On December 22, 2021, New York State Governor Kathy Hochul signed Senate Bill S653A which amends the New York Insurance Law by adding Section 3458 regarding the electronic delivery of property and casualty insurance notices.
Read More New York State Law Regarding Electronic Delivery of Insurance Notices to Take Effect March 22
LL Surplus Lines Series (Entry 33): Florida Legislators Consider Surplus Lines Bills
Florida lawmakers have recently introduced SB 1402 that could open up additional avenues for the placement of surplus lines business in the state.
Read More LL Surplus Lines Series (Entry 33): Florida Legislators Consider Surplus Lines Bills
State Senate Confirms Gov. Hochul’s Pick to Head NY Department of Financial Services
On Tuesday, January 25th, the New York State Senate voted to confirm Adrienne Harris as Superintendent of the New York State Department of Financial Services (the “NY DFS”). Harris had served as acting superintendent of the NY DFS since being nominated for the full-time position by Gov. Kathy Hochul in August of 2021.
Read More State Senate Confirms Gov. Hochul’s Pick to Head NY Department of Financial Services
Privacy & Cybersecurity Newsletter – January 2022
Locke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management.
Read More Privacy & Cybersecurity Newsletter – January 2022
New Texas Reinsurance Rules for Reciprocal Insurers Take Effect
The Texas Department of Insurance (“TDI”) adopted new administrative rules for reciprocal reinsurers that took effect on January 1, 2022. According to TDI, the goal of the new reinsurance regulations is to “ensure TDI retains its authority to regulate credit for reinsurance matters associated with covered agreements, align TDI’s rules with the current approach to regulate reserve financing arrangements for certain life insurance policies, and align TDI’s rules with updates to the National Association of Insurance Commissioners’ (NAIC) accreditation requirements.”
Read More New Texas Reinsurance Rules for Reciprocal Insurers Take Effect
NY DFS Releases Guidance on Multi-Factor Authentication
On December 7, 2021, the New York Department of Financial Services (“NY DFS”) released an industry letter providing guidance on Multi-Factor Authentication (“MFA”). MFA, which requires users of information systems to provide an additional “factor,” often through a one-time code or push notification to their mobile device, in addition to their password when accessing information systems.
Read More NY DFS Releases Guidance on Multi-Factor Authentication
Locke Lord Team Represented Convex in Obtaining Reciprocal Reinsurer Status
A Locke Lord team led by Zachary Lerner (New York) assisted Convex Insurance UK Limited (CIL) and Convex Re Limited (CRL) in obtaining reciprocal reinsurer status, the first alien insurers to receive such designations in the United States.
Read More Locke Lord Team Represented Convex in Obtaining Reciprocal Reinsurer Status
The Reintroduction of PRIA Stirs Skepticism Among Several Trade Groups
U.S. Representative Carolyn Maloney’s reintroduction of the Pandemic Risk Insurance Act (“PRIA”), which would create a shared public-private insurance program styled after the Terrorism Risk Insurance Act, has stirred skepticism among several trade groups.
Read More The Reintroduction of PRIA Stirs Skepticism Among Several Trade Groups
Rep. Carolyn Maloney Reintroduces the Pandemic Risk Insurance Act
On November 2, 2021, New York Congresswoman Carolyn Maloney reintroduced the Pandemic Risk Insurance Act (“PRIA”) in the U.S. House of Representatives. PRIA would create the Pandemic Risk Reinsurance Program (the “Program”), a shared public-private system that would require insurers to offer coverage in all commercial property and casualty lines of insurance for insured losses resulting from public health emergencies or future pandemics.
Read More Rep. Carolyn Maloney Reintroduces the Pandemic Risk Insurance Act
The United States Hit With 18 Separate Billion-Dollar Disasters So Far in 2021, a New Record
On October 8, 2021, the National Oceanic and Atmospheric Administration (“NOAA”) announced that the number of billion-dollar plus disasters so far in 2021 had achieved a new record high of 18 as of the end of September, putting 2021 on a pace to exceed the record number of billion-dollar plus disasters set in 2020.
Read More The United States Hit With 18 Separate Billion-Dollar Disasters So Far in 2021, a New Record