The Illinois Department of Insurance (“DOI”) has issued a notice of proposed amendments to the Insurance Department Consumer Complaints Rule ( 50 Ill. Adm. Code 926). The amendments will permit the DOI to share information related to a complaint against an entity licensed or registered under the Insurance Chapter (215)…
Read More Illinois Department of Insurance Proposes Amendments to Insurance Department Consumer Complaints Rule

On December 29, 2016, the Internal Revenue Service issued Notice 2017-08, extending the disclosure deadlines for participants in and material advisors to certain micro-captive transactions.

Prior guidance from the Service, issued in Notice 2016-66, had identified certain micro-captive transactions as “transactions of interest” and indicated that the general disclosure requirements…
Read More Disclosure Deadlines Extended for Participants in and Material Advisors to Micro-Captive Transactions

This week, the U.S. Department of the Treasury (“Treasury”) promulgated additional rules affecting the Terrorism Risk Insurance Act (“TRIA”), which had been recently reauthorized in late 2015 (the “Rules”). Of particular note is that, in accordance with the recent reauthorization, Treasury is obligated to collect data on the terrorism market…
Read More U.S. Department of Treasury Issues New TRIA Rules

“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…

Read More You’re Invited to a Complimentary Webcast: “Regulatory Requirements for Insurance E delivery and E-posting”

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