Reporting Developments Affecting the Insurance and Reinsurance Industries
Starting June 1, 2020, the Illinois Department of Insurance (the “Department”) will require insurers to submit their corporate governance practices on an annual basis, according to Company Bulletin 2020-01 Corporate Governance Annual Disclosure (CGAD) Filing ( the “Bulletin”) released on February 7th, 2020.
Read MoreOn February 5th, Connecticut Governor Ned Lamont delivered a series of proposals to legislators, including an act concerning captive insurance companies that aims to expand the captive insurance industry, incentivizing captives to relocate to Connecticut.
Read MoreOn February 13, 2020, the National Association of Insurance Commissioners (NAIC) in Executive/Plenary session passed sweeping changes to its Suitability in Annuity Transactions Model Regulation (#275), potentially greatly affecting the relationship between insurers, producers, and annuity consumers.
Read MoreAs we embark upon a new decade, the surplus lines insurance market has never been stronger. Growth in specialty products and demand for insurance protection in an increasingly dynamic, technological climate has continued to drive excess and surplus lines business. In many cases, these changes have resulted in a new, “fresh” look at many of the statutory and regulatory standards, restrictions and allowances applicable to surplus lines insureds, brokers and insurers alike.
Read MoreNassau Re and Locke Lord LLP announce a strategic partnership whereby Locke Lord will provide legal and strategic support to Nassau Re’s insurtech incubator, Nassau Re/Imagine.
Read MoreThe insurance industry experienced significant and varied forms of new legislation and regulation during the last decade. Below, we highlight what we view as the top 10 of these legal and regulatory changes.
Read MoreJon 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 More
