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Alan Levin

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Alan advises key players in the insurance and reinsurance sectors on complex transactions and regulatory matters in mergers and acquisitions of producers, managing general agents, and third-party administrators.

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What Happened

In a press release published August 25, New York Senators James Skoufis, Jamaal Bailey, and Brian Kavanagh announced a joint investigation into residential property insurance. The purpose of the investigation is “to identify the causes of reported increases in premiums and other obstacles to insuring new and existing single- and multi-family homes, including those occupied by homeowners and renters, and to identify legislation and policy changes that New York State should implement.”Read More New York Legislators Investigate Residential Property Insurance

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.
Read More Connecticut Insurance Department Releases its National Climate Risk Survey

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

The Connecticut General Assembly passed climate-related risk legislation on June 17, 2021 in a section of its state budget implementation bill, making this legislation the first climate-related risk legislation in the United States. SB 1202 Section 346 incorporates provisions of SB 1047, a bill introduced by the Insurance Committee and Real Estate Committee.
Read More Connecticut Passes the First Climate-Related Risk Legislation in the United States

The New Jersey Assembly is currently considering legislation that would authorize property ‎insurers offering coverage for loss of use and occupancy and business interruption to provide ‎their insureds a rider covering global virus transmission or pandemic. The bill provides that the ‎Commissioner of Banking and Insurance must review and approve, on an expedited basis, any ‎such rider offered by an insurer. ‎…
Read More New Jersey Considering Legislation That Would Authorize Insurers to Provide Policy Riders Covering Global Virus Transmission or Pandemic

On May 12, 2021, New Jersey Governor Phil Murphy signed into law a bill requiring insurers issuing policies covering loss or damage to property, including the loss of use and occupancy and business interruption, to disclose to policyholders whether their policy provides coverage for “global virus transmission or pandemic.”…
Read More New Jersey Enacts New Law Requiring Business Interruption Insurers to Disclose Coverage Parameters

Both the New Jersey Assembly and Senate recently passed identical legislation that would ‎require insurers offering commercial coverage for loss or damage to property, including business ‎interruption, to provide insureds with a general summary of common insurance clauses in policies ‎for loss of use and occupancy of a commercial property, along with a disclosure relating to ‎pandemic and virus losses.‎…
Read More New Jersey Passes Legislation Requiring Insurers to Apprise Insureds of Particular Aspects of Their Business Interruption Coverage

On March 16, 2021, the New York Department of Financial Services issued Circular Letter No. 5 “Diversity and Corporate Governance,” which notifies all insurers of the need for increased prioritization of diversity in C-Suite leadership and corporate governance more generally.
Read More The New York Department of Financial Services Seeks to Promote a Culture of Diversity, Equity and Inclusion

In an effort to help struggling businesses deal with the fall-out from the COVID-19 pandemic, ‎legislatures in Florida, Illinois, Maine and Rhode Island have recently proposed legislation to ‎require insurance carriers to cover COVID-19 related business interruption claims. Traditionally, ‎business interruption policies require that a business suffer some sort of physical loss or damage ‎before the carrier will pay-out on a business interruption claim.‎…
Read More Various States Seek to Mandate Insurers Cover COVID-19 Related Business Interruption Claims

Legislatures in New York, Oregon, Pennsylvania, Rhode Island and Washington have all proposed legislation seeking to curb COVID-19’s impact on businesses in their state. Each state’s proposed legislation essentially prohibits insurers from denying business interruption claims arising from COVID-19 related losses.
Read More State Legislatures Seek to Protect Insureds from COVID-19 Business Interruption