such, many states require that mid-term cancellation of an insurance policy only be effectuated for specific statutorily-defined reasons, and that sufficient advance notice must be given to the insured prior to the cancellation or nonrenewal of an insurance policy.
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