Jurisdiction: United States

Connecticut’s Bill Concerning Insurance And Climate Change

by Alexandra Cavaliere | Mar 19, 2021 | , |

On March 12, 2021, the Connecticut Committee on Insurance and Real Estate introduced S.B. No. 1047, An Act Concerning Insurance And Climate Change. The stated purpose of the bill is to require (1) the Insurance Commissioner to (A) develop and implement criteria for each insurer doing business in this state to annually submit a report to the commissioner concerning climate risk, and (B) annually submit a report to the joint standing committee of the General Assembly having cognizance of matters relating to insurance; and (2) each insurer doing business in this state to annually submit a report to the commissioner concerning climate risk.

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Privacy & Cybersecurity Newsletter – Winter 2021

Mar 11, 2021 | , , , , | ,

Locke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.

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Various States Seek to Mandate Insurers Cover COVID-19 Related Business Interruption Claims

by Elliott Schreffler and Alan Levin | Mar 11, 2021 | , , |

In an effort to help struggling businesses deal with the fall-out from the COVID-19 pandemic, ‎legislatures in Florida, Illinois, Maine and Rhode Island have recently proposed legislation to ‎require insurance carriers to cover COVID-19 related business interruption claims. Traditionally, ‎business interruption policies require that a business suffer some sort of physical loss or damage ‎before the carrier will pay-out on a business interruption claim.‎

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LL Surplus Lines Series (Entry 29): Illinois Looks to be Latest State to Streamline Diligent Search Requirements, and to Provide Clarity for Group Policies

by John Emmanuel | Mar 3, 2021 | , |

On February 26, 2021, a bill was introduced in the Illinois General Assembly that among other ‎changes would eliminate the diligent effort requirement for commercial business sourced by a ‎surplus lines producer through a retail insurance producer and would also reduce the requirement ‎for master policies and program business.‎

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LL Surplus Lines Series (Entry 28): Surplus Lines Compliance Reminder Issued by ‎ELANY, Regarding Group Policies and Use of Binding Authority Agreements

by John Emmanuel | Feb 11, 2021 | |

On February 8, 2021, the Excess Line Association of New York (“ELANY”) issued Bulletin No. ‎‎2021-05 reminding surplus line insurers and brokers about some often overlooked compliance ‎requirements. Among the topics was the issuance of group policies and use of binding authority ‎agreements.

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California’s New Mini-CFPB Law Largely Parallels Its Federal Cousin

by Brian Casey and Jon Gillum | Feb 8, 2021 | |

Atlanta Partner Brian Casey, Co-Chair of Locke Lord’s Regulatory and Transactional Insurance Practice, and Austin Senior Counsel Jon Gillum co-authored an article for Insurance Journal discussing California’s recently adopted amendments to its financial code, resulting in what is now known as the California Consumer Financial Protection Law (CFPL).

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