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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Locke Lord’s Zach Lerner, Associate in the New York office, Authors “As Science Evolves, So Must Political Risk Insurance” for Law360 on July 15, 2016
The explosion of scientific achievement and international interconnectivity over the last decade has provided increased opportunities for businesses worldwide. However, with global reach comes global risk as well. Individuals, corporations and conglomerates face increasing pressure to mitigate risk beyond the walls of their homes and headquarters and to consider all
Read More Locke Lord’s Zach Lerner, Associate in the New York office, Authors “As Science Evolves, So Must Political Risk Insurance” for Law360 on July 15, 2016
TRIA Update: Insurers May Be Asked to Segregate TRIA Premium
This month, the Federal Insurance Office (“FIO”) issued its “Report on the Overall Effectiveness of the Terrorism Risk Insurance Program” (the “Report”, found here), required by the latest reauthorization of the Terrorism Risk Insurance Act (“TRIA”) in 2015. The Report found that insurers have collected over $24 billion in
Read More TRIA Update: Insurers May Be Asked to Segregate TRIA Premium
Surplus Lines Tax Filing Update: Surplus Lines Clearinghouse Issues Bulletin Discontinuing Multistate Platform
As we previously reported here, the Non-Admitted Insurance Multi-State Association (“NIMA”) had announced its intentions to dissolve, with a run-off period until September 30, 2017 to allow for endorsements to be filed through the Surplus Lines Clearinghouse (the “Clearinghouse”). Yesterday, the Clearinghouse published a bulletin here providing guidance to
New York Life Industry Update: Principle-Based Reserving for Life Insurers coming in 2018
This week, the New York Department of Financial Services (the “Department”) announced that it will adopt a principle-based reserving (“PBR”) approach for life insurers beginning in 2018. The Department has also established a working group to help implement certain reserve safeguards.
New York had been one of the few outlier
Read More New York Life Industry Update: Principle-Based Reserving for Life Insurers coming in 2018
New York Surplus Lines Tax Update: New York Clarifies Franchise Tax Position on Surplus Lines Insurers under Backdrop of NRRA
Last month, New York issued two advisory opinions that could alter the tax obligations for surplus lines insurers. Advisory Opinion TSB-A-16(5)(C) (June 10, 2016, available here) and Advisory Opinion TSB-A-16(4)(C) (June 10, 2016, available here) (collectively, the “Opinions”) address how the franchise tax under N.Y. Tax Law §
Political Risk Coverage Expanding to Life Science Needs; Opportunities for Surplus Lines Insurers Likely to Follow
The insurance industry is beginning to see the emergence of new kinds of coverage to protect life science companies from contingencies traditionally not covered by political risk policies. Political risk coverage is often underwritten to protect insureds from the nationalizing and confiscating of assets by sovereign nations, or to provide
New York Insurance Legislative Update: Bills Passed to Promote E-Filings; Established Board May Affect NYDFS Prosecutory Actions
The New York State Legislature’s 2016 Legislative Session on June 18, 2016 enacted new pieces of legislation affecting the New York insurance industry and also saw proposed pieces of legislation die in the process. In particular, e-delivery legislation passed through both houses, which will now allow for the electronic delivery