Insurance & Reinsurance - Locke Lord LLP

Federal Insurance Office Spells Out Priorities Regarding Climate-Related Financial Risks in Insurance Sector

by Andrew Otis | Sep 1, 2021 | Climate Change | United States

On August 31, 2021, the Federal Insurance Office (“FIO”) issued a request for information ‎regarding climate-related financial risk in the insurance sector. In the Request, the FIO laid out a ‎conceptual framework for categorizing climate-related financial risk and its three pronged ‎approach to implement portions of the President’s January 27, 2021 Executive Order on the ‎Climate Crises and his May 20, 2021 Executive Order on Climate-Related Risk in the Financial ‎Sector.

New Superintendent of The Department of Financial Services for New York Selected

by John Emmanuel | Aug 31, 2021 | New York Developments | United States

Governor Kathy Hochul announced that Adrienne Harris has been nominated as the new Superintendent of The New York State Department of Financial Services. Ms. Harris’ background includes being a former economic advisor to President Obama.

NYDFS Has New Acting Superintendent

by Stewart Keir | Aug 24, 2021 | New York Developments | United States

Effective today, the New York Department of Financial Services (‘DFS”) is headed by Acting Superintendent Shirin Emami. Ms. Emami, a Columbia Law School graduate, replaces Linda Lacewell. The new Governor, Kathy Hochul, will appoint a permanent Superintendent. The appointment is subject to Senate confirmation.

Connecticut Insurance Department Releases its National Climate Risk Survey

by Alan Levin and Brittany Batts | Aug 20, 2021 | Climate Change, Connecticut Developments

On August 16, 2021, The Connecticut Department of Insurance released its National Survey on Climate Risk in the Insurance Industry. The survey’s main objectives are for insurers to report on climate-related risks and to provide the Department with more information to evaluate climate risk.

New Jersey Department of Banking and Insurance Issues Mandatory Business Interruption Insurance Policy Summary

by Alan Levin and Elliott Schreffler | Aug 19, 2021 | New Jersey Developments

On May 12, 2021, New Jersey adopted a law requiring insurers ‎issuing policies covering loss or damage to property, including the loss of use and occupancy ‎and business interruption, to provide their insureds with a one page summary of common ‎insurance clauses in such commercial property policies. The summary, which was developed by the New Jersey Department of Banking and Insurance (“DOBI”), was posted on their website on August 16, 2021 and must be provided to all existing policyholders within 90 days of its posting (which is November 13, 2021). The summary is also required to be provided to any potential purchaser, or to any policyholder seeking renewal.

Arkansas Implements New Insurance Business Transfer Law

by Elliott Schreffler and John Emmanuel | Jul 14, 2021 | Industry Developments, State Legislative Developments | United States

On July 28, 2021, Arkansas will implement its recently enacted Insurance Business Transfer Act (“IBTA”). The purpose of the law is to provide insurance carriers a process for the transfer of blocks of business from any jurisdiction in the country to another insurance company located in Arkansas.

Illinois Passes Uniform Electronic Transactions Act

by Brian Casey | Jun 30, 2021 | Blockchain, Illinois Developments, InsurTech, State Legislative Developments | United States

Illinois has passed Senate Bill 2176 which is effective as of June 25,2021, repeals the state’s former non-UETA “Electronic Commerce Security Act”, and includes the Uniform Electronic Transactions Act (UETA), making Illinois the 49th state to have adopted UETA and leaving New York as the only non-UETA state.

REMINDER: Complimentary CLE Webinar: The Path of an InsurTech – Launching a Technological Insurance Platform and Associated Insurance Distribution and Risk Assumption Considerations

Jun 28, 2021 | InsurTech

As part of the IBA Global Influencer Forum, join Locke Lord for “The Path of an InsurTech” when seeing to enter the insurance marketing in the United States.

Privacy & Cybersecurity Newsletter – Summer 2021

Jun 23, 2021 | California Developments, Healthcare, Privacy/Data Security/Cyber Risk, Regulatory | United States

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.

LL Surplus Lines Series (Entry 32): Illinois Legislature Eliminates the Diligent Search Effort for Certain Commercial Transactions and Provides Clarity With Respect to Group Policies

by John Emmanuel, Zachary Lerner and Elliott Schreffler | Jun 21, 2021 | Excess and Surplus Lines | United States

On May 21, 2021, the Illinois legislature passed SB 1753, which eliminates the surplus lines ‎producers’ diligent search effort with respect to commercial risks when those risks are referred to ‎the surplus lines producer by an unaffiliated Illinois-licensed insurance producer. The legislation ‎is currently awaiting the Governor’s signature‎.

Federal Insurance Office Spells Out Priorities Regarding Climate-Related Financial Risks in Insurance Sector

New Superintendent of The Department of Financial Services for New York Selected

NYDFS Has New Acting Superintendent

Connecticut Insurance Department Releases its National Climate Risk Survey

New Jersey Department of Banking and Insurance Issues Mandatory Business Interruption Insurance Policy Summary

Arkansas Implements New Insurance Business Transfer Law

Illinois Passes Uniform Electronic Transactions Act

REMINDER: Complimentary CLE Webinar: The Path of an InsurTech – Launching a Technological Insurance Platform and Associated Insurance Distribution and Risk Assumption Considerations

Privacy & Cybersecurity Newsletter – Summer 2021

LL Surplus Lines Series (Entry 32): Illinois Legislature Eliminates the Diligent Search Effort for Certain Commercial Transactions and Provides Clarity With Respect to Group Policies

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