The National Association of Insurance Commissioners (“NAIC”) has recently passed the Pet Insurance Model Act (the “Act”). The NAIC’s passing of the Act follows a continued increase in annual premiums in connection with pet insurance policies.
Read More The NAIC Adopts the Pet Insurance Model Act
Jeffrey Bohn
Connecticut Modifies Its Captive Insurance Laws
By Jeffrey Bohn & Troutman Pepper Locke on
Effective July 1, 2022, House Bill 5506 (the “Bill”) amends various provisions of Connecticut’s captive insurance laws. Notably, the Bill lowers the capital and surplus requirements for various types of captive insurers.
Read More Connecticut Modifies Its Captive Insurance Laws
NY DFS Issues Circular Letter Addressing Acquisitions and Disclaimers of Control
By Jeffrey Bohn & Troutman Pepper Locke on
On April 19, 2022, the New York Department of Financial Services (“NY DFS”) issued Insurance Circular Letter No. 5 (2022) (the “Letter”). The Letter, entitled “Acquisitions of Control and Disclaimers of Control”, was addressed to all New York domiciled insurers and other interested parties. The purpose of the Letter is to remind insurance industry participates of the requirements outlined under New York Insurance Code (“NY Ins. Code”) § 1506, which requires NY DFS approval in connection with a change of control of an insurer. …
Read More NY DFS Issues Circular Letter Addressing Acquisitions and Disclaimers of Control
Delaware Senate Passes Legislation That Would Ban the Use of Gender in Auto Insurance Premiums
By Jeffrey Bohn & Troutman Pepper Locke on
Posted in United States
On April 5, 2022, the Delaware Senate narrowly passed Senate Bill 231 (the “Bill”), which would prohibit authorized insurers in Delaware from using gender, gender identity, or sex as a rating factor in personal automobile insurance policies.
Read More Delaware Senate Passes Legislation That Would Ban the Use of Gender in Auto Insurance Premiums
Connecticut and the UK Create “InsurTech Corridor” Partnership
By Jeffrey Bohn & Troutman Pepper Locke on
On March 10, 2022, the UK government and the state of Connecticut entered into a formal agreement, dubbed Project “InsurTech Corridor” (the “Project”), that is intended to remove barriers to doing business as an insurtech in each jurisdiction.…
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Delaware Corporations Can Now Purchase D&O Coverage Through Captives
By Jeffrey Bohn & Troutman Pepper Locke on
On February 3, 2022, Delaware Governor John Carney signed Senate Bill 203 (the “Bill”) into law, which allows corporations to purchase and maintain directors’ and officers’ (“D&O”) liability insurance through captive insurance companies.…
Read More Delaware Corporations Can Now Purchase D&O Coverage Through Captives
LL Surplus Lines Series (Entry 33): Florida Legislators Consider Surplus Lines Bills
Florida lawmakers have recently introduced SB 1402 that could open up additional avenues for the placement of surplus lines business in the state. …
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The Reintroduction of PRIA Stirs Skepticism Among Several Trade Groups
By Jeffrey Bohn on
Posted in COVID-19, United States
U.S. Representative Carolyn Maloney’s reintroduction of the Pandemic Risk Insurance Act (“PRIA”), which would create a shared public-private insurance program styled after the Terrorism Risk Insurance Act, has stirred skepticism among several trade groups. …
Read More The Reintroduction of PRIA Stirs Skepticism Among Several Trade Groups
Rep. Carolyn Maloney Reintroduces the Pandemic Risk Insurance Act
By Jeffrey Bohn & Troutman Pepper Locke on
Posted in COVID-19, United States
On November 2, 2021, New York Congresswoman Carolyn Maloney reintroduced the Pandemic Risk Insurance Act (“PRIA”) in the U.S. House of Representatives. PRIA would create the Pandemic Risk Reinsurance Program (the “Program”), a shared public-private system that would require insurers to offer coverage in all commercial property and casualty lines of insurance for insured losses resulting from public health emergencies or future pandemics.
Read More Rep. Carolyn Maloney Reintroduces the Pandemic Risk Insurance Act