On May 28, 2019, Brian Casey, along with the senior leadership of the Chamber of Digital Commerce, the United States leading trade association representing the digital asset and blockchain industry, and representatives of two of its other members, USAA and AIG, and met with Federal Insurance Office’s Director Steven Seitz and several of his key, senior policy leadership team members to discuss the state of the insurtech industry and the existing and potential applications of blockchain technology to the insurance and reinsurance industries.
Read More Brian Casey and Chamber of Digital Commerce Meet with FIO

The NAIC has scheduled an Executive Committee meeting on June 25, 2019 to consider finalizing proposed revisions to the NAIC Credit for Reinsurance Model Law and Regulation (Models).  It is anticipated that the Executive Committee will adopt the revised Models during this meeting.
Read More NAIC Anticipated to Adopt Revised Reinsurance Law and Regulation

On March 1, 2017 the cybersecurity regulation of the New York Department of Financial ‎Services (the “DFS Regulation”) took effect, requiring subject financial institutions, including ‎insurance companies, (“Covered Entities”) to among other things adopt written information ‎security programs to address the protection of nonpublic information and information systems.
Read More Cybersecurity Update: NYDFS, NAIC, and What’s Going on in SC, OH, MI, and MS?

Earlier this month, Florida passed House Bill 301 to remove the cap on the amount of fees that may be charged by a surplus lines broker in connection with the procurement of surplus lines insurance for a prospective insured. Instead of the old cap of a maximum of $35 per policy, surplus lines brokers will be able to charge any fee that is “reasonable” and disclosed to the insured in advance.
Read More LL Surplus Lines Series (Entry 9): Florida and California Make News on Broker and Agent Fees

The National Association of Insurance Commissioners (NAIC) held its annual International ‎Insurance Forum this week in Washington, D.C., May 13 and 14. Alan Levin and Robert ‎Kasinow attended on behalf of Locke Lord LLP. The conference gathers U.S. and international ‎regulators and industry stakeholders to discuss and share ideas and viewpoints on insurance ‎matters with global implications.‎…
Read More Global Regulatory Cooperation and Innovation Highlight NAIC International Gathering

As an early stage or startup InsurTech, you’re highly focused on all the right things: identifying a ‎challenge for the insurance industry, developing an innovative technical solution, making it ‎practical and scalable, getting it funded, and implementing it. The industry for which InsurTech ‎seeks to develop and deliver solutions is awash, however, in requirements and restrictions related ‎to the collection, use, sharing, and protection of data.‎…
Read More What Every InsurTech Should Know About Privacy and Cybersecurity