Tucked away in the proposed arbitration rule of the U.S. Consumer Financial Protection Bureau is the addition of a new consumer financial product and service deemed to be within the purview of the CFPB. The arbitration rule, which would prohibit the inclusion of class action waivers in arbitration provisions for…
Read More Locke Lord’s Brian Casey, Partner in the Atlanta office Authors “CFPB’s New Rules For Cellphone Carrier Third-Party Billers” for Law360 on November 30, 2016

A New York Federal Court recently rejected a cedant’s request to vacate an arbitration award on the grounds that it was in manifest disregard of the law or because the umpire failed to disclose his prior representation of the reinsurer. The court determined that the cedant failed to clear the…

Read More No Thanksgiving Vacation for This Arbitration Award

Locke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d’oeuvre Buffet during the NAIC Fall 2016 National Meeting in Miami, FL.

Sunday, December 11, 2016
5:30 pm – 7:30 pm

La Côte
Fontainebleau Hotel (conference hotel)
4441 Collins Avenue
Miami Beach, FL

For…

Read More You’re Invited – NAIC Fall Meeting Cocktail Reception – December 11

Recently Rhode Island revised its Voluntary Restructuring of Solvent Insurers Act as implemented by DBR Regulation 68. This was, in many respects, modeled after the UK’s Part VII Transaction, which, subject to court approval, enables an insurance company to transfer/novate a book of business (and divest itself of all residual…

Read More Rhode Island Regulation 68, Voluntary Restructuring of Solvent Insurers Act

The Internal Revenue Service on November 1 issued Notice 2016-66, which requires information reporting with respect to certain insurance or reinsurance transactions involving captive insurance companies that claim the benefits of an election under Section 831(b) of the Internal Revenue Code available to certain small insurance companies, often referred to…

Read More Captive Insurance Arrangements Taking Advantage of Section 831(b) Election May Be Required to Report to the IRS

New insurance commissioners were elected in 5 states. Delaware elected Democrat Trinidad Navarro. Montana elected Republican Matthew Rosendale. North Carolina elected Republican Mike Causey. North Dakota elected Republican Jon Godfread. Washington re-elected Democrat Mike Kridler.
Read More Elected Insurance Commissioners

The Vermont Department of Financial Regulation recently issued a proposed rule on Regulation C-81-2. The proposed rule, which will be the subject of a public hearing on December 5, clarifies annual reporting requirements of Vermont-domiciled captive insurance companies by adding details to the annual audit and certification of loss reserves.
Read More Vermont Issues Proposed Captive Rule

Red Chalk Group presents this first of its kind event dedicated to the $1+ trillion insurance marketplace and designed for senior executives to engage leading industry and Blockchain experts as they address top-of-mind issues.

Tuesday, November 8, 2016
8:00 AM – 4:30 PM

UBS Tower
Conference Center on 2nd Floor…
Read More Please Join Us – Blockchain Insurance Summit

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:

  • “When Does the Acquisition of a

…
Read More Locke Lord’s Insurance & Reinsurance Newsletter – September 2016

The EU-U.S. Privacy Shield (the “Privacy Shield”) has been promulgated through a joint effort between the United States (the “U.S.”) and the European Union (the “EU”) in order to facilitate the transfer of personal data from the EU to U.S. companies. The Privacy Shield officially went live on August 1…

Read More Locke Lord’s Zach Lerner, Associate in the New York office, Co-Authors “The Privacy Shield and its Impact on U.S. Insurance Companies” for FORC Fall 2016 Edition