“Surplus Note”
A hybrid corporate finance instrument unique to insurance companies which constitutes surplus (equity) for insurance law and statutory accounting purposes yet generally constitutes debt for federal income tax purposes, which is similar to subordinated debt and sits above the stockholders, but below general creditors, of the issuing insurance company.
Read More InsureTerms™/Terminology for the Consummate Insurance & Reinsurance Lawyer: “Surplus Note”
The Illinois Department of Insurance (“DOI”) will hold a public hearing on December 19 in Chicago regarding proposed amendments to the Illinois Administrative Code that address insurance policy rescissions. The DOI proposed the amendments in light of numerous complaints regarding rescissions based on an alleged misrepresentations or material changes in…
Read More Public Hearing Scheduled Regarding Proposed Illinois Rescission Rule
Locke Lord Attorneys’ Brian Casey and Patrick Hatfield, will be part of the panel of experts on December 13 that will discuss the regulatory requirements of e-posting and e-delivery and the best practices to keep in mind to ensure maximum adoption.
Tuesday, December 13, 2016
2:00 PM EST – 3:00…
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…
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
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