On September 20, 2018 the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued “OFAC Advisory to the Maritime Petroleum Shipping Community” to alert the shipping industry participants, including insurers, as to sanctions risks relating to petroleum shipments to or from Syria.  OFAC’s Syria Sanctions Program is…
Read More OFAC Advisory to Maritime Shipping Industry

As we noted last week in our QuickStudy 2018 Statewide Elections: A Mixed Bag for Insurers?, elections for Governor of Florida and Georgia and Georgia Insurance Commissioner were too close to call. The outcomes of these races were important to insurers, reinsurers, consumers, policyholders and others involved in the…
Read More Midterm Elections—Florida and Georgia Update

All eyes have been focused on the federal mid-term elections and the impact on the U.S. House and Senate. Post-mortems by the pundits have begun. See Locke Lord’s take on the mid-terms. The divided government in Washington, D.C. may well stymie efforts to regulate the insurance industry at the federal…
Read More 2018 Statewide Elections: A Mixed Bag for Insurers?

On October 19th the CDI gave a 45 day notice of a public hearing to be held on December 3, 2018, at 10:00 a.m. at the CDI’s offices in Sacramento.  The hearing is to consider amending the California Code of Regulations to eliminate the use of gender in private passenger…
Read More California Department of Insurance Notice of Public Hearing on “Gender Non-discrimination in Automobile Insurance Rating rulemaking project”

The Texas Department of Insurance (“TDI”) has proposed amendments to 28 Texas Administrative Code sections 7.83 and 7.84, which govern the appeal of and frequency of TDI examinations. These amendments address changes to Texas Insurance Code section 401.052 and Chapter 964 of the Texas Insurance Code resulting from prior legislation. …
Read More Texas Department of Insurance Proposes Amendments to Examination Rules

Locke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d’oeuvre Buffet during the NAIC Fall 2018 National Meeting in San Francisco, CA.

Friday, November 16, 2018
5:30 pm – 7:30 pm (Pacific)

Cityscape
Hilton San Francisco Union Square
333 O’Farrell Street
San Francisco,…
Read More You’re Invited – NAIC Fall National Meeting Cocktail Reception – November 16

Zachary Lerner is moderating a discussion on insurtech and its impact on the surplus lines industry at the 2018 Fall Surplus Lines Law Group Meeting, hosted by the Excess Line Association of New York (ELANY) on October 12, 2018 in New York. ELANY is a non-profit industry advisory association, charged…
Read More 2018 Fall Surplus Lines Law Group Meeting

The Texas Department of Insurance (TDI) has proposed a new rule and certain amendments to existing rules intended to implement provisions of the Texas Insurance Code that apply to captive insurance companies.

The proposed rule and amendments follow 2015 and 2017 legislative amendments to the Insurance Code, which enacted certain…
Read More Texas Regulators Propose Increased Opportunities for Domestic Captives

The New York Department of Financial Services Cybersecurity Regulations, 23 NYCRR part 500 (the “Cybersecurity Regulations”), require companies subject to the regulations to update their record retention schedule for particular documents mandated by the Cybersecurity Regulations.  In particular, covered entities must have policies and procedures in place for the…
Read More Document Retention Aspects of New York Cybersecurity Regulations

Insurers may soon benefit from reporting revisions to diversify and strengthen investment portfolios and enhance managing Risk Based Capital (“RBC”).  As part of the ongoing National Association of Insurance Commissioners (“NAIC”) Investment Classification Project it is proposed that RBC for NAIC designated mutual funds be based on the underlying holdings…
Read More Investment Project Expected to Yield Portfolio Strengthening and Risk Sensitivity