A recent S.D.N.Y. opinion authored by Judge Daniels, IN RE: TERRORIST ATTACKS ON SEPTEMBER 11, 2001, 2018 WL 3323159, in an ongoing multidistrict litigation, concluded that reinsurer-plaintiffs seeking to recover damages from aiders and abettors of the 9/11 terrorists are entitled to recoup amounts paid under reinsurance contracts.  In…
Read More S.D.N.Y. Opinion Supports Right to Recover Reinsurance Damages and Interest Dating Back to Terrorist Attacks in 9/11 Litigation

Vermont Act 134 (H.719) (“Act 134”), signed by Governor Phil Scott on May 17, 2018, is set to come into effect on July 1, 2018. Originally introduced by Representative Botzow of Pownal in January of this year, Act No. 134 makes general amendments to the laws regarding permitted investments of…
Read More Responding to BEAT; Vermont Creates the Affiliated Reinsurance Company

On June 4, California Insurance Commissioner Dave Jones announced that he approved the first Cannabis Business Owners Policy (“CannaBOP”) in California. In announcing the approval, Commissioner Jones stated, “This first-of-its-kind Cannabis Business Owners Policy or CannaBOP program will make it easier for more insurers to enter the market and fill…
Read More California Insurance Commissioner Approves First Cannabis Business Owners Policy

Rhode Island’s Insurance Business Transfer Act (“IBT”) (“Regulation 68”) permits the transfer and ‘novation’ of commercial ‘legacy business’ (subject to certain limitations) from one carrier to another, subject to court approval. It also permits the ultimate commutation of that business should the transferee, at some point in the future, determine…
Read More Rhode Island Seeks to Clarify Original Intent of Reg. 68

We are happy to provide the 2018 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. The website provides you with the ability to…
Read More Excess and Surplus Lines Law Manual 2018 Update

Chris Flanagan, Partner at Locke Lord LLP, and Jim Sabella, CPA and Tax Partner at Dixon Hughes Goodman LLP, will present a webinar on Tax Reform: Implications for Insurers and Reinsurers. This webinar is sponsored by CCIA Delta and hosted by 202works, and will provide key insights into the…
Read More Complimentary Invitation to CCIA Delta Tax Webinar – May 22, 2018

The NAIC International Insurance Forum held May 14 – 15 in Washington, D.C. brought together distinguished panelists and speakers providing insight on several insurance topics of interest. A discussion of several of these follows.

On disaster risk management, there was a discussion on the soft reinsurance market and abundant reinsurance…

Read More NAIC International Insurance Forum Wrap-Up

On Wednesday, the NAIC’s Center for Insurance Policy and Research hosted a webinar entitled “Weeding Through the Unique Insurance Needs of the Cannabis Industry.” The webinar kicked off with comments from Dave Jones, Commissioner of the California Department of Insurance. Commissioner Jones reiterated the California Department’s commitment to supporting the…
Read More NAIC’s Center for Insurance Policy and Research Hosts Webinar About the Insurance Needs of the Cannabis Industry

This week the NAIC held its annual International Insurance Forum in Washington, D.C. The event featured speakers from around the globe and included industry leaders, regulators, academics, trade group leaders and consumer advocates. Panels covered a wide range of topics, including the role of insurance and reinsurance in disaster risk…
Read More NAIC Holds International Insurance Forum in Washington

As we reported here, and further analyzed here in October 2017, the NAIC adopted an Insurance Data Security Model Law.

On May 3, 2018, the South Carolina Governor made South Carolina the first state in the nation to adopt a comprehensive cybersecurity statute for the insurance industry, by signing…
Read More South Carolina becomes First State to enact Insurance Data Security Law based on NAIC Model