On August 16, 2021, The Connecticut Department of Insurance released its National Survey on Climate Risk in the Insurance Industry. The survey’s main objectives are for insurers to report on climate-related risks and to provide the Department with more information to evaluate climate risk.
Read More Connecticut Insurance Department Releases its National Climate Risk Survey

On May 12, 2021, New Jersey adopted a law requiring insurers ‎issuing policies covering loss or damage to property, including the loss of use and occupancy ‎and business interruption, to provide their insureds with a one page summary of common ‎insurance clauses in such commercial property policies. The summary, which was developed by the New Jersey Department of Banking and Insurance (“DOBI”), was posted on their website on August 16, 2021 and must be provided to all existing policyholders within 90 days of its posting (which is November 13, 2021). The summary is also required to be provided to any potential purchaser, or to any policyholder seeking renewal.
Read More New Jersey Department of Banking and Insurance Issues Mandatory Business Interruption Insurance Policy Summary

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.
Read More Arkansas Implements New Insurance Business Transfer Law

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.
Read More Illinois Passes Uniform Electronic Transactions Act

As part of the IBA Global Influencer Forum, join Locke Lord for “The Path of an InsurTech” when seeing to enter the insurance marketing in the United States.
Read More REMINDER: Complimentary CLE Webinar: The Path of an InsurTech – Launching a Technological Insurance Platform and Associated Insurance Distribution and Risk Assumption Considerations

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

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

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

As part of the IBA Global Influencer Forum, join Locke Lord for “The Path of an InsurTech” when seeking to enter the insurance marketing in the United States.
Read More Complimentary Webinar: The Path of an InsurTech – Launching a Technological Insurance Platform and Associated Insurance Distribution and Risk Assumption Considerations: Thursday, July 1

Locke Lord and InsurTech NY will present a one-hour virtual presentation on June 9 at noon ET addressing current issues facing insurtechs operating in the surplus lines space, including insurers, brokers, distribution partners and other vendors – and their various products – when seeking to access the non-admitted insurance market in today’s increasingly high-tech and digital world.
Read More Complimentary Webinar: Methods of Accessing the Non-Admitted Insurance Market in the U.S. for InsurTech Distributors