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The Louisiana Supreme Court has endorsed pro rata allocation of defense costs associated with hearing loss cases across triggered policy periods. The decision reversed a 2015 appellate ruling that pro rata allocation applied to the costs associated with the duty to indemnify but not the duty to defend, making a…
Read More Louisiana Extends Pro Rata Allocation to Defense Costs

Beginning in March, Barbara Richardson will start her appointment as Commissioner of the Nevada Division of Insurance after the long recruitment to fill the vacancy following Scott Kipper’s resignation in July 2015.

For the past 11 years Richardson served as the Director of Operations and Fraud with the New Hampshire…
Read More Barbara Richardson Appointed as Commissioner of the Nevada Division of Insurance

Illinois Governor Rauner has named Acting Director Jim Stephens as director of the Department of Insurance on a temporary basis through January 2017.   The Governor’s Office will continue the search for a permanent director in the interim. The appointment does require Senate confirmation.  Director Stephens was not able to continue…

Read More Illinois Department of Insurance has Appointed Temporary Director

On a March 16 conference call, the NAIC Principle-Based Reserving Implementation (EX) Task Force adopted the 2015 XXX/AXXX Reinsurance Supplement Proposal.  The Proposal adds to the Annual Statement a reinsurance exhibit which discloses data regarding reinsurance cessions subject to reserve valuation under Regulations XXX and AXXX.  Significantly, after considering public…
Read More 2015 NAIC XXX/AXXX Reinsurance Supplement Proposal

MEDICAID INTERCEPTION
The Property and Casualty Insurance Committee adopted an amended 2014 NCOIL Model Act Regarding Medicaid Interception of Insurance Payments, which was approved by the Executive Committee later that day. The amended model creates an exemption for payments that a property-casualty insurer makes to fund a structured settlement annuity…

Read More Highlights of the National Conference of Insurance Legislators (NCOIL) Spring Meeting in Charleston, South Carolina, February 27 to March 1, 2015

The California Department of Insurance issued a bulletin on February 18, 2015 advising insurers that they may not use “price optimization” as a rating factor in California. The Department defines price optimization as “any method of taking into account an individual’s or class’s willingness to pay a higher premium relative…
Read More California Department Bans Price Optimization

Treasury Secretary Jacob (Jack) Lew presided over an executive session of the Financial Stability Oversight Council (Council) on Wednesday, February 4.  The preliminary agenda consists of administrative business of the Council, including a discussion regarding the Council’s outstanding notice seeking public comment on asset management products and activities, which was…
Read More Secretary Lew Presided Over an Executive Session of the Financial Stability Oversight Council

President Obama’s fiscal year 2016 budget once again contains a revenue proposal to tax certain reinsurance transactions between U.S. insurers and foreign reinsurers.  The proposal would apply to a U.S. ceding company that reinsures property/casualty risks with an affiliated foreign reinsurer.  Under the proposal, in general terms, a U.S. ceding…
Read More Taxing Foreign Reinsurance Transactions: Déjà vu All Over Again

The Illinois Department of Insurance recently published proposed regulations impacting insurance producer licensing in Illinois.  While largely technical in nature, the proposed rules do require an individual to spend at least 51% of their time in Illinois to be considered a “resident” producer.  Moreover, with respect to business entities which…

Read More Illinois DOI Proposes New Producer Rules

January 12, 2015 – Locke Lord LLP and Edwards Wildman Palmer LLP have officially merged, creating Locke Lord Edwards, a firm with more than 1,000 lawyers in 23 cities around the world as well as a combined history of more than 125 years. With joined revenues, it will be among…
Read More It’s Official: Locke Lord, Edwards Wildman Combination Launched; Locke Lord Edwards Expands Global Reach, Enhances Client Services