Reporting Developments Affecting the Insurance and Reinsurance Industries

 

Investment Project Expected to Yield Portfolio Strengthening and Risk Sensitivity

Insurers may soon benefit from reporting revisions to diversify and strengthen investment portfolios and enhance managing Risk Based Capital (“RBC”).  As part of the ongoing National Association of Insurance Commissioners (“NAIC”) Investment Classification Project it is proposed that RBC for NAIC designated mutual funds be based on the underlying holdings of the funds.

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Florida Appellate Court Provides Insurers with Potentially Powerful Tool to Combat Abusive Assignment of Benefit Litigation

The logjam may have broken in Florida assignment of benefits litigation. Insurers and the bar that represents them have searched for a response a costly wave of costly litigation that has a arisen in recent years where insureds have assigned their homeowners’ insurance proceeds to  contractors that perform needed repairs and then submit bills to the insurer that frequently are inflated, touching off litigation in which the contractor (or, more accurately, its lawyer) is emboldened by the threat of recovery of attorneys’ fees.

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Update on Sexual Harassment Laws in New York: Today, Posting and Information Sheets Must be Distributed

As we reported last on July 11, 2018, New York State and New York City recently passed several anti-harassment laws in the wake of the #MeToo movement that will soon require employers to provide annual sexual harassment prevention training to all workers, distribute a comprehensive sexual harassment prevention policy, and update their form employment contracts and settlement agreements. Today, key parts of the City law go into effect. 

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California Amends Consumer Data Privacy Act, but Leaves Material Provisions Unchanged and Questions Unanswered

On August 31, 2018, the California State Legislature passed Senate Bill 1121, amending the California Consumer Privacy Act of 2018 (“CCPA”).  The CCPA, which contains the broadest consumer data privacy protections in the country, was hastily passed in June to forestall an advocacy group from putting a more restrictive bill before voters in a November referendum.

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Illinois Governor Issues Amendatory Veto to Insurance Omnibus Legislation

On August 26, 2018, Illinois Governor Bruce Rauner issued an amendatory veto to insurance omnibus legislation, Senate Bill 1737.  The amendatory veto deletes provisions in the bill related to short-term limited-duration health plans and worker’s compensation insurance.  Portions of the bill concerning captive insurance regulation, domestic stock company division and credit for reinsurance remain in the bill.

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