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
Florida has recently adopted amendments to its Viatical Settlement Act.
One of the new provisions, Section 626.99287 Contestability of viaticated policies, provides as follows:
(2) Except as hereinafter provided [certain life changing events, such as death of a spouse, divorce, retirement from full time employment, terminal or chronic illness, mental…
Florida has recently adopted amendments to its Viatical Settlement Act.
One of the new provisions, Section 626.9911 (9), defines a prohibited stranger-originated life insurance practice as:
(9) “Stranger-originated life insurance practice” means an act, practice, arrangement, or agreement to initiate a life insurance policy for the benefit of a third-party…
Read More Florida may have outlawed legitimate premium finance lending
The Texas Department of Insurance (TDI) has cautioned insurers against improper underwriting activities in the wake of Hurricane Harvey. Specifically, TDI issued Commissioner’s Bulletin # B-0032017 on September 21, 2017, which reminds insurers of certain underwriting laws and regulations applicable to personal automobile and residential property insurance that are particularly…
Read More Texas Department of Insurance Warns Against Improper Underwriting After Hurricane Harvey
As discussed in our prior QuickStudy issued on January 18, 2017, the US Federal Government and the European Union have come to an agreement on wide-ranging changes to reinsurance and establishment standards for the operation of insurance enterprises operating from one to another of these markets. This agreement takes…
Read More Locke Lord QuickStudy: UPDATE: US and EU Negotiate Covered Agreement on Insurance and Reinsurance Regulation
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