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
Jurisdictions
Long Tales About Long Tails – Connecticut’s Appellate Court Makes New Law
In a sprawling 163 page opinion issued just last week, the Connecticut Appellate Court addressed, as a matter of first impression, five different issues that will significantly affect the disposition of asbestos, and potentially other, long tail claims in Connecticut. The case, R.T. Vanderbilt Co., Inc. v. Hartford Accident and…
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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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Insurance and Reinsurance Newsletter – January 2017
Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. For further information on any of the subjects covered in the newsletter, please contact one of the members of our Insurance team.
In This Issue:
- “New Corporate Governance Annual Disclosure Requirements for
…
Read More Insurance and Reinsurance Newsletter – January 2017
Liberty v. Ledesma and Meyer Construction, Case No. 14-56120 (9th Cir. 2016)
The California Supreme Court is poised to answer the following unsettled question of California law certified by the Ninth Circuit Court of Appeals on August 22, 2016 (see order here): “Whether there is an ‘occurrence’ under an employer’s commercial general liability policy when an injured third party brings…
Read More Liberty v. Ledesma and Meyer Construction, Case No. 14-56120 (9th Cir. 2016)
South Carolina Endorses Pro Rata Allocation
Posted in Coverage & Claims, United States
A new South Carolina Supreme Court decision has upheld a pro rata allocation of progressive damages. In the January 11, 2017 opinion in Harleysville Group Insurance v. Heritage Communities, Inc., et al., the court described that two property owners’ associations sued various Heritage companies, alleging the associations’ homeowners were…
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New Cybersecurity Requirements coming for NYS DFS Insurers, Producers, and Other Licensees
Posted in Privacy/Data Security/Cyber Risk, United States
As previously reported and explained here, the New York State Department of Financial Services (DFS) promulgated a proposed regulation mandating cybersecurity requirements for all licensees, including insurance companies and producers, banks, and others. In response to 150 comments received from the industry, a revised proposed regulation was published December…
Read More New Cybersecurity Requirements coming for NYS DFS Insurers, Producers, and Other Licensees
New York Passes New Insurance Law Establishing State Insurance Advisory Board
By Zachary Lerner & Troutman Pepper Locke on
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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Illinois Department of Insurance Proposes Amendments to Insurance Department Consumer Complaints Rule
By Troutman Pepper Locke on
The Illinois Department of Insurance (“DOI”) has issued a notice of proposed amendments to the Insurance Department Consumer Complaints Rule ( 50 Ill. Adm. Code 926). The amendments will permit the DOI to share information related to a complaint against an entity licensed or registered under the Insurance Chapter (215)…
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Disclosure Deadlines Extended for Participants in and Material Advisors to Micro-Captive Transactions
On December 29, 2016, the Internal Revenue Service issued Notice 2017-08, extending the disclosure deadlines for participants in and material advisors to certain micro-captive transactions.
Prior guidance from the Service, issued in Notice 2016-66, had identified certain micro-captive transactions as “transactions of interest” and indicated that the general disclosure requirements…
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