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…

Read More Excess and Surplus Lines Law Manual 2016 Update

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

On March 10, 2016, the Texas Department of Insurance (TDI) will hold a stakeholders meeting to seek input on the preparation of the Department’s next report to the Texas Legislature. Pursuant to Texas Insurance Code Section 32.022, TDI is required to provide a report to the Legislature by December 31st…

Read More Texas Department of Insurance Seeks Input for 2016 Biennial Report to the Texas Legislature

The growing percentage of businesses that purchase cyber security and data privacy insurance portends a growing number of claims and, inevitably, litigation over some of those claims. Wells Fargo’s 2015 Cyber Security and Data Privacy Survey: How Protected Are You? indicates that nearly half (44%) of companies with $100 to…

Read More Testing the Limits – Cyber Coverage Litigation Update

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