On August 31, 2021, the Federal Insurance Office (“FIO”) issued a request for information regarding climate-related financial risk in the insurance sector. In the Request, the FIO laid out a conceptual framework for categorizing climate-related financial risk and its three pronged approach to implement portions of the President’s January 27, 2021 Executive Order on the Climate Crises and his May 20, 2021 Executive Order on Climate-Related Risk in the Financial Sector.
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United States
New Superintendent of The Department of Financial Services for New York Selected
By John Emmanuel & Troutman Pepper Locke on
Posted in New York Developments, United States
Governor Kathy Hochul announced that Adrienne Harris has been nominated as the new Superintendent of The New York State Department of Financial Services. Ms. Harris’ background includes being a former economic advisor to President Obama.
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NYDFS Has New Acting Superintendent
By Troutman Pepper Locke on
Posted in New York Developments, United States
Effective today, the New York Department of Financial Services (‘DFS”) is headed by Acting Superintendent Shirin Emami. Ms. Emami, a Columbia Law School graduate, replaces Linda Lacewell. The new Governor, Kathy Hochul, will appoint a permanent Superintendent. The appointment is subject to Senate confirmation.
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Arkansas Implements New Insurance Business Transfer Law
On July 28, 2021, Arkansas will implement its recently enacted Insurance Business Transfer Act (“IBTA”). The purpose of the law is to provide insurance carriers a process for the transfer of blocks of business from any jurisdiction in the country to another insurance company located in Arkansas.
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Illinois Passes Uniform Electronic Transactions Act
Illinois has passed Senate Bill 2176 which is effective as of June 25,2021, repeals the state’s former non-UETA “Electronic Commerce Security Act”, and includes the Uniform Electronic Transactions Act (UETA), making Illinois the 49th state to have adopted UETA and leaving New York as the only non-UETA state.
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Privacy & Cybersecurity Newsletter – Summer 2021
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. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.
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LL Surplus Lines Series (Entry 32): Illinois Legislature Eliminates the Diligent Search Effort for Certain Commercial Transactions and Provides Clarity With Respect to Group Policies
Posted in Excess and Surplus Lines, United States
On May 21, 2021, the Illinois legislature passed SB 1753, which eliminates the surplus lines producers’ diligent search effort with respect to commercial risks when those risks are referred to the surplus lines producer by an unaffiliated Illinois-licensed insurance producer. The legislation is currently awaiting the Governor’s signature.
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Connecticut Passes the First Climate-Related Risk Legislation in the United States
By Troutman Pepper Locke on
The Connecticut General Assembly passed climate-related risk legislation on June 17, 2021 in a section of its state budget implementation bill, making this legislation the first climate-related risk legislation in the United States. SB 1202 Section 346 incorporates provisions of SB 1047, a bill introduced by the Insurance Committee and Real Estate Committee.
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New Jersey Considering Legislation That Would Authorize Insurers to Provide Policy Riders Covering Global Virus Transmission or Pandemic
By Troutman Pepper Locke on
The New Jersey Assembly is currently considering legislation that would authorize property insurers offering coverage for loss of use and occupancy and business interruption to provide their insureds a rider covering global virus transmission or pandemic. The bill provides that the Commissioner of Banking and Insurance must review and approve, on an expedited basis, any such rider offered by an insurer. …
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New Jersey Enacts New Law Requiring Business Interruption Insurers to Disclose Coverage Parameters
By Troutman Pepper Locke on
On May 12, 2021, New Jersey Governor Phil Murphy signed into law a bill requiring insurers issuing policies covering loss or damage to property, including the loss of use and occupancy and business interruption, to disclose to policyholders whether their policy provides coverage for “global virus transmission or pandemic.”…
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