The Texas Legislature has passed legislation authorizing domestic surplus lines insurance companies in Texas, which may lead to an influx of new insurance company applications for licensure and redomestication to Texas applications as insurer groups seek to take advantage of the increasingly liberalized Texas rules governing its surplus lines market.
Read More Texas Legislature Passes Domestic Surplus Lines Insurance Company Legislation

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The following are summaries some of the key legislative bills that the Georgia General Assembly adopted in its 2017 legislative regular session that affect the insurance industry. The 2017 legislative session, which ended on March 30, 2017, was the first year of the state’s…
Read More Key Insurance Industry Bills Passed by Georgia Assembly in 2017 Legislative Session

The Texas Legislature has passed new legislation that amends key provisions of Texas’s Prompt Pay Statute for insurance claims. Most types of insurance companies writing policies in Texas are required to comply with Texas’s Prompt Pay Statute in Chapter 542 of the Texas Insurance Code, and those that do not…
Read More Texas Legislature Amends Prompt Pay Statute for Insurance Claims

The Illinois Department of Insurance has issued a Notice of Proposed Repealer of the Reinsurance Ceded Contracts regulation (50 Ill. Adm. Code Part 1101). The regulation requires all insurance companies to submit a certified copy of a reinsurance ceded contract upon written request of the Director of Insurance. According to…
Read More Illinois Department of Insurance Proposes Repeal of Reinsurance Ceded Contracts Regulation

On May 16, 2017, California Insurance Commissioner Dave Jones announced the appointment of Ken Schnoll as General Counsel for the California Department of Insurance. As stated by Commissioner Jones, Mr. Schnoll brings more than 30 years’ experience to his new role, including work in regulatory and transactional matters with health…
Read More New General Counsel Appointed by the California Commissioner of Insurance

Locke Lord has been recognized as one of the leading cybersecurity law firms by corporate counsel in the “BTI Law Firms Best at Cybersecurity 2017: Corporate Counsel Rank the Law Firms Leading the Charge on Change” report. Published by BTI Consulting Group, the report states that cybersecurity and…

Read More Locke Lord Recognized as a Leading Cybersecurity Law Firm, According to BTI Consulting Group

Three bills have recently been filed in the Massachusetts legislature that would require motor vehicle insurers to pay a minimum hourly labor rate when reimbursing repair shops in the State. Identical bills by Rep. Cabral (H494) and Sen. Welch (S599) would create this minimum rate by using the average rate…

Read More Auto Labor Rate Legislation in Massachusetts

Beginning October 1, 2017, health insurers, health care centers, pharmacy benefits managers, and third party administrators that administer health benefits, and utilization of new companies, licensed in Connecticut, will be required to file their first annual certification to the insurance department that it maintains a comprehensive information security program in…

Read More Cybersecurity Compliance Requirements are Piling Up

The Financial CHOICE Act 2.0 released by Rep. Jeb Hensarling (R-Texas) on April 19, 2017 (“Act”) would have a significant impact on the extent to which the federal government regulates insurance. First and foremost, the Act would repeal the Federal Insurance Office and replace it with a bureau of the…
Read More Impact of the Financial CHOICE Act 2.0 on the Insurance Industry

Both houses of the Connecticut General Assembly have passed HB 7025, which would create a new legal process whereby a Connecticut domestic insurer could divide into multiple insurers and allocate assets and obligations to the “new” insurer. The new insurer would become a legal successor to the original insurer. HB…
Read More Connecticut General Assembly Passes Bill Authorizing Domestic Insurers to Divide