California recently passed state law AB 1131 to establish new electronic process standards for life and annuity insurers. This new statute requires additional steps beyond those specified in the federal Electronic Signatures in Global and National Commerce Act (ESIGN), which has been in effect for the last 15 years. Pat…
Read More New California Law Creates Dilemma for Insurers and Their E-Contracting Processes

On January 25 the California Insurance Commissioner issued a press release, and also sent email messages to insurers licensed in California, indicating that he is requesting all insurers doing business in California to refrain from making any new investments, refrain from renewing any existing investments, and to sell or withdraw…

Read More California Insurance Commissioner Asks Insurers to Exit Thermal Coal Investments

A bill recently introduced in the House seeks to expand the authority of Risk Retention Groups (“RRGs”) to write property, and not just commercial casualty, coverage. HR 3794, which was introduced on a bipartisan basis, would permit RRG’s to write property coverage for nonprofits with tax-exempt status, as well as…

Read More New Federal Bill Would Allow Risk Retention Groups to Cover Property

New York Governor Andrew M. Cuomo today nominated Maria T. Vullo to serve as the Superintendent of the New York State Department of Financial Services. Vullo is an experienced senior litigator and manager, with more than 25 years of practice in business litigation and investigations. She is of counsel at…

Read More New York Governor Nominates Head of the Department of Financial Services

Brian Maynard, of Louisville, has been appointed as Commissioner of the Kentucky Department of Insurance.

Maynard has 30 years of insurance accounting experience. Since 2004, Maynard has been a contract examiner for Kentucky. Before then, he worked for INS Regulatory Insurance Services.

Commissioner Maynard graduated from the University of Louisville…

Read More Brian Maynard Appointed as Commissioner of the Kentucky Department of Insurance

On January 12, 2016 it was announced that Elizabeth Kelleher Dwyer was appointed as Rhode Island Department of Business Regulation’s Deputy Director and Superintendent of Insurance and Banking following former Deputy Director and Superintendent of Insurance and Banking, Joseph Torti’s retirement at the end of 2015.

Dwyer has fifteen years’…

Read More Rhode Island Appointment Elizabeth Dwyer as Insurance Superintendent

Please join BDO USA, LLP, Locke Lord LLP, and Sandler O’Neill + Partners, L.P. for a complimentary breakfast briefing. This event will highlight key considerations in a successful M&A transaction or capital raising transaction in today’s economic climate for the insurance industry.

Wednesday, January 20, 2016
Locke Lord LLP
750…

Read More Please Join Us – Insurance M&A and Capital Raising Roundtable – January 20

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On December 18, 2015, Congress enacted the Protecting Americans from Tax Hikes Act of 2015, making, among other items, several significant changes to the provisions of Internal Revenue Code Section 831(b), which provides generally favorable tax treatment for electing small insurance companies. Certain of these changes…
Read More Congress Expands and Tightens Section 831(b) Small Insurance Company Election

Kevin M. McCarty has announced that he is resigning as the Florida Insurance Commissioner as of May 2, 2016. Commissioner McCarty is the only appointed Commissioner since the creation of the Florida Office of Insurance Regulation in 2003.

Link: http://www.floir.com/PressReleases/viewmediarelease.aspx?id=2141Read More Florida Insurance Commissioner Resigns

As previously reported here, the NAIC Cybersecurity Task Force proposed a “Cybersecurity Bill of Rights” (the “BOR”), which purported to state consumers’ rights related to information security. In the face of industry criticism of the draft BOR, including comment letters by the ACLI, NAMIC, the PIA, the Big I…

Read More NAIC Cyber Security Bill of Rights becomes “Roadmap”