Insurers have struggled to find a common baseline to measure cyber risks. Changes in technology, hacking and other data security risks and the shifting legal landscape concerning liability for data breaches have made the terrain particularly uncertain. Because of the unique and changing nature of cyber risks, current risk models…
Read More A Common Standard for Evaluating Cyber Risk – Insurers Walk the Walk
The Illinois Legislature has a bill pending in the House Rules Committee that would ban the use of price optimization by insurers. Price Optimization is the practice of setting premiums based on factors that are not tied to expected losses. House Bill 5719 was introduced on February 10, 2016, and…
Read More Proposed Illinois Bill would Prohibit the Use of Price Optimization by Illinois Insurers
According to media reports, Rep. Blaine Luetkemeyer (R-Mo.) is expected to introduce legislation that will create new requirements applicable to government officials negotiating international capital standards for insurers. Media reports indicate that the bill, which is still in the drafting stages, would prohibit the U.S. from agreeing to an international…
Read More Draft Legislation Would Impose New Requirements Applicable to Negotiation of International Insurance Agreements
Beginning in March, Barbara Richardson will start her appointment as Commissioner of the Nevada Division of Insurance after the long recruitment to fill the vacancy following Scott Kipper’s resignation in July 2015.
For the past 11 years Richardson served as the Director of Operations and Fraud with the New Hampshire…
Read More Barbara Richardson Appointed as Commissioner of the Nevada Division of Insurance
Effective August 1, 2015, Louisiana became the 9th state in the United States to adopt legislation permitting the establishment of a domestic surplus lines insurer (“DSLI”). Louisiana now joins Illinois, Oklahoma, Arkansas, Delaware, New Hampshire, New Jersey, North Dakota and Missouri as the states that permit a DSLI to write…
Read More Louisiana Adopts Domestic Surplus Lines Legislation – More States On The Way
On February 9, 2016, Arizona Governor Doug Ducey appointed Leslie Hess as the Interim Director of the Arizona Department of Insurance. Hess has more than 25 years of experience in both public and private sectors of the insurance and financial service industries. Prior to being appointed as the Interim Director…
Read More Leslie Hess Appointed as the Interim Director of the Arizona Department of Insurance
On February 7, 2016 during the Plenary meeting of the NAIC, members elected Wisconsin Commissioner Ted Nickel to fill the vacant President-Elect position.
Sharon P. Clark resigned as Kentucky Insurance Commissioner on January 11, 2016. As a result, Tennessee Insurance Commissioner Julie Mix McPeak was elected as NAIC Vice President…
Read More NAIC Promotes Officers, Elects New Secretary-Treasurer
Locke Lord LLP recently represented a national platform client in connection with a unique internal reorganization and simplification of their Texas insurance company subsidiary organizational chart. The principal objective on this engagement was to eliminate a legacy Texas Lloyd’s Plan (“TLP”) entity. TLP entities are seen by some as historical…
Read More Reorganization of Texas Lloyd’s Plan
The Illinois Department of Insurance recently posted its January 2016 Regulatory Agenda. The Regulatory Agenda contains several proposed changes to holding company regulations. The Insurance Holding Company Systems Article of the Illinois Insurance Code was amended by Public Act 98-609, effective in 2014. The changes to Illinois statutes…
Read More Illinois Department of Insurance January 2016 Regulatory Agenda
A bipartisan team of Congresspersons from New York plan to reintroduce legislation that would require disclosure of information about the beneficial owners of LLCs used in real estate transactions. Pursuant to the Incorporation Transparency and Law Enforcement Assistance Act (“ITLEAA”), states would be required to collect information about the beneficial…
Read More Federal Bill Would Require Disclosure of Beneficial Owners In Real Estate Transactions:
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