On March 10, 2022, the UK government and the state of Connecticut entered into a formal ‎‎agreement, dubbed Project “InsurTech Corridor” (the “Project”), that is intended to remove ‎barriers to doing business as an insurtech in each jurisdiction.‎…
Read More Connecticut and the UK Create “InsurTech Corridor” Partnership

Michael Humphreys, the Pennsylvania Insurance Department’s Chief of Staff, has been named the acting Pennsylvania Insurance Commissioner following the departure of Insurance Commissioner Jessica Altman on February 25th.  Mr. Humphreys was previously the Assistant Commissioner of Tennessee Department of Commerce and Insurance.  He has also held various positions within the insurance industry.

https://www.governor.pa.gov/newsroom/insurance-commissioner-jessica-altman-to-depart-wolf-administration/…
Read More Pennsylvania Governor Names Acting Insurance Commissioner

Governor Kathy Hochul signed a bill that clarified the provisions recently allowing for commercial risk policies of less than one year under New York Insurance Law Section 3426. The original amendments, enacted in December 2021, provided generally that commercial risk policies of less than one year may be written if requested by the insured and offered by the insurer.
Read More New York Clarifies Provisions Allowing for Policies Under One Year

The National Association of Insurance Commissioners’ (“NAIC”) Macroprudential Working Group (“MWG”) is reviewing the influence that private equity firms have over the insurance industry. The MWG has recently  approved a list of “regulatory considerations” that the MWG will be reviewing and considering.  The list can be found here, and the MWG’s comments can be found here.
Read More NAIC Assessing Private Equity Involvement in Insurance Industry

On February 3, 2022, Delaware Governor John Carney signed Senate Bill 203 (the “Bill”) into ‎law, which allows corporations to purchase and maintain directors’ and officers’ (“D&O”) ‎liability insurance through captive insurance companies.‎…
Read More Delaware Corporations Can Now Purchase D&O Coverage Through Captives

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

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

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

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