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

Prior to the 1990’s Bellefonte Reinsurance Co. v. Aetna Cas. & Sur. Co., 903 F.2d910 (2d Cir. 1990) (“Bellefonte”) decision, the insurance/reinsurance industry operated under the assumption that expenses in addition to loss, unless explicitly excluded, were included coverages under facultative reinsurance certificates. The Bellefonte decision,…
Read More Back to the Future

Long-time TDI senior staff member Doug Slape has been promoted to a newly-created position at the Texas Department of Insurance.  According to the Department, Slape has been named “second-in-command” behind Insurance Commissioner Kent Sullivan.  Slape has been with TDI for 30 years and most recently served as Deputy Commissioner for…
Read More Texas Department of Insurance Now Has a “Second-in-Command”

Under Texas law, extended warranties or “service contracts” are potentially subject to regulatory oversight by four state agencies. The Texas Real Estate Commission (TREC) oversees the licensing and regulation of home warranties—service contracts that cover a structural component, an appliance, or an electrical, plumbing, heating, cooling, or air-conditioning system of…
Read More Locke Lord LLP Austin Attorneys Jon L. Gillum and Lauren Fincher Publish “Cross-Agency Regulation of Service Contracts in Texas” in Latest Issue of the Texas Tech Administrative Law Journal

The Texas Windstorm insurance Association (TWIA) has announced that its board of directors at its May 8, 2018 meeting approved a $175 million member assessment linked to losses arising from Hurricane Harvey.  The assessed amount was reportedly lower than initial TWIA staff estimates.

Additional Harvey related assessments may be issued…
Read More TWIA Issues Substantial Harvey Assessment

On April 27, 2018 a new bill, H.R. 5666, the “Primary Regulators of Insurance Vote Act of 2018,” was introduced into Congress by Reps. Dennis Ross, R-Fla. and Denny Heck, D-Wash. If enacted, H.R. 5666 would elevate the role of the state insurance commissioner in the Financial Stability Oversight…
Read More Bill to get FSOC State Insurance Commissioner a Vote

Beginning January 1, 2019, the Tax Cuts and Jobs Act of 2017[1] reduces to zero dollars the Affordable Care Act (ACA)[2] tax penalty imposed on many individuals who fail to maintain minimum essential coverage (i.e., the individual mandate). The Tax Cuts and Jobs Act not only guts…
Read More Can Republican-Led States Succeed in Enjoining the Affordable Care Act?

In a letter sent to California insurers on 4/20, California Insurance Commissioner Dave Jones reiterated his call for insurers to file rates and forms for insurance products for the California cannabis industry. In an effort to allay fears about potential pushback or legal consequence based on the fact that cannabis…
Read More California Department Encourages Development of Insurance Products for Legal Cannabis; Industry Begins Moving In

The Illinois state legislature is considering a bill which would put the state among the select few specifically granting legal recognition to blockchain “smart contracts” by placing smart contracts on an equal footing with traditional written contracts.  Key provisions of House Bill 5553 include among others:

  • An express prohibition of

…
Read More Illinois Legislature Considering Legislation Recognizing Legality of Smart Contracts