Reporting Developments Affecting the Insurance and Reinsurance Industries
Tennessee Governor-Elect Bill Lee has reappointed Julie Mix McPeak as the Tennessee Insurance Commissioner. Julie Mix McPeak has served as the Insurance Commissioner in Tennessee since 2011 and was previously the Executive Director of the Kentucky Office of Insurance.
Read MoreThe U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced on December 11, 2018 that they intend to sign a new Bilateral Agreement between the U.S. and the U.K. on Prudential Measures Regarding Insurance and Reinsurance (“Covered Agreement”).
Read MoreEmployers Insurance Company of Wausau (“Wausau”) recently was adverse to The Hartford (“Hartford”), creating a procedural briar patch in a California federal court over the issue of consolidation of multiple disputes under different reinsurance treaties.
Read MoreBoth Rhode Island and Oklahoma have enacted insurance business transfer acts, which allow insurers to transfer and novate books or portfolios of business to insurers domiciled in the respective States. Rhode Island’s Voluntary Restructuring of Solvent Insurers Act became effective on June 30, 2007, and is codified by the Rhode Island Department of Business (“DBR”) Regulation 68.
Read MoreWhen the National Council of Insurance Legislators (“NCOIL”) holds its Annual Meeting in Oklahoma City later this week, it will consider a proposed resolution entitled the “Resolution Asserting McCarran-Ferguson Reverse Preemption over the Supervision of Insurance Companies by the Federal Reserve Board and its Examiners” (“Proposed Resolution”).
Read MoreYesterday Hartford InsurTech Hub, powered by Startupbootcamp, concluded their Selection Days where investors, partners and mentors met with 22 promising startups.
Read MoreOn November 23, the European Data Protection Board released guidelines for public comment (the “Guidelines”) on the territorial scope of the General Data Protection Regulation (“GDPR”).
Read MoreOn September 20, 2018 the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued “OFAC Advisory to the Maritime Petroleum Shipping Community” to alert the shipping industry participants, including insurers, as to sanctions risks relating to petroleum shipments to or from Syria.
Read MoreAs we noted last week in our QuickStudy 2018 Statewide Elections: A Mixed Bag for Insurers?, elections for Governor of Florida and Georgia and Georgia Insurance Commissioner were too close to call.
Read MoreAll eyes have been focused on the federal mid-term elections and the impact on the U.S. House and Senate. Post-mortems by the pundits have begun. See Locke Lord’s take on the mid-terms. The divided government in Washington, D.C. may well stymie efforts to regulate the insurance industry at the federal level, except in very limited circumstances where bi-partisan accord can be achieved.
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