Yesterday, Locke Lord touched on the general implications of the recent devastation caused by Hurricanes Harvey and Irma on the Insurance-Linked Securities (“ILS”) market here. With Irma having now left the Florida keys (and reportedly having destroyed upwards of 25% of all homes in the area), it is now
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New York Proposes Regulation to Amend Form A Process
Last month, the New York Department of Financial Services (“NYDFS”) proposed an amendment to 11 NYCRR 80-1.6 (the “Regulation”), which would augment the application process to acquire a domestic insurer by potentially limiting the amount of information that must be provided in connection therewith.
The proposals to the Regulation allow
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Harvey Shining Limelight on Business Interruption Insurance Industry
As victims of Hurricane Harvey try to assess their (often catastrophic) damages, many business owners are finding that their traditional coverages do not adequately cover the scope of their losses. The National Flood Insurance Program (“NFIP”), the primary governmental flood insurance option, has traditionally provided adequate coverage for homeowners, but
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NAPSLO Merges with AAMGA to form Wholesale and Specialty Insurance Association (WSIA)
The insurance world has its share of industry organizations, and a new one has arrived.
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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
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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
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