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The Vermont Department of Financial Regulation recently issued a proposed rule on Regulation C-81-2. The proposed rule, which will be the subject of a public hearing on December 5, clarifies annual reporting requirements of Vermont-domiciled captive insurance companies by adding details to the annual audit and certification of loss reserves.
Read More Vermont Issues Proposed Captive Rule

Red Chalk Group presents this first of its kind event dedicated to the $1+ trillion insurance marketplace and designed for senior executives to engage leading industry and Blockchain experts as they address top-of-mind issues.

Tuesday, November 8, 2016
8:00 AM – 4:30 PM

UBS Tower
Conference Center on 2nd Floor…
Read More Please Join Us – Blockchain Insurance Summit

Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. For further information on any of the subjects covered in the newsletter, please contact one of the members of our Insurance team.

In This Issue:

  • “When Does the Acquisition of a

…
Read More Locke Lord’s Insurance & Reinsurance Newsletter – September 2016

The EU-U.S. Privacy Shield (the “Privacy Shield”) has been promulgated through a joint effort between the United States (the “U.S.”) and the European Union (the “EU”) in order to facilitate the transfer of personal data from the EU to U.S. companies. The Privacy Shield officially went live on August 1…

Read More Locke Lord’s Zach Lerner, Associate in the New York office, Co-Authors “The Privacy Shield and its Impact on U.S. Insurance Companies” for FORC Fall 2016 Edition

“Quota Share Reinsurance”

A form of reinsurance whereby the reinsurer accepts a stated percentage of each and every risk underwritten by the reinsured company within a defined category of business and within the underlying insurance contract parameters on a pro rata basis and is usually paid a pro rata portion…

Read More InsureTerms™/Terminology for the Consummate Insurance & Reinsurance Lawyer: “Quota Share Reinsurance”

“SAP”

Insurance statutory accounting principles which are codified in the National Association of Insurance Commissioners’ Accounting Practices & Procedures Manual, and sometimes by “permitted practices” of the state insurance department; the term is oftentimes used as an accounting reference for insurance company financial matters in a stock purchase agreement and…

Read More InsureTerms™/Terminology for the Consummate Insurance & Reinsurance Lawyer: “SAP”

During last few years, approximately 23 states passed seemingly favorable, pro ecommerce insurance laws, primarily at the behest of the personal lines property and casualty insurance industry, namely new state insurance code statutes that allow an insurer to deliver an insurance policy to a policyholder simply by posting an electronic…
Read More Locke Lord’s Brian Casey, Partner in the Atlanta office, Authors “Where’s The E-Sign? A Primer On Electronic Signature Laws” for Law360 on August 30, 2016

The Illinois Department of Insurance (“DOI”) has issued a notice of proposed rules to create 50 Ill. Adm. Code 941 regarding misrepresentations and false warranties. A previous version of the proposed rule was proposed in December of 2014 and withdrawn in October 2015. The DOI reason for the withdrawal was…
Read More Illinois Department of Insurance Proposes Rule on Misrepresentations and False Warranties

Illinois State Treasurer Michael Frerichs has called for statewide hearings to educate the public on how life insurance companies avoid paying death benefits. The first hearing is scheduled for August 17th in Normal, Illinois. According to Frerichs, since 2011, the Illinois State Treasurer’s office has identified more than $550 million…
Read More Illinois Treasurer Holds Statewide Hearings on Life Insurers that Do Not Pay Death Benefits