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On February 9, Connecticut Governor Dannel Malloy wrote a letter to U.S. Department of the Treasury Secretary Jacob Lew and U.S. Trade Representative Ambassador Michael Froman expressing his concern over their departments’ consideration of preempting state insurance regulation by potentially negotiating a “covered agreement” with foreign authorities. Such an agreement…
Read More Connecticut Governor Urges Treasury and the Office of U.S. Trade Representatives to Leave Reductions in Collateral Requirements of Reinsurers to the States

On Wednesday, the Financial Stability Oversight Council (FSOC) announced that it had changed its non-bank review process. The Council will now inform companies earlier on in the process if they are under review and provide firms with additional opportunities to work with FSOC. In addition, more information about the designation…
Read More FSOC Amends Non-Bank Review Process

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

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

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

The Senate overwhelmingly voted to pass the TRIA reauthorization, which passed on Wednesday in the House, by a vote of 93-4. The legislation, H. R. 26, extends TRIA for six years through 2020 and makes slight changes to the program which expired on December 31. The new legislation raises the…
Read More Senate Passes TRIA Reauthorization and Sends Bill to President Obama

The new Congress, which convened last Tuesday, took its first step toward the reauthorization of TRIA today when the House passed legislation to extend TRIA by a vote of 416-5, with one lawmaker voting present. H. R. 26, introduced by Representative Randy Neugebauer, is the same bill that was passed…
Read More New Congress Takes Strides Towards TRIA Reauthorization with House Vote