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.
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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
Federal Insurance Office Spells Out Priorities Regarding Climate-Related Financial Risks in Insurance Sector
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.
Read More Federal Insurance Office Spells Out Priorities Regarding Climate-Related Financial Risks in Insurance Sector
New Superintendent of The Department of Financial Services for New York Selected
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
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.
Read More Privacy & Cybersecurity Newsletter – Summer 2021
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
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.
Read More 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
Connecticut Passes the First Climate-Related Risk Legislation in the United States
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.
Read More Connecticut Passes the First Climate-Related Risk Legislation in the United States