We are happy to provide the 2023 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. The website provides you with the ability to click on the states and territories of interest to view the updates, and a PDF of the entire manual.
Read MoreJoin Locke Lord and InsurTechNY for their InsurTech Academy webinar series on legal and regulatory issues impacting the InsurTech industry. Each quarter, we’ll tackle a new important topic, starting with a primer on surplus lines insurance for InsurTechs.
Read MoreOn Thursday April 27, 2023, the Innovation in Technology & Regulation (H) Working Group met to discuss its 2023 Work Plan, the development of a regulator-to-regulator SupTech Forum, a pilot project InsureTech Forum, and to hear a presentation on ChatGPT. The regulators quickly approved the 2023 Work Plan and closed the meeting hearing the presentation on ChatGPT without raising any questions. The substance of the meeting consisted of planning for InsureTech and SupTech Forums.
Read MoreThe NAIC is developing a new Consumer Privacy Protections Model Act (# 674) which will replace the preexisting Insurance Information & Privacy Protection Model Act (# 670) and Privacy of Consumer Financial & Health Information Regulation (# 672). The Working Group exposed its first draft on January 31 for a 60-day public comment period which closes April 3. Yesterday at the NAIC Spring National Meeting, the Working Group adopted a work plan which lays out a detailed schedule across the spring and summer for regulatory only meetings, consultations with industry, and open sessions, including public comment periods and final approval at the Fall National Meeting in December.
Read MoreThe Connecticut General Assembly has proposed a bill that would permit owners of self-storage businesses to sell property insurance to their tenants. Under Senate Bill 1037 (the “Bill”), an owner is required to obtain a self-service storage insurance license in order to sell such insurance and the insurance policy must be issued by an insurer that is authorized to write such lines of business in Connecticut. The Bill would not require tenants of self-storage businesses to buy insurance.
Read MoreOn Wednesday February 22, 2023, the National Association of Insurance Commissioners (“NAIC”) Accelerated Underwriting (A) Working Group exposed for a 45-day comment period draft regulatory guidance while simultaneously exposing for a 30-day comment period a referral to the Market Conduct Examination Guidelines (D) Working Group proposing revisions to the NAIC Market Conduct Handbook. This is a significant shift from the working group’s prior work mostly gathering information to affirmatively flexing supervisory authority over insurance carriers’ existing accelerated underwriting practices.
Read MoreAt the December National Association of Insurance Commissioners (NAIC) Fall National Meeting, the Surplus Lines Working Group adopted changes to the IID Plan of Operation. The updated Plan of Operation incorporates, among others, the changes noted in our October posting below. The 2023 Plan of Operation is now available at the “Documents” tab of the Surplus Lines Working Group home page.”
On October 19, 2022, the National Association of Insurance Commissioners (NAIC) Surplus Lines Working Group exposed proposed changes to the International Insurers Department (IID) Plan of Operation applicable to insurers domiciled outside the U.S. (alien) participating in the U.S. insurance market.
Read MoreLocke Lord and the Association of Corporate Counsel – CT Chapter will host a complimentary webinar titled “Developments in State Privacy Requirements for Connecticut Businesses” on December 14, 2022.
Read MoreThe Texas Department of Insurance (“TDI”) adopted a new group capital calculation filing requirement that is effective on November 7, 2022. The new rule, found in 28 Texas Administrative Code §7.215 (“Section 7.215”), is based on the National Association Insurance Commissioners (“NAIC”) model regulation that requires an insurer’s ultimate control person in an insurance holding company system to file a group capital calculation concurrently with the insurer’s annual registration (Form B).
Read MoreOn October 13, 2022, the Illinois Department of Insurance (the “Department”) issued Company Bulletin 2022-16 (the “Bulletin”). The Bulletin is addressed to all domestic insurers and advises that the Department will now participate in the National Association of Insurance Commissioners Climate Risk Disclosure Survey (the “Survey”).
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