Last week, the New York Department of Financial Services (“NYDFS”) promulgated a new regulation 11 NYCRR 48, aimed at limiting the amount by which life insurance premiums can be raised as to policies issued in the state.  In particular, the regulation allows the NYDFS to review any increase and to…
Read More New York Issues Regulation Aimed at Curtailing Life Insurance Premium Hikes

Catastrophe-modeling firm AIR Worldwide estimates that Hurricane Maria caused up to $85 billion in insured losses. Puerto Rico is believed to account for more than 85% of this loss, with an estimated loss range between $40 and $85 billion. AIR’s estimate includes demand surge, which accounts for higher rebuilding costs…
Read More Hurricane Maria Insured Losses Potentially as High as $85 Billion

Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. For further information on any of the subjects covered in the newsletter, please contact one of the members of our Insurance team.

In This Issue:

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Read More Insurance and Reinsurance Newsletter – September 2017

As we previewed here earlier this year, the Texas Legislature passed legislation expressly permitting service contracts regulated by the Texas Department of Licensing and Regulation to include the replacement of a motor vehicle key or key-fob.  This new law became effective September 1, 2017.  A copy of the new law…
Read More Texas Service Contract Law Now Permits Key-Fob Replacement

On September 21, 2017, Texas Governor Greg Abbott announced that Kent Sullivan will be the next Texas Insurance Commissioner.  Sullivan previously served as First Assistant Attorney General when Abbott served as Texas Attorney General.  Sullivan currently practices as an appellate attorney in a Texas law firm.  He also previously served…
Read More Kent Sullivan Named New Texas Insurance Commissioner

Hurricane Maria is set to strike Puerto Rico today, with forecast wind speeds of more than 150 miles per hour. Maria already struck the Caribbean island of Dominica as a category 5 storm, with sustained winds of 160 miles per hour. Although much of Puerto Rico’s residential housing is made…
Read More Hurricane Maria Barrels Towards Puerto Rico

The Illinois Department of Insurance (“DOI”) has issued a notice of withdrawal of its proposed amendments to the Illinois Insurance Department Consumer Complaints Rule (50 Ill. Adm. Code 926) that were described in our January 9, 2017 blog post.

The stated reason for withdrawal is that the “[DOI] is considering…
Read More Notice of Withdrawal of Proposed Amendments to the Illinois Insurance Department Consumer Complaints Rule

On Tuesday, September 12th, Florida Governor Rick Scott directed Insurance Commissioner David Altmaier to “freeze any and all efforts” to increase property insurance rates.  In addition, Governor Scott stated that policyholders who had their coverage canceled or non-renewed in the days leading up to Hurricane Irma should receive a 90-day…
Read More Florida Governor Scott Orders Freeze on Property and Casualty Rate Increases

Yesterday, Locke Lord touched on the general implications of the recent devastation caused by Hurricanes Harvey and Irma on the Insurance-Linked Securities (“ILS”) market here.  With Irma having now left the Florida keys (and reportedly having destroyed upwards of 25% of all homes in the area), it is now…
Read More ILS Market: A Deep Dive into the Harvey and Irma Waters

On Friday, September 7th, the Senate passed a bill increasing the disaster aid within the National Flood Insurance Program (the “NFIP”) to $15 billion. The NFIP was initially established in 1968 to provide flood coverage to properties located in flood zones, as a response to flood insurance becoming too costly…
Read More Senate Passes Bill Proposing Three Month NFIP Extension