Early this month, the NAIC Cybersecurity (EX) Task Force released a preliminary working and discussion draft of an Insurance Data Security Model Law. While praise worthy in its effort to provide uniformity for data security and breach notification requirements among the states, at least with respect to the insurance industry…
Read More NAIC Preliminary Draft Insurance Data Security Model Law Draws Praise and Criticism
The European Commission has recently issued a Report announcing its preliminary view that the Insurance Block Exemption Regulation (“IBER”) should not be renewed when it expires on March 31, 2017. The IBER provides an exemption from Article 101(1) of the Treaty on the Functioning of the European Union, which prohibits…
Read More European Commission Proposes Non-renewal of the Insurance Block Exemption Regulation
Three recent decisions (March 3, 2016) by a New York State Division of Tax Appeals administrative law judge help to clarify the taxation of unauthorized insurance companies subject to New York State taxation.
New York State has over recent years changed in certain significant regards both the substantive law and…
Read More New York State Clarifies Taxation of Unauthorized Insurance Companies
A bill that would require homeowners’ policies to cover mitigation undertaken to prevent a covered property from collapsing or caving in advanced through the Connecticut General Assembly’s Insurance and Real Estate Committee (“Committee”) Tuesday. HB 5522, which was introduced by Rep. Robert Megna (D-New Haven), was proposed in the wake…
Read More Bill That Would Mandate Coverage of Failing Foundations Advances Through Committee
The Supreme Court of Wisconsin recently addressed the consequences of an insurer partially settling the underlying plaintiff’s claim for less than its full limit of liability and withdrawing its defense of the insured. The insured had general liability coverage with a $500,000 self-insured retention (“SIR”) and was also entitled to…
Read More Supreme Court of Wisconsin: Insurer breached duty to defend and lost contribution rights by ending defense after settling partial claim within policy limits
The Massachusetts Supreme Judicial Court recently rejected the application of the “Selective Tender Rule” as against Massachusetts law and public policy. On a certified question from the U.S. Court of Appeals for the First Circuit, the Court found that where two workers’ compensation insurance policies issued by different companies provide…
Read More Massachusetts Supreme Judicial Court Approves Equitable Contribution Among Co-Insurers And Rejects “Selective Tender Rule”
Locke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d’oeuvre Buffet during the NAIC Spring 2016 National Meeting in New Orleans, LA.
Monday, April 4, 2016
5:30 pm – 7:30 pm
Roux Bistro
Sheraton New Orleans Hotel
500 Canal Street
New Orleans, LA…
Read More You’re Invited – NAIC Spring Meeting Cocktail Reception – April 4
We are happy to provide the 2016 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. The website provides you with the ability to…
Legislation to allow privatized flood insurance on the market surged unanimously through a House Financial Services Committee mark up. Voting 53-0 on March 2nd, the Committee approved the idea of enabling private flood insurance plans to be sold separately from the National Flood Insurance Program.
The Flood Insurance Market Parity…
Read More Private Flood Insurance Plans One Step Closer to Hitting the Market
The House Financial Services Subcommittee on Housing and Insurance recently launched an examination into the competitiveness of U.S. insurers as impacted by international regulatory standards. Chairman Blaine Luetkemeyer (R-MO) is leading the charge with the goal of introducing international insurance standards legislation in early summer.
A key goal of Luetkemeyer’s…
Read More House Financial Services Committee Considers International Insurance Regulations
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