Jurisdiction: United States

New Illinois Department of Insurance Rules Clarify Use of Life Policy Finder and How ‎Insurers Must Conduct Searches After Receiving a Death Notice

The Illinois Department of Insurance has implemented new rules governing life and annuity ‎insurer conduct upon receipt of a death notice, and for interaction with its Lost Policy Finder ‎service for consumers (50 Ill. Adm. Code 920 et seq.). These rules were drafted in response to ‎requirements in the Illinois Unclaimed Life Insurance Benefits Act, which went into effect in ‎‎2017 in the aftermath of the national controversy related to how some life and annuity carriers ‎were making use of the Social Security Administration’s Death Master File.‎

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LL Surplus Lines Series (Entry 16): Expert Analysis – Disability Insurance in the Surplus Lines Market and Recent Legislative Updates

The Surplus lines market has traditionally been a method for insurance placement available to property and casualty products only, although states are increasingly opening up other lines of insurance to the nonadmitted market. For example, a growing number of states have either expressly or indirectly allowed for accident and health coverage to be written through the surplus lines market, and the National Association of Insurance Commissioners released guidance earlier this year advising the states on how to effectively legislate for the expansion of insurance lines that may be written on a surplus lines basis.

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Texas Department of Insurance Warns Insurance Agents and TPAs About Unauthorized ‎Insurance Liability

The Texas Department of Insurance (“TDI”) has issued a warning about certain unauthorized ‎insurance and the liability that can attach to third-party administrators (“TPAs”) and insurance ‎agents that are involved in unauthorized insurance transactions, even when those parties hold ‎valid TDI licenses.

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LL Surplus Lines Series (Entry 15): Mid-Year 2019 Report Shows Impressive Surplus Lines Growth

As reported in the Insurance Journal, the surplus lines industry is expanding at an approximately 13% faster rate than it was during this time in 2018.  Stamping offices are indicating that premium has already hit $18 billion, a 12.7% growth over mid-year 2018 reports.  All surplus lines service office states except for Nevada have reported a growth in premiums generated by the surplus lines market.  Some of the major coverages that are being increasingly written in the surplus lines space and are contributing to this growth are construction, professional and general liability coverages.

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Rhode Island Obtains Federal Approval For A New Reinsurance Program For Health Insurance

Rhode Island has recently obtained federal approval for its application for a state innovation waiver under section 1332(c)(1) of the Patient Protection and Affordable Care Act (PPACA). Section 1332 of PPACA allows states to apply for a waiver from certain requirements of the PPACA (set forth in section 1332(a)(2) of the PPACA) in order to develop alternative strategies to provide residents with health insurance.

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New Hampshire Takes the NAIC Plunge

On August 2, 2019, New Hampshire became the most recent of many states that adopted an Insurance Data Security Law (Senate Bill 194-FN) modeled after the National Association of Insurance Commissioners’ (NAIC) Insurance Data Security Model Law.  New Hampshire Governor Chris Sununu signed Senate Bill 194-FN (SB194) into law requiring insurance companies licensed in NH (“Licensees”) to implement information security programs, and to report cybersecurity events. 

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Insurance Technology Strategy and Regulatory Compliance, Vol. 1

Locke Lord’s Regulatory and Transactional Insurance Practice Group has teamed with Novarica, a leading insurance industry technology research, advisory services and consulting firm, to address the impact of evolving insurance regulation on information technology systems of insurance and reinsurance companies. Atlanta Partner Brian Casey, Co-Leader of Locke Lord’s Regulatory and Transactional Insurance Practice Group, Hartford Office Managing Partner Ted Augustinos, member of the steering committee of the Firm’s Privacy and Cybersecurity Group, and Chicago Partner Ben Sykes co-authored the first installment of a quarterly report with Novarica on insurance technology strategy and regulatory compliance.

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LL Surplus Lines Series (Entry 14): NAIC Surplus Lines Task Force Considers Blanks Proposal for Home State Direct Premiums Written

At the National Association of Insurance Commissioners Summer National Meeting in New York, the Surplus Lines Task Force discussed a new Blanks proposal regarding home state direct premium written.  The Task Force notes that the intent of the new Blank is to provide “a basis for state regulators to reconcile broker reported surplus lines premium with company provided information to better ensure that states are receiving the proper amount of surplus lines premium taxes.  Premium taxes on surplus lines premiums are based on the total policy premium and paid by surplus lines brokers solely to the “Home State” of the insured as defined in Section 527 of the Non-Admitted and Reinsurance Reform Act of 2010 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.” 

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