Reporting Developments Affecting the Insurance and Reinsurance Industries
On June 17, 2022, the Texas Supreme Court released an opinion in Hegar v. Health Care Serv. Corp. (No. 21-0080) (Jun 17, 2022) regarding whether the Comptroller properly taxed an insurer based on premiums it received from sales of stop-loss insurance policies under Texas Insurance Code Chapters 222 and 257.
Read MoreEffective July 1, 2022, House Bill 5506 (the “Bill”) amends various provisions of Connecticut’s captive insurance laws. Notably, the Bill lowers the capital and surplus requirements for various types of captive insurers.
Read MoreIssues to Watch
We are happy to provide the 2022 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year.
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 MoreFollowing on the heels of the New York Department of Financial Services (“NYDFS”), the National Association of Insurance Commissioners (“NAIC”) and the U.S. Security and Exchange Commission (“SEC”), the Connecticut Department of Insurance on April 22, 2022 proposed guidance for domestic insurers on managing climate change financial risk. Like the NYDFS, the NAIC and the SEC programs, the proposed guidance is based on the framework develop by the Task Force on Climate-related Financial Disclosure (“TCFD”).
Read MoreOn April 18, 2022, the California Department of Insurance (“CDI”) released its Climate Risk & Resilience Analysis Survey performed by S&P Global Market Intelligence. The survey’s analysis assessed insurer investment portfolios from December 2018 to December 2019 and reviewed insurer investments in the fossil fuels and energy sectors, under the EU green taxonomy, and in green bonds. Through the report, the CDI is attempting to understand the exposure of the California insurance industry to financial risks associated with insurer investments in oil, gas, coal and electric utilities. The CDI has also started assessing insurer investments in green assets with the purpose of tracking the transition to a more sustainable economy.
Read MoreOn April 19, 2022, the New York Department of Financial Services (“NY DFS”) issued Insurance Circular Letter No. 5 (2022) (the “Letter”). The Letter, entitled “Acquisitions of Control and Disclaimers of Control”, was addressed to all New York domiciled insurers and other interested parties. The purpose of the Letter is to remind insurance industry participates of the requirements outlined under New York Insurance Code (“NY Ins. Code”) § 1506, which requires NY DFS approval in connection with a change of control of an insurer.
Read MoreThe NAIC adopted at its April 7 meeting the recommendations of its Climate Risk & Resiliency Task Force to revise its Climate Risk Disclosure Survey. As we described in our Locke Lord QuickStudy: Insurers Hit with Two Climate Disclosure Developments on the Same Day, the revisions make the Survey consistent with the international Task Force on Climate-Related Financial Disclosures (TCFD) disclosure framework.
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