Topic: Industry Developments
Rhode Island Legislature Contemplating Clarification to State’s Legacy Transfer Program
In 2015, the Rhode Island Department of Business Regulation (“DBR”) implemented the state’s Insurance Business Transfer Act (“IBT”) (“Regulation 68”), which permits insurers to transfer commercial ‘legacy business’ (subject to certain limitations) to a Rhode Island domestic insurer by way of novation, subject to court approval.
Read MoreConnecticut is Taking Serious Steps to Evaluate and Improve its Insurance Industry Workforce
Earlier this month Connecticut Governor Malloy signed Senate Bill No. 198 into law. SB 198 establishes a task force, made up of twelve members, to study and develop strategies to develop, expand and improve the insurance industry workforce in the state of Connecticut.
Read MoreResponding to BEAT; Vermont Creates the Affiliated Reinsurance Company
Vermont Act 134 (H.719) (“Act 134”), signed by Governor Phil Scott on May 17, 2018, is set to come into effect on July 1, 2018.
Read MoreNAIC International Insurance Forum Wrap-Up
The NAIC International Insurance Forum held May 14 – 15 in Washington, D.C. brought together distinguished panelists and speakers providing insight on several insurance topics of interest. A discussion of several of these follows.
Read MoreNAIC Holds International Insurance Forum in Washington
This week the NAIC held its annual International Insurance Forum in Washington, D.C. The event featured speakers from around the globe and included industry leaders, regulators, academics, trade group leaders and consumer advocates.
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