Locke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail & Hors d’oeuvre Reception During the NAIC National Spring Meeting in Orlando, FLRead More
Jurisdiction: United States
A bill designed to enhance consumers’ rights under the California Consumer Privacy Act (the “CCPA”) is making its way through the California State Senate. State Senator Hannah-Beth Jackson introduced Senate Bill 561 (the “Bill”) on February 22, 2019, and the Senate referred it to the Committee on Judiciary on March 7, 2019.Read More
What Every InsurTech Entrepreneur Should Know About Convertible Promissory Notes and SAFE Agreements
You have a strategic plan; You have an MVP; You have a Team; and You have an Investor!
Both you and the Investor believe in the potential of the Entity. What the exact “potential” is, however, still a matter under discussion.
You hope that the Entity will grow quickly and you will need to sell less equity for the cash you need to scale; the Investor wants to maximize its return – including being well compensated for investing early on and providing essential early-stage funding and support.
However, the truth is that you need money NOW!
What to do?Read More
FTC Proposes Amendments to Safeguards Rule to Track NY DFS Cybersecurity Regulation (and amendments to its Privacy Rule)
As we’ve been predicting, including here, the Cybersecurity Regulation adopted by the NY DFS for insurance, banking and other financial services continues to drive the conversation in the U.S. The latest manifestation is the FTC proposal, announced March 5, 2019, to amend it Safeguards Rule adopted pursuant to the Gramm-Leach-Bliley Act of 1999 (GLBA) to require financial institutions to adopt certain safeguards to protect the nonpublic personal information of consumers.Read More
Today, Illinois Governor JB Pritzker named Chicago attorney Robert Muriel to serve as Director of the Illinois Department of Insurance, pending confirmation by the Illinois Senate. Muriel is a commercial lawyer with over 20 years of experience in civil and commercial litigation, including insurance coverage and bad faith claims, financial fraud claims, and consumer class actions. Read More
You have a strategic plan, an MVP (minimum viable product), a management team, a place to work, and your first investor. But before you take that investment, there are some key legal issues you may want to consider before formally launching your InsurTech company.Read More
Running Your Own Insurance Company: Three Options for Renting, Buying or Building the InsurTech Carrier of the Future
Welcome to the final article in our initial introduction to the insurance industry for Insurtechs. Before we pivot next month to focusing on some of the key corporate and financial issues facing Insurtechs, we get to delve into perhaps the biggest step an InsurTech can take – running their own insurance company.Read More