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:
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
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