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 – November 2019
Global Insurance Supervisors Take Another Step Forward
Coinciding with a plan to consider and evaluate alternative approaches to implementing an Insurance Capital Standard (ICS), the International Association of Insurance Supervisors (IAIS), during its November annual meeting, finalized a Holistic Framework for Systemic Risk in the Insurance Sector to be implemented in 2020.
Read More Global Insurance Supervisors Take Another Step Forward
LL Surplus Lines Series (Entry 18): Surplus Lines Compliance – Does it Apply or Not?
The American Property Casualty Insurance Association (APCIA) published a bulletin on November 8 regarding the California Department of Insurance (“CID”) issued legal opinion, which concluded that the cancellation and non-renewal provisions under California Insurance Code (“CIC”) sections 677 and 678 apply to insurance policies written on risks located or resident in California by non-admitted (surplus line) insurers that insure any of the contingencies specific in CIC section 675 (the “Opinion”).
Read More LL Surplus Lines Series (Entry 18): Surplus Lines Compliance – Does it Apply or Not?
U.S. Insurance Regulators Achieve Positive Progress on Insurance Capital Standards
Team USA (collectively the National Association of Insurance Commissioners (NAIC), Federal Reserve Board (FRB), and the Federal Insurance Office (FIO) of the U.S. Treasury) achieved a major U.S. regulatory objective at the current 2019 Annual Meeting of the International Association of Insurance Supervisors (IAIS) regarding next steps and planned monitoring process for the Insurance Capital Standard (ICS) project.
Read More U.S. Insurance Regulators Achieve Positive Progress on Insurance Capital Standards
Locke Lord QuickStudy: New CFIUS Regulations Foreshadow an Increased Impact on the Insurance Industry
On September 24, 2019, the U.S. Department of the Treasury (“Treasury”) proposed regulations to expand considerably the scope of transactions subject to review by the Committee on Foreign Investment in the United States (“CFIUS”), to now include certain transactions in the insurance industry, where “sensitive personal data” could become accessible to a foreign person.
Read More Locke Lord QuickStudy: New CFIUS Regulations Foreshadow an Increased Impact on the Insurance Industry
Developments In State Taxation Of Nonadmitted Insurance
All placements of insurance in the United States are generally subject to state premium taxation, but the responsible taxpayer depends on the type of insurance policy issued. Premium tax is usually payable by the insurer on admitted insurance policies (insurance issued by a carrier licensed in the jurisdiction where the policy is delivered).
Read More Developments In State Taxation Of Nonadmitted Insurance
Locke Lord is Excited to Participate During Selection Days at the Hartford InsurTech Hub
Locke Lord is excited to participate during Selection Days as a partner of the Hartford InsurTech Hub on November 12-13, 2019. During Selection Days, investors, partners and mentors will meet with 21 promising startups, 10 of which the Hartford InsurTech Hub will welcome for their accelerator program beginning in mid-February.
Read More Locke Lord is Excited to Participate During Selection Days at the Hartford InsurTech Hub
Insurance Considerations Arising From Spinoff Transactions
Since January 1, 2019 there have been approximately 20 spinoff transactions announced. And to date there have been a number of instances of litigation arising out of spinoffs, some of which have insurance-related issues in dispute.
Read More Insurance Considerations Arising From Spinoff Transactions
CCPA Amendments Are In! Draft CCPA Regulations Are Out!
The long-awaited amendments to the California Consumer Privacy Act of 2018 (CCPA) have finally become law. On October 11, 2019—two days before the October 13 deadline—California Governor Gavin Newsom announced that he signed all of the California Legislature’s September 2019 amendments to the CCPA: AB-25, AB-874, AB-1146, AB-1355, and AB-1564.
Read More CCPA Amendments Are In! Draft CCPA Regulations Are Out!
New Illinois Department of Insurance Rules Clarify Use of Life Policy Finder and How Insurers Must Conduct Searches After Receiving a Death Notice
The Illinois Department of Insurance has implemented new rules governing life and annuity insurer conduct upon receipt of a death notice, and for interaction with its Lost Policy Finder service for consumers (50 Ill. Adm. Code 920 et seq.). These rules were drafted in response to requirements in the Illinois Unclaimed Life Insurance Benefits Act, which went into effect in 2017 in the aftermath of the national controversy related to how some life and annuity carriers were making use of the Social Security Administration’s Death Master File.
Read More New Illinois Department of Insurance Rules Clarify Use of Life Policy Finder and How Insurers Must Conduct Searches After Receiving a Death Notice