Parallel bills proposing to reduce the current two-percent Rhode Island insurance premium tax are before both the Rhode Island House and Senate. Working with the Rhode Island Department of Business Regulation, Representative Joseph Shekarchi (who is the primary author of the House bill) and Senator William Walaska (who is…
Read More Rhode Island Proposes Innovative Approach to Reduce Premium Tax Rate

On May 5, 2016, the Consumer Financial Protection Bureau published its 377 page anticipated proposed regulation, which would create new Part 1040 in Chapter Ten of Title 12 of the Code of Federal Regulations, regarding the use of mandatory predispute arbitration clauses in contracts for certain types of consumer financial…
Read More Locke Lord’s Brian T. Casey, Partner from the Atlanta Office authors “CFPB’s Arbitration Ban Could Affect Insurance Products” for Law360 on May 31, 2016

Earlier this month we reported here that Florida had withdrawn from the Non-Admitted Insurance Multi-State Association (“NIMA”), a compact between various state to distribute surplus lines premium taxes. We can now report that NIMA has announced its unanimous decision to dissolve. The expectation is that dissolution of the tax compact…

Read More NIMA Formally Dissolves as Participatory States weigh in on Future Tax Treatment of Multi-State Risks

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:

  • “Texas Department of Housing and Community

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

The Florida Surplus Lines Office (“FSLO”) has reported that, effective June 1, Florida will withdraw from the Nonadmitted Insurance Multi-State Agreement (NIMA). Filings after June 1 will now be filed with the FSLO and not through the Surplus Lines Clearinghouse. Premium tax exposures will not be affected and rates where…

Read More Florida to Withdraw from the Nonadmitted Insurance Multi-State Agreement

On May 3, 2016, the Court of Appeals of New York issued its opinion in In re Viking Pump, No. 59, 2016 WL 1735790, and found that “all sums” allocation and vertical exhaustion applied to the insureds’ claims to excess coverage for the asbestos exposure claims filed against them.
Read More New York’s Highest Court Holds All Sums Allocation And Vertical Exhaustion Applied To Excess Insurance Coverage For Asbestos Claims

On April 29, 2016 it was announced that David Altmaier has been appointed as the new Insurance Commissioner for the Florida Office of Insurance Regulation and will succeed Kevin M. McCarty.

Altmaier has been employed by the Office since 2008 and has been serving as Deputy Commissioner for Property and…
Read More Florida Appoints David Altmaier as Insurance Commissioner

The House unanimously passed legislation yesterday which would open up flood insurance to the private market. As previously reported in this blog, H.R. 2901, the Flood Insurance Market Parity and Modernization Act will lower the barriers for private insurers hoping to offer flood insurance policies. This would allow greater…

Read More Flood Insurance Modernization Measure Passes U.S. House Unanimously

The U.S. District Court for the Northern District of Illinois recently dismissed a complaint filed by a policy beneficiary asserting that her husband’s lapsed life insurance policy was reinstated because she paid the unpaid premiums five days after her husband’s death. The beneficiary argued that the insurer waived the right…
Read More Illinois Federal Court Dismisses Claim That Premium Payment After Insured’s Death Reinstated Lapsed Life Insurance Policy

The federal Seventh Circuit Court of Appeals has reiterated its approach to standing in data breach cases: allegations of “increased risk of fraudulent charges and identity theft” are sufficient to meet the requirements for Article III standing for data breach victims in federal court. Lewert v. P.F. Chang’s China Bistro, …
Read More Seventh Circuit Again Finds Standing for Data Breach Victims