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Join us for a discussion of hot topics addressed at the Spring 2021 Virtual NAIC Meeting and other 2021 trends, including big data and AI, climate and resiliency, long-term care, delegated entities and annuity best interest model.
Read More NAIC Spring Meeting – Discussion of Hot Topics and Insurance Regulatory Trends in 2021

Both the New Jersey Assembly and Senate recently passed identical legislation that would ‎require insurers offering commercial coverage for loss or damage to property, including business ‎interruption, to provide insureds with a general summary of common insurance clauses in policies ‎for loss of use and occupancy of a commercial property, along with a disclosure relating to ‎pandemic and virus losses.‎…
Read More New Jersey Passes Legislation Requiring Insurers to Apprise Insureds of Particular Aspects of Their Business Interruption Coverage

New York Department of Financial Services (DFS) released its climate change guidance New York domestic insurers for comment on March 26, 2021. The Guidance, found here, seeks to support domestic insurers in managing the financial risks associated with climate change.
Read More New York Department of Financial Services Issues Proposed Guidance for Managing the Financial Risks of Climate Change

On March 24, Locke Lord lawyers Brian Casey, Benjamin Sykes and Daron Janis, along with Mitch Wein, Senior Vice President of Research and Consulting at Novarica, will look at new regulatory developments in analytics, data usage, and data security that have the potential to affect insurer technology strategy.
Read More Locke Lord Lawyers to Speak on Regulatory Developments in Analytics, Data Usage, and Data Security

Given increasing reliance on “managing general agents”, managing general underwriters, program administrators or managers, brokers, agents, coverholders, and other entities delegated insurer underwriting authority (collectively “Delegated Underwriting Authority Enterprises” or “DUAEs”), AM Best is seeking to implement a new “Performance Assessment” to evaluate the ability of DUAEs to provide services to their insurance partners.
Read More AM Best Seeks to Implement New Methodologies to Assess Underwriting Performance of Delegated Underwriting Authority Enterprises

On March 12, 2021, the Connecticut Committee on Insurance and Real Estate introduced S.B. No. 1047, An Act Concerning Insurance And Climate Change. The stated purpose of the bill is to require (1) the Insurance Commissioner to (A) develop and implement criteria for each insurer doing business in this state to annually submit a report to the commissioner concerning climate risk, and (B) annually submit a report to the joint standing committee of the General Assembly having cognizance of matters relating to insurance; and (2) each insurer doing business in this state to annually submit a report to the commissioner concerning climate risk.
Read More Connecticut’s Bill Concerning Insurance And Climate Change

On March 16, 2021, the New York Department of Financial Services issued Circular Letter No. 5 “Diversity and Corporate Governance,” which notifies all insurers of the need for increased prioritization of diversity in C-Suite leadership and corporate governance more generally.
Read More The New York Department of Financial Services Seeks to Promote a Culture of Diversity, Equity and Inclusion

In an effort to help struggling businesses deal with the fall-out from the COVID-19 pandemic, ‎legislatures in Florida, Illinois, Maine and Rhode Island have recently proposed legislation to ‎require insurance carriers to cover COVID-19 related business interruption claims. Traditionally, ‎business interruption policies require that a business suffer some sort of physical loss or damage ‎before the carrier will pay-out on a business interruption claim.‎…
Read More Various States Seek to Mandate Insurers Cover COVID-19 Related Business Interruption Claims