Jurisdiction: United States

Texas Supreme Court Reverses Stop Loss Insurance Categorization Premium Tax Ruling

On June 17, 2022, the Texas Supreme Court released an opinion in Hegar v. Health Care Serv. Corp. (No. 21-0080) (Jun 17, 2022) regarding whether the Comptroller properly taxed an insurer based on premiums it received from sales of stop-loss insurance policies under Texas Insurance Code Chapters 222 and 257.

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NY DFS Issues Circular Letter Addressing Acquisitions and Disclaimers of Control

On April 19, 2022, the New York Department of Financial Services (“NY DFS”) issued ‎Insurance Circular Letter No. 5 (2022) (the “Letter”). The Letter, entitled “Acquisitions of ‎Control and Disclaimers of Control”, was addressed to all New York domiciled insurers and ‎other interested parties. The purpose of the Letter is to remind insurance industry participates of ‎the requirements outlined under New York Insurance Code (“NY Ins. Code”) § 1506, which ‎requires NY DFS approval in connection with a change of control of an insurer. ‎

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NAIC Adopts New Climate Risk Disclosure Standard for its Survey

The NAIC adopted at its April 7 meeting the recommendations of its Climate Risk & Resiliency Task Force to revise its Climate Risk Disclosure Survey.  As we described in our Locke Lord QuickStudy: Insurers Hit with Two Climate Disclosure Developments on the Same Day, the revisions make the Survey consistent with the international Task Force on Climate-Related Financial Disclosures (TCFD) disclosure framework. 

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SEC and the NAIC Propose Significant New Climate Reporting Requirements

On March 21, the Securities and Exchange Commission and the National Association of Insurance Commissioners both proposed significant revisions to climate disclosure rules. If adopted, these rules would require affected insurers to disclose climate-related risk assessments and management at the board and C-Suite level and, in some instances, Scope 3 greenhouse gas emissions.

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