Based largely on the NY DFS Cybersecurity Regulation that became effective March 1, 2017, the NAIC has adopted a Model Cybersecurity Law that would, once adopted by the various states, establish significant requirements for insurance industry licensees to adopt cybersecurity policies and procedures, to conduct risk assessments, to address the…
Read More NAIC Adopts Model Cybersecurity Law

October 30, 2017 is the extended deadline for most Covered Entities claiming an exemption to file the Notice of Exemption required by the NY DFS Cybersecurity Regulation (23 NYCRR 500.19(e)).  The filing deadline is 30 days after a Covered Entity has determined that an exemption applies.  Therefore, for Covered Entities…
Read More NY DFS Cybersecurity Exemption Filings due October 30

Since the Bellefonte decision (Bellefonte Reinsurance Co. v. Aetna Casualty & Surety Co., 903 F.2d 910 (2nd. Cir. 1990) (”Bellefonte”) in 1990, the limits of coverage provided by facultative certificates have been pretty well defined, but cases over the last couple of years have challenged that assumption, with…
Read More A Beacon in the Night Sheds New Light

One of the major issues facing the commercial drone industry is the lack of certainty in the regulatory environment.  Multiple state and local municipalities have passed drone related laws and ordinances, but as the recent decision in Singer v. City of Newton, Case No. 1:17-CV-10071-WGY demonstrates, any such ordinances…
Read More White House Exploring Model Program for Shared Federal and State Regulation of Drone Operations

The Illinois Department of Insurance has issued a notice of proposed rule to add a new rule (50 Ill. Adm. Code 206) regarding domestic insurance companies service of process requirements.

The rulemaking will provide the method and procedure to designate either a registered agent with an Illinois address and/or any…
Read More Illinois Department of Insurance Proposes New Rule on Domestic Insurers Service of Process Requirements

New York Associate Zachary Lerner authored a Law360 article on commission sharing, referral fee and producer licensing issues.  Within the article, Mr. Lerner identifies important issues for insurers and producers to consider, both in the admitted and surplus lines insurance markets, with respect to the sharing of commissions and whether…
Read More New Insurance Platforms Arguably Require Producer Licenses

The wildfires raging in Northern California are already the worst in the state’s history.  The risk of cataclysmic fires is greater in Southern California, but the elements (fierce winds, high temperatures, and low humidity) conspired  to create this conflagration.

Containment figures are finally increasing for these massive wildfires that continue…
Read More FIRING On All Cylinders

On October 12, 2017, President Donald Trump signed an Executive Order “to reform the United States healthcare system to take the first steps to expand choices and alternatives to Obamacare plans and increase competition to bring down costs for consumers.”  The Executive Order directs the Secretary of Labor…
Read More Trump Administration Issues Executive Order Regarding Health Coverage and Discontinues Cost-Sharing Reductions Payments

The Florida Supreme Court Pruco advisory opinion, Wells Fargo Bank, N.A. v. Pruco Life Ins. Co., 200 So. 3d at 1203 & 1206-07, to the United States Eleventh Circuit Court of Appeals held that an insurer may not challenge the validity of a Florida life insurance policy, even on…
Read More The Pruco Florida Supreme Court decision has been legislatively reversed by a recent amendment to the Florida Viatical Settlement Act

Florida has recently adopted amendments to its Viatical Settlement Act.

One of the new provisions, Section 626.99292 Notice to life insurance policyholders, provides:

“(1) A life insurer shall provide an individual life insurance policyholder with a statement informing him or her that if he or she is considering making changes…

Read More New Notice Requirement for Insurers under Florida’s Viatical Settlement Act