On July 1, 2026, the New York Department of Financial Services (the NYDFS) published Insurance Circular Letter No. 3 (the Letter) regarding “2026 Motor Vehicle Insurance Reforms.” The Letter, addressed to “All Insurers Authorized to Write Motor Vehicle Insurance in New York State, the New York Automobile Insurance Plan, and Rate Service Organizations” concerns changes to the New York Insurance Law, Penal Law, and Civil Practice Law and Rules (the CPLR) relating to motor vehicle insurance as a result of Chapters 55 and 58 of the Laws of 2026 being signed into law on May 27 and May 26, 2026, respectively. The overarching purpose of the amendments was to “address drivers of rising costs affecting motor vehicle insurance premiums, including fraudulent and abusive claims practices, and to ensure that insurers obtain prior approval before increasing motor vehicle insurance rates.”
Read More New York Department of Financial Services Informs Insurers of Motor Vehicle Insurance ReformsMatthew Pasko*
*Matthew Pasko is an intern with Troutman Pepper Locke and not admitted to practice law in any jurisdiction.
Congress Moves to Extend the Terrorism Risk Insurance Act Until 2034
By Alan Levin, John Emmanuel, Matt Cossu & Matthew Pasko* on
On June 29, 2026, the House of Representatives passed H.R. 7128, “TRIA Program Reauthorization Act of 2026” (the Act). The Act concerns the Terrorism Risk Insurance Act of 2002 (TRIA), which was passed in the aftermath of the September 11, 2001, terrorist attacks. TRIA requires commercial property and casualty insurers…
Read More Congress Moves to Extend the Terrorism Risk Insurance Act Until 2034Texas Department of Insurance Unveils New Online Tools for Greater Department Transparency
By Alan Levin, John Emmanuel, Matt Cossu & Matthew Pasko* on
On June 22, 2026, the Texas Department of Insurance (the Department) issued a news release (the Release) titled “TDI Prioritizes Transparency by Making Home and Auto Data Public.” The Release explains that the Department has “created resources to give Texans access to data the agency collects about home insurance…
Read More Texas Department of Insurance Unveils New Online Tools for Greater Department TransparencyAct No. 9100: Virgin Islands Guarantee Fund Funding Level Increased
By Alan Levin, Matt Cossu & Matthew Pasko* on
Posted in Insurance, Insurance Regulatory & Transactional
On June 22, 2026, the U.S. Virgin Islands Division of Banking, Insurance, and Financial Regulation (the Division) issued Bulletin 2026-04 (the Bulletin) regarding an “increase in the Virgin Islands Insurance Guaranty Fund amount and policyholder or third-party coverage limit[s].” The Bulletin informs residents of the Virgin Islands that Act No.
Read More Act No. 9100: Virgin Islands Guarantee Fund Funding Level IncreasedTexas Department of Insurance Issues Disallowed Expenses Data Call
On June 12, 2026, the Texas Department of Insurance (DOI) issued Commissioner’s Bulletin No. B-0004-26 (the Bulletin) to “[a]ll insurance companies licensed to write property and casualty insurance in the state of Texas.” The Bulletin, titled “Calendar Year 2025 Disallowed Expenses Data Call,” issues a mandatory data call under Texas…
Read More Texas Department of Insurance Issues Disallowed Expenses Data Call