Earlier this week, the Department of the Treasury released a report that examined the current regulatory framework for the insurance industry and made recommendations on how to improve it. The report concluded that entity-based systemic risk evaluations of insurance companies are generally not the best approach for mitigating risk. Alternatively,…
Read More Department of Treasury Releases Report on Regulation of Insurance

On October 25, 2017, the White House issued its previously-rumored Presidential Memorandum (“Memorandum”) calling for the establishment of a UAS Integration Pilot Program (“Program”) to test the further integration of Unmanned Aircraft Systems (“UAS” or “drones”) into the national airspace system (“NAS”) in a select number of State, local and…
Read More White House Issues Memorandum Announcing UAS/Drone Integration Pilot Program

Although there are still 9 active wildfires in California’s wine country, Cal-Fire anticipates that nearly all of these will be fully contained by the end of this week.  Even as the fires continue, the region’s vineyards, wineries, and related businesses are starting to file their insurance claims.  To date, no…
Read More We’ll Drink to That… Not So Fast?

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