The end of summer and the beginning of fall is usually a sleepy time for insurance regulation. This year, however, a series of bill signings by Illinois Governor JB Pritzker on the same day merit the attention of insurance industry insiders.
Read More Flurry of Late Summer Regulatory Activity Will Affect Illinois Insurers
LL Surplus Lines Series (Entry 16): Expert Analysis – Disability Insurance in the Surplus Lines Market and Recent Legislative Updates
The Surplus lines market has traditionally been a method for insurance placement available to property and casualty products only, although states are increasingly opening up other lines of insurance to the nonadmitted market. For example, a growing number of states have either expressly or indirectly allowed for accident and health coverage to be written through the surplus lines market, and the National Association of Insurance Commissioners released guidance earlier this year advising the states on how to effectively legislate for the expansion of insurance lines that may be written on a surplus lines basis.
Read More LL Surplus Lines Series (Entry 16): Expert Analysis – Disability Insurance in the Surplus Lines Market and Recent Legislative Updates
Texas Department of Insurance Warns Insurance Agents and TPAs About Unauthorized Insurance Liability
The Texas Department of Insurance (“TDI”) has issued a warning about certain unauthorized insurance and the liability that can attach to third-party administrators (“TPAs”) and insurance agents that are involved in unauthorized insurance transactions, even when those parties hold valid TDI licenses.
Read More Texas Department of Insurance Warns Insurance Agents and TPAs About Unauthorized Insurance Liability
Locke Lord QuickStudy: Capital and Risk Assessment Highlight U.S. Senate Committee Meeting on Insurance Issues
The U.S. Senate Committee on Banking, Housing and Urban Affairs met on September 12, 2019 for the purpose of discussing areas of concern regarding the regulation and supervision of the global insurance industry. In addition to Committee members, representatives of Team USA (NAIC, Federal Reserve and Federal Insurance Office) provided commentary.
Read More Locke Lord QuickStudy: Capital and Risk Assessment Highlight U.S. Senate Committee Meeting on Insurance Issues
8 Things to Consider When Buying or Selling an Insurance Agency
Insurance agency acquisitions and deal values are near an all-time high and all expectations are that deal flow in 2019 will match or exceed last year’s numbers. And while reported numbers tend to skew towards larger agency transactions there are many agency deals that involve small, local firms that do not appear in industry reports.
Read More 8 Things to Consider When Buying or Selling an Insurance Agency
LL Surplus Lines Series (Entry 15): Mid-Year 2019 Report Shows Impressive Surplus Lines Growth
As reported in the Insurance Journal, the surplus lines industry is expanding at an approximately 13% faster rate than it was during this time in 2018. Stamping offices are indicating that premium has already hit $18 billion, a 12.7% growth over mid-year 2018 reports. All surplus lines service office states except for Nevada have reported a growth in premiums generated by the surplus lines market. Some of the major coverages that are being increasingly written in the surplus lines space and are contributing to this growth are construction, professional and general liability coverages.
Read More LL Surplus Lines Series (Entry 15): Mid-Year 2019 Report Shows Impressive Surplus Lines Growth
Ben Sykes to Speak at Insurtech on the Silicon Prairie
Ben Sykes will serve as a panelist at the Insurtech on the Silicon Prairie conference on Oct. 22. His topic is insurtech/innovation and regulatory modernization. The annual conference is a one-day event bringing national experts, companies, and regulators together to discuss the rapidly changing insurance landscape.
Read More Ben Sykes to Speak at Insurtech on the Silicon Prairie
Privacy & Cybersecurity Newsletter
Read about the latest in CCPA, GDPR, NY DFS, NAIC and State Updates in Privacy Law, and more in the current Locke Lord Privacy & Cybersecurity Newsletter.
Read More Privacy & Cybersecurity Newsletter
Complimentary Webinar: Insurance IT Strategy and Regulatory Compliance: AI, CCPA and NY DFS
Locke Lord LLP and Novarica will look at new regulatory developments in analytics, use of data, and data security that have the potential to affect insurer technology strategy. This webinar covers the potential effects of regulation on the use of analytics and AI in life insurance underwriting, how privacy requirements may affect insurer data governance and MDM strategies, and how third-party data security requirements may affect distribution technology strategies.
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Insurance Technology Strategy and Regulatory Compliance, Vol. 1
Locke Lord’s Regulatory and Transactional Insurance Practice Group has teamed with Novarica, a leading insurance industry technology research, advisory services and consulting firm, to address the impact of evolving insurance regulation on information technology systems of insurance and reinsurance companies. Atlanta Partner Brian Casey, Co-Leader of Locke Lord’s Regulatory and Transactional Insurance Practice Group, Hartford Office Managing Partner Ted Augustinos, member of the steering committee of the Firm’s Privacy and Cybersecurity Group, and Chicago Partner Ben Sykes co-authored the first installment of a quarterly report with Novarica on insurance technology strategy and regulatory compliance.
Read More Insurance Technology Strategy and Regulatory Compliance, Vol. 1