Coinciding with a plan to consider and evaluate alternative approaches to implementing an Insurance Capital Standard (ICS), the International Association of Insurance Supervisors (IAIS), during its November annual meeting, finalized a Holistic Framework for Systemic Risk in the Insurance Sector to be implemented in 2020.
Read MoreThe American Property Casualty Insurance Association (APCIA) published a bulletin on November 8 regarding the California Department of Insurance (“CID”) issued legal opinion, which concluded that the cancellation and non-renewal provisions under California Insurance Code (“CIC”) sections 677 and 678 apply to insurance policies written on risks located or resident in California by non-admitted (surplus line) insurers that insure any of the contingencies specific in CIC section 675 (the “Opinion”).
Read MoreTeam USA (collectively the National Association of Insurance Commissioners (NAIC), Federal Reserve Board (FRB), and the Federal Insurance Office (FIO) of the U.S. Treasury) achieved a major U.S. regulatory objective at the current 2019 Annual Meeting of the International Association of Insurance Supervisors (IAIS) regarding next steps and planned monitoring process for the Insurance Capital Standard (ICS) project.
Read MoreYesterday Hartford InsurTech Hub, powered by Startupbootcamp, concluded their Selection Days where investors, partners and mentors met with 21 promising startups. During the Selection Days, each startup had an opportunity to give a 90 second pitch followed by roundtable discussions by the attendees.
Read MoreOn September 24, 2019, the U.S. Department of the Treasury (“Treasury”) proposed regulations to expand considerably the scope of transactions subject to review by the Committee on Foreign Investment in the United States (“CFIUS”), to now include certain transactions in the insurance industry, where “sensitive personal data” could become accessible to a foreign person.
Read MoreAll placements of insurance in the United States are generally subject to state premium taxation, but the responsible taxpayer depends on the type of insurance policy issued. Premium tax is usually payable by the insurer on admitted insurance policies (insurance issued by a carrier licensed in the jurisdiction where the policy is delivered).
Read MoreA federal court in New York recently held that an arbitration panel retained the right to resolve any dispute arising out of an arbitration award. In Chicago Insurance Company v. General Reinsurance Corporation et al., no. 18-cv-10450, 2019 WL 5387819 (S.D.N.Y. Oct. 22, 2019), Chicago Insurance Company and its reinsurers disputed the reinsurers’ share of a settlement agreement that Chicago entered into with its insured with respect to the insured’s liability arising out of asbestos claims.
Read MoreSince January 1, 2019 there have been approximately 20 spinoff transactions announced. And to date there have been a number of instances of litigation arising out of spinoffs, some of which have insurance-related issues in dispute.
Read MoreThe long-awaited amendments to the California Consumer Privacy Act of 2018 (CCPA) have finally become law. On October 11, 2019—two days before the October 13 deadline—California Governor Gavin Newsom announced that he signed all of the California Legislature’s September 2019 amendments to the CCPA: AB-25, AB-874, AB-1146, AB-1355, and AB-1564.
Read MoreIdaho has seen an impressive surge of surplus lines business over the last year, reporting a 15.7% increase from mid-year 2018 to mid-year 2019, and is now proposing new laws to further drive the growth of its surplus lines market.[1] Pursuant to the Governor’s Executive Order 19-02, (the “Red Tape Reduction Act”), Idaho is rolling out revised regulations for public hearing on October 16, 2019, that provide updated procedures for the placement of surplus lines insurance in the state of Idaho.
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