The insurance world has its share of industry organizations, and a new one has arrived.
Read More NAPSLO Merges with AAMGA to form Wholesale and Specialty Insurance Association (WSIA)
Impact of the Financial CHOICE Act 2.0 on the Insurance Industry
The Financial CHOICE Act 2.0 released by Rep. Jeb Hensarling (R-Texas) on April 19, 2017 (“Act”) would have a significant impact on the extent to which the federal government regulates insurance. First and foremost, the Act would repeal the Federal Insurance Office and replace it with a bureau of the
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Group P&C Insurance: Admitted And Surplus Lines Issues
New York Associate Zach Lerner authored a Law360 article on group property and casualty insurance. Within the article, Lerner identifies some of the important issues for insurers and producers to consider, both in the admitted and surplus lines insurance markets, as to the regulation of LRRA and permissible state insurance
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New York Bolsters Security Standards for Insurers, but exempts certain RRGs, Captives, and Others
The New York Department of Financial Services (“DFS”) has recently taken a leading stance on strengthening the cybersecurity standards within the insurance sphere, but its reach has been curtailed due to pressures within the industry. Pursuant to 23 NYCRR Part 500 (the “Regulation”), every “Covered Entity” must maintain a cybersecurity
Read More New York Bolsters Security Standards for Insurers, but exempts certain RRGs, Captives, and Others
Dodd-Frank and the Future of Federal Insurance Regulation
In the early days of President Trump presidency, it has become increasingly likely that the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) will be revisited by the Republican Congress and administration. President Trump was quoted on January 30th as referring to Dodd-Frank as a “disaster” and insisting that
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New York Passes New Insurance Law Establishing State Insurance Advisory Board
Effective on December 31, 2016, New York Senate Bill 7536 was signed into law enacting New York Insurance Law Section 201 (“Section 201”). Section 201 establishes the State Insurance Advisory Board (the “Advisory Board”) composed of seventeen members appointed by the New York Superintendent. Of the seventeen members, nine will
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U.S. Department of Treasury Issues New TRIA Rules
This week, the U.S. Department of the Treasury (“Treasury”) promulgated additional rules affecting the Terrorism Risk Insurance Act (“TRIA”), which had been recently reauthorized in late 2015 (the “Rules”). Of particular note is that, in accordance with the recent reauthorization, Treasury is obligated to collect data on the terrorism market
Read More U.S. Department of Treasury Issues New TRIA Rules
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
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
Surplus Lines Expansion: Industry Comments on New Opportunities
As we recently reported in Law360, the surplus lines industry is increasingly serving as a mechanism to provide evolving and complex coverage to new ideas and products throughout the world. This week, Insurance Business America (“IBA”) explored other innovations and legislative changes that may provide opportunities for surplus lines
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TRIA Update: NAIC Data Call Imminent
This week, the National Association of Insurance Commissioners (“NAIC”) provided an update on its TRIA data call initiative (the “Data Call”). As we previously reported here, the NAIC has been in discussions, separate and apart from the Federal Insurance Office, to initiate its own Data Call to better understand
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