Earlier this week, the U.S. Department of Treasury Federal Insurance Office released Interim Guidance on implementation of the Terrorism Risk Insurance Program Reauthorization Act of 2015, which was signed into law last month after the prior program had expired on January 1. Some of the key features of the Interim Guidance include:…

Read More Treasury Issues Interim Guidance on Implementation of TRIA

Treasury Secretary Jacob (Jack) Lew presided over an executive session of the Financial Stability Oversight Council (Council) on Wednesday, February 4.  The preliminary agenda consists of administrative business of the Council, including a discussion regarding the Council’s outstanding notice seeking public comment on asset management products and activities, which was…
Read More Secretary Lew Presided Over an Executive Session of the Financial Stability Oversight Council

President Obama’s fiscal year 2016 budget once again contains a revenue proposal to tax certain reinsurance transactions between U.S. insurers and foreign reinsurers.  The proposal would apply to a U.S. ceding company that reinsures property/casualty risks with an affiliated foreign reinsurer.  Under the proposal, in general terms, a U.S. ceding…
Read More Taxing Foreign Reinsurance Transactions: Déjà vu All Over Again

Since the Terrorism Risk Insurance Program Reauthorization Act was signed into law by President Obama on January 12, many have been waiting on guidance from the U.S. Treasury Department regarding implementation of the new program. The property and casualty insurance industry is awaiting interim direction from the Department, through the…
Read More Industry Guidance on the Implementation of TRIA Reauthorization Anticipated Soon from Treasury Department

The Illinois Department of Insurance recently published proposed regulations impacting insurance producer licensing in Illinois.  While largely technical in nature, the proposed rules do require an individual to spend at least 51% of their time in Illinois to be considered a “resident” producer.  Moreover, with respect to business entities which…

Read More Illinois DOI Proposes New Producer Rules

The NY State Department of Financial Services has announced new IT examination procedures for banks chartered or licensed in NYS to focus on cyber security. The announcement, found here, sets out areas of focus in upcoming examinations, including written policies and procedures, intrusion protection, information security testing (including penetration…
Read More NY DFS Announces New Focus on Cyber Threat in Bank Exams

Florida Insurance Commissioner Kevin McCarty has been selected by the NAIC as the new chair of the NAIC’s International Insurance Relations Committee. McCarty has been very involved and outspoken on international insurance issues for several years on behalf of the U.S. insurance industry. In addition, he has served as insurance…
Read More Kevin McCarty Appointed Chair of the NAIC International Insurance Relations Committee

Anthony B. Sherman, partner in our Chicago office, discusses how Congress has put in place a mechanism to streamline nonresident licensing for insurance producers.

Congress has put in place a mechanism to streamline nonresident licensing for insurance producers. The National Association of Registered Agents and Brokers Reform Act of 2015…
Read More “NARAB II” Will Ease Insurance Producer Nonresident Licensing Burden

On Monday, President Obama signed into law the TRIA reauthorization bill that passed overwhelmingly in both the House and the Senate last week. TRIA, which lapsed on December 31, 2014, is now officially renewed for six more years through 2020. The renewed legislation triggers government assistance at $200 million (increased…
Read More President Obama Signs TRIA Renewal into Law

January 12, 2015 – Locke Lord LLP and Edwards Wildman Palmer LLP have officially merged, creating Locke Lord Edwards, a firm with more than 1,000 lawyers in 23 cities around the world as well as a combined history of more than 125 years. With joined revenues, it will be among…
Read More It’s Official: Locke Lord, Edwards Wildman Combination Launched; Locke Lord Edwards Expands Global Reach, Enhances Client Services