Reporting Developments Affecting the Insurance and Reinsurance Industries

 

A Fortunes Cookie For The U.S. Reinsurance Industry

Much of American law is derivative of British law, and this is particularly true in the realm of reinsurance law.  In the UK, courts distinguish between ‘follow the fortunes clauses’ and ‘follow the settlements clauses’ and attribute different meanings to each, which is often a significant factor in the determining claims and coverage related issues.  Unlike the UK, courts in the US appear not to distinguish between the two clauses, and often refer to them interchangeably, as was the case in Fireman’s Fund Ins. Co. v. OneBeacon Ins. Co., No. 14 CIV. 4718, 2020 WL 6135101 (S.D.N.Y. Oct. 19, 2020).

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The Gig Economy’s Auto Insurance Market and Surplus Lines

Automobile insurance looks very different today than it did a generation ago. The means by ‎which people (and goods) travel via motor vehicles continue to expand and evolve, as do ‎businesses and their automobile insurance needs, especially in the gig economy and now with the ‎current COVID-19 pandemic disruptions. No longer do individuals exclusively rely on ‎traditional car rental companies for their temporary travel needs, as fleet-based services have ‎grown exponentially, allowing for utilization of app-based technology to identify local vehicles ‎for immediate use.‎

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Supreme Court Rules States Can Regulate PBMs

On December 10th, the Supreme Court of the United States issued its ruling in Rutledge v. Pharmaceutical Care Management Association (PCMA), which held Arkansas’ Act 900 is not pre-empted by ERISA. This decision is seen as a victory for the interests of patients, pharmacists, and community pharmacies, as states and local authorities will now have greater ability to regulate PBMs.

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NAIC Adopts Amendments to the Unfair Trade Practices Act Model Pertaining to Anti-Rebating

The NAIC Innovation and Technology (EX) Task Force met December 4th and discussed and adopted model law language amendments to the Unfair Trade Practices Act (#880) pertaining to anti-rebating. The adopted amendments permit the offer or provision by insurers or producers, by or through employees, affiliates or third party representatives, of value-added products or services at no or reduced cost when such products or services are not specified in the policy of insurance if the product or service relates to the insurance coverage and meets certain other specified criteria.

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Privacy & Cybersecurity Newsletter – Fall 2020

Locke 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.

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COVID-19 Weekly Insurance Regulatory Updates To Keep You Informed During The Lockdown (October 26-30, 2020)

In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time.  If you have any questions on the subject matter below, do not hesitate to reach out.  The information below relates to state and federal bulletins, emergency orders, pending/enacted legislation, and other related actions taken in response to the COVID-19 pandemic. 

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COVID-19 Weekly Insurance Regulatory Updates To Keep You Informed During The Lockdown (October 19-23, 2020)

In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time.  If you have any questions on the subject matter below, do not hesitate to reach out.  The information below relates to state and federal bulletins, emergency orders, pending/enacted legislation, and other related actions taken in response to the COVID-19 pandemic. 

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COVID-19 Weekly Insurance Regulatory Updates To Keep You Informed During The Lockdown (October 10-16, 2020)

In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on the subject matter below, do not hesitate to reach out. The information below relates to state and federal bulletins, emergency orders, pending/enacted legislation, and other related actions taken in response to the COVID-19 pandemic.

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