The Illinois Department of Insurance has adopted a new rule, 50 Ill. Adm. Code 630, Corporate Governance Annual Disclosure, effective May 29, 2020. The new rule will require corporate governance reporting for insurers and provides for the confidential treatment of this information.
Read MoreOn February 14, 2020, Illinois introduced legislation (SB3783) that would make significant changes in the manner certain surplus lines placements are made in Illinois. Illinois would be the latest state to amend their surplus lines laws and improve efficiency in the placement of surplus lines risks.
Read MoreStarting June 1, 2020, the Illinois Department of Insurance (the “Department”) will require insurers to submit their corporate governance practices on an annual basis, according to Company Bulletin 2020-01 Corporate Governance Annual Disclosure (CGAD) Filing ( the “Bulletin”) released on February 7th, 2020.
Read MoreThe Illinois Department of Insurance has implemented new rules governing life and annuity insurer conduct upon receipt of a death notice, and for interaction with its Lost Policy Finder service for consumers (50 Ill. Adm. Code 920 et seq.). These rules were drafted in response to requirements in the Illinois Unclaimed Life Insurance Benefits Act, which went into effect in 2017 in the aftermath of the national controversy related to how some life and annuity carriers were making use of the Social Security Administration’s Death Master File.
Read MoreThe end of summer and the beginning of fall is usually a sleepy time for insurance regulation. This year, however, a series of bill signings by Illinois Governor JB Pritzker on the same day merit the attention of insurance industry insiders.
Read MoreToday, Illinois Governor JB Pritzker named Chicago attorney Robert Muriel to serve as Director of the Illinois Department of Insurance, pending confirmation by the Illinois Senate. Muriel is a commercial lawyer with over 20 years of experience in civil and commercial litigation, including insurance coverage and bad faith claims, financial fraud claims, and consumer class actions.
Read MoreLocke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.
Read MoreAll eyes have been focused on the federal mid-term elections and the impact on the U.S. House and Senate. Post-mortems by the pundits have begun. See Locke Lord’s take on the mid-terms. The divided government in Washington, D.C. may well stymie efforts to regulate the insurance industry at the federal level, except in very limited circumstances where bi-partisan accord can be achieved.
Read MoreOn August 26, 2018, Illinois Governor Bruce Rauner issued an amendatory veto to insurance omnibus legislation, Senate Bill 1737. The amendatory veto deletes provisions in the bill related to short-term limited-duration health plans and worker’s compensation insurance. Portions of the bill concerning captive insurance regulation, domestic stock company division and credit for reinsurance remain in the bill.
Read MoreIn This Issue:
Follow the Leader: NYDFS Cybersecurity Regulation Leads the Way for Other States and Industries
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