On March 20, 2019, the Joint Committee on Government Administration and Elections (the “Joint Committee”) introduced An Act Concerning Consumer Privacy, Raised Bill No. 1108. The Bill is essentially a reprinting of the original...
Read MoreMontana amended its insurance code to revise certain definitions and update certain provisions relating to surplus lines insurance effective March 7, 2019; the amendments can be found here. Section 33-2-301(3)(t)(i) of the Montana insurance code amended its definition of “surplus lines insurance” to include inland marine insurance.
Read MoreYou are executing on your strategic plan; you have a fully developed product; you have expanded your team; you have deployed ALL the proceeds from your initial Convertible Notes; and you need additional capital to further scale the Entity.
Read MoreThe Financial Stability Oversight Council Improvement Act of 2019 (the “Act”) was recently introduced in the United States Senate. Under existing law, the Financial Stability Oversight Council (“FSOC”) can subject certain nonbanks designated as systemically important financial institutions (“SIFIs”) to significant supervision by under Federal Reserve. Under the Act, FSOC would be required to explore alternative approaches before designating nonbanks as SIFIs. The Act, which is supported by members of both major parties, does not reduce FSOC’s emergency designations authority, but rather encourages FSOC to find potential alternatives to SIFI designations, and the significant regulatory and administrative responsibilities that come with the SIFI designation.
Read MoreOne of the hallmarks of surplus lines regulation throughout the United States is the “diligent search” requirement whereby the surplus lines broker (or retail producer) must attempt to place insurance coverage in the admitted market before exporting such coverage to an eligible, unauthorized surplus lines insurer.
Read MoreWhile you were off changing the industry, you may have missed these important developments
Read MoreWe are happy to provide the 2019 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.
Read MoreCrumbling Foundations is no new issue in Connecticut, but on Friday March 8th, two state legislative committees held a joint public hearing on nine different bills currently aimed at addressing this long standing problem.
Read MoreLocke Lord is pleased to announce the launch of its newest blog series, the LL Surplus Lines Series!
Read MoreLocke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail & Hors d’oeuvre Reception During the NAIC National Spring Meeting in Orlando, FL
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