The Vermont Department of Financial Regulation recently issued a proposed rule on Regulation C-81-2. The proposed rule, which will be the subject of a public hearing on December 5, clarifies annual reporting requirements of Vermont-domiciled captive insurance companies by adding details to the annual audit and certification of loss reserves.
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United States
Locke Lord’s Zach Lerner, Associate in the New York office, Co-Authors “The Privacy Shield and its Impact on U.S. Insurance Companies” for FORC Fall 2016 Edition
By Zachary Lerner & Troutman Pepper Locke on
The EU-U.S. Privacy Shield (the “Privacy Shield”) has been promulgated through a joint effort between the United States (the “U.S.”) and the European Union (the “EU”) in order to facilitate the transfer of personal data from the EU to U.S. companies. The Privacy Shield officially went live on August 1…
Florida Supreme Court Advises the Eleventh Circuit that A STOLI Policy Cannot Be Rescinded After the Contestability Period
By Brian Casey & Thomas Sherman on
The U.S. Eleventh Circuit Court of Appeals certified 2 questions under Florida law to the Florida Supreme Court relating to 3 STOLI life insurance policies. The Florida Supreme Court rephrased (and conflated) the 2 questions and stated the issue to be, “Can a party challenge the validity of a life…
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Georgia appellate court: no continuous trigger when policy responds to occurrences, not property damage, during the period
By Molly McGinnis Stine on
Posted in Coverage & Claims, United States
A Georgia appellate court has ruled that there is no continuous trigger of coverage for an environmental claim when the subject policy responds to occurrences, not property damage, during the policy period. The insured sought coverage from the insurer for costs arising from a 1976 turbine fuel leak. The lower…
Read More Georgia appellate court: no continuous trigger when policy responds to occurrences, not property damage, during the period
Louisiana Extends Pro Rata Allocation to Defense Costs
By Molly McGinnis Stine on
Posted in Coverage & Claims, United States
The Louisiana Supreme Court has endorsed pro rata allocation of defense costs associated with hearing loss cases across triggered policy periods. The decision reversed a 2015 appellate ruling that pro rata allocation applied to the costs associated with the duty to indemnify but not the duty to defend, making a…
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Barbara Richardson Appointed as Commissioner of the Nevada Division of Insurance
By Troutman Pepper Locke on
Beginning in March, Barbara Richardson will start her appointment as Commissioner of the Nevada Division of Insurance after the long recruitment to fill the vacancy following Scott Kipper’s resignation in July 2015.
For the past 11 years Richardson served as the Director of Operations and Fraud with the New Hampshire…
Read More Barbara Richardson Appointed as Commissioner of the Nevada Division of Insurance
Illinois Department of Insurance has Appointed Temporary Director
By Troutman Pepper Locke on
Illinois Governor Rauner has named Acting Director Jim Stephens as director of the Department of Insurance on a temporary basis through January 2017. The Governor’s Office will continue the search for a permanent director in the interim. The appointment does require Senate confirmation. Director Stephens was not able to continue…
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2015 NAIC XXX/AXXX Reinsurance Supplement Proposal
By Troutman Pepper Locke on
Posted in Reinsurance, United States
On a March 16 conference call, the NAIC Principle-Based Reserving Implementation (EX) Task Force adopted the 2015 XXX/AXXX Reinsurance Supplement Proposal. The Proposal adds to the Annual Statement a reinsurance exhibit which discloses data regarding reinsurance cessions subject to reserve valuation under Regulations XXX and AXXX. Significantly, after considering public…
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Highlights of the National Conference of Insurance Legislators (NCOIL) Spring Meeting in Charleston, South Carolina, February 27 to March 1, 2015
MEDICAID INTERCEPTION
The Property and Casualty Insurance Committee adopted an amended 2014 NCOIL Model Act Regarding Medicaid Interception of Insurance Payments, which was approved by the Executive Committee later that day. The amended model creates an exemption for payments that a property-casualty insurer makes to fund a structured settlement annuity…
California Department Bans Price Optimization
By Troutman Pepper Locke on
The California Department of Insurance issued a bulletin on February 18, 2015 advising insurers that they may not use “price optimization” as a rating factor in California. The Department defines price optimization as “any method of taking into account an individual’s or class’s willingness to pay a higher premium relative…
Read More California Department Bans Price Optimization