To date, six states from Michigan to Alabama have adopted versions of the National Association of Insurance Commissioner’s model insurance data security law (the “NAIC model”). The NAIC model generally requires entities licensed or authorized to operate under a state’s insurance laws to develop a cybersecurity program, investigate and report data breaches, and certify compliance with the law to the state’s insurance commissioner. Connecticut joined the growing list of states that have adopted a version of the NAIC model, buried in a budget bill, when Governor Ned Lamont signed Public Act 19-117 (the “Act”), on June 26, 2019, effective in relevant part on October 1, 2020.
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Jurisdictions
New York DFS Announces New Research and Innovation Division
By Troutman Pepper Locke on
Posted in InsurTech, United States
On July 23, the Financial Services Superintendent Linda A. Lacewell announced the establishment of the New York State Department of Financial Services (“NYDFS”) Research and Innovation Division (the “Division”). Superintendent Lacewell stated, “this new division…position[s] DFS as the regulator of the future, allowing the Department to better protect consumers, develop best practices, and analyze market data to strengthen New York’s standing as the center of financial innovation.”…
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InsurTech Weekly Roundup – July 26, 2019
By Troutman Pepper Locke on
Posted in InsurTech, United States
While you were off changing the industry, you may have missed these important developments…
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LL Surplus Lines Series (Entry 13): New York Diligent Search Reformation Bill Unlikely to Pass this Year
By Zachary Lerner on
New York Senate Bill S769A (the “Bill”) has failed to move in the New York Assembly despite its passage by the Senate and therefore is unlikely to become law in 2019.
Read More LL Surplus Lines Series (Entry 13): New York Diligent Search Reformation Bill Unlikely to Pass this Year
Common Misconceptions About Risk Purchasing Groups
By Zachary Lerner & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
When Congress passed the Federal Liability Risk Retention Act of 1986 in response to skyrocketing insurance premiums being charged for, and the lack of available, commercial liability insurance, a new regime was born.
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New York Jumps on the Data Security Bandwagon
On June 17, the New York State Assembly passed the Stop Hacks and Improve Electronic Data Security Act, commonly referred to as the SHIELD Act which will be enforced by the New York Attorney General. This SHIELD Act should not be confused with Marvel’s Strategic Homeland Intervention Enforcement and Logistics Division also called S.H.I.E.L.D. The SHIELD Act is awaiting the governor’s signature to become law.
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Updates to Massachusetts Data Breach Laws: House Bill No. 4806
Posted in Massachusetts Developments, United States
On January 10, 2019, Massachusetts Governor Charlie Baker signed House Bill No. 4806 into law. The bill amends certain provisions of the state data breach notification law, increasing reporting requirements on a person or agency collecting personal information of Massachusetts residents.
Read More Updates to Massachusetts Data Breach Laws: House Bill No. 4806
LL Surplus Lines Series (Entry 12): Florida Embraces Surplus Lines Modernization
By Troutman Pepper Locke on
On Tuesday, June 18th, Florida Gov. Ron DeSantis signed into law House Bill 301 (the “Bill”), an insurance omnibus package aimed at modernizing the state’s surplus lines industry.
Read More LL Surplus Lines Series (Entry 12): Florida Embraces Surplus Lines Modernization
Locke Lord QuickStudy: Excess Lines Association of New York Publishes Guidance on New York Group P&C Policies
On June 17th, the Excess Lines Association of New York (“ELANY”) published Bulletin No. 2019-19 (the “Bulletin”) detailing New York’s substantial restrictions on group property and casualty insurance policies. The Bulletin echoes some of the remarks at the most recent Surplus Lines Law Group Meeting where this author provided details on the growing regulatory concerns as to group P&C policies.
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LL Surplus Lines Series (Entry 11): Vermont authorizes Domestic Surplus Lines Insurers; Standardizes Premium Tax rates; Repeals SLIMPACT
By Zachary Lerner & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
On June 10, 2019, Governor Phil Scott of Vermont signed Senate Bill 131 (the “Bill”) into law, permitting domestic surplus line insurers to offer and sell surplus lines insurance under a surplus lines certificate of authority in the state. Imitation is the sincerest form of flattery, and as mentioned in our previous post found here, Nevada passed similar legislation earlier this month.
Read More LL Surplus Lines Series (Entry 11): Vermont authorizes Domestic Surplus Lines Insurers; Standardizes Premium Tax rates; Repeals SLIMPACT