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The Illinois House of Representatives has passed a new bill, HB 5534, entitled the Insurance ‎Business Transfer Act (the “IL IBT Act”), to address the current significant limitations that are in ‎place concerning the sale and transfer of blocks of insurance.‎…
Read More Illinois House of Representatives Passes Insurance Business Transfer Act

On March 10, 2022, the UK government and the state of Connecticut entered into a formal ‎‎agreement, dubbed Project “InsurTech Corridor” (the “Project”), that is intended to remove ‎barriers to doing business as an insurtech in each jurisdiction.‎…
Read More Connecticut and the UK Create “InsurTech Corridor” Partnership

Governor Kathy Hochul signed a bill that clarified the provisions recently allowing for commercial risk policies of less than one year under New York Insurance Law Section 3426. The original amendments, enacted in December 2021, provided generally that commercial risk policies of less than one year may be written if requested by the insured and offered by the insurer.
Read More New York Clarifies Provisions Allowing for Policies Under One Year

On February 3, 2022, Delaware Governor John Carney signed Senate Bill 203 (the “Bill”) into ‎law, which allows corporations to purchase and maintain directors’ and officers’ (“D&O”) ‎liability insurance through captive insurance companies.‎…
Read More Delaware Corporations Can Now Purchase D&O Coverage Through Captives

On December 22, 2021, New York State Governor Kathy Hochul signed Senate Bill S653A which amends the New York Insurance Law by adding Section 3458 regarding the electronic delivery of property and casualty insurance notices.
Read More New York State Law Regarding Electronic Delivery of Insurance Notices to Take Effect March 22

On Tuesday, January 25th, the New York State Senate voted to confirm Adrienne Harris as Superintendent of the New York State Department of Financial Services (the “NY DFS”).  Harris had served as acting superintendent of the NY DFS since being nominated for the full-time position by Gov. Kathy Hochul in August of 2021.
Read More State Senate Confirms Gov. Hochul’s Pick to Head NY Department of Financial Services

The Texas Department of Insurance (“TDI”) adopted new administrative rules for reciprocal reinsurers that took effect on January 1, 2022. According to TDI, the goal of the new reinsurance regulations is to “ensure TDI retains its authority to regulate credit for reinsurance matters associated with covered agreements, align TDI’s rules with the current approach to regulate reserve financing arrangements for certain life insurance policies, and align TDI’s rules with updates to the National Association of Insurance Commissioners’ (NAIC) accreditation requirements.”…
Read More New Texas Reinsurance Rules for Reciprocal Insurers Take Effect