Topic: Federal Legislative Developments

Pandemic Risk Insurance Act – A TRIA-Inspired Model to Backstop the Business Interruption Insurance Market in the Wake of COVID-19

The COVID-19 pandemic has rocked the United States and the sense of security of its citizenry in a way not seen since the tragedies of September 11th, 2001. The insurance industry, like the rest of us, is reacting in real time to the rapidly-evolving business climate, from managing the flow of claims to responding to federal and state-level mandates.

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Locke Lord QuickStudy: New CFIUS Regulations Foreshadow an Increased Impact on the Insurance Industry

On September 24, 2019, the U.S. Department of the Treasury (“Treasury”) proposed regulations to expand considerably the scope of transactions subject to review by the Committee on Foreign Investment in the United States (“CFIUS”), to now include certain transactions in the insurance industry, where ‎“sensitive personal data” could become accessible to a foreign person.

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Senate to Consider Legislation To Allow Cannabis Businesses to Purchase P&C and Title Insurance

On Monday, the ‘‘Clarifying Law Around Insurance of Marijuana Act’’ or ‘‘CLAIM Act” was introduced before the United States Senate by Sen. Menendez (D-N.J.). The CLAIM Act, which is cosponsored by Sens. Paul (R-Ky.), Merkley (D-Ore.) and Cramer (R-N.D.), would prohibit a federal agency from (i) penalizing or otherwise discouraging insurers from engaging in the business of insurance with a cannabis-related business, or (ii) otherwise terminating or cancelling the policies of an insurer solely because the insurer engaged in the business of insurance in connection with a cannabis-related business.

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Senate Bill Proposes to Revise FSOC Designation Process

The Financial Stability Oversight Council Improvement Act of 2019 (the “Act”) was recently introduced in the United States Senate. Under existing law, the Financial Stability Oversight Council (“FSOC”) can subject certain nonbanks designated as systemically important financial institutions (“SIFIs”) to significant supervision by under Federal Reserve. Under the Act, FSOC would be required to explore alternative approaches before designating nonbanks as SIFIs. The Act, which is supported by members of both major parties, does not reduce FSOC’s emergency designations authority, but rather encourages FSOC to find potential alternatives to SIFI designations, and the significant regulatory and administrative responsibilities that come with the SIFI designation.

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White House Issues Memorandum Announcing UAS/Drone Integration Pilot Program

On October 25, 2017, the White House issued its previously-rumored Presidential Memorandum (“Memorandum”) calling for the establishment of a UAS Integration Pilot Program (“Program”) to test the further integration of Unmanned Aircraft Systems (“UAS” or “drones”) into the national airspace system (“NAS”) in a select number of State, local and tribal jurisdictions. 

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