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The Illinois state legislature is considering a bill which would put the state among the select few specifically granting legal recognition to blockchain “smart contracts” by placing smart contracts on an equal footing with traditional written contracts.  Key provisions of House Bill 5553 include among others:

  • An express prohibition of

…
Read More Illinois Legislature Considering Legislation Recognizing Legality of Smart Contracts

A bill was recently introduced in the New Jersey Senate that would prohibit the use of education and occupation as rating factors in automobile insurance underwriting. This leads to taking a closer look at the debate over the years and insurance industry’s contention that accurate premium rates require a comprehensive…
Read More Eliminating education and occupation as auto insurance underwriting factors

New York Associate Zachary Lerner and Hartford Associate Alexandra Cavaliere co-authored an Insurance Journal article detailing the technological advances in the insurance industry, specifically the rise of insurtech. Lerner and Cavaliere examine the challenges and opportunities insurtech poses for surplus lines.

To read the full article, click here.
Read More Surplus Lines: Insurtech and Technological Opportunities, Challenges

As we reported here, March 1, 2018 brings a new transition date, with a new set of compliance obligations for Covered Entities subject to the Cybersecurity Regulation of the New York Department of Financial Services.  By March 1, Covered Entities will need to have complied with the Risk Assessment…
Read More The March 1 Deadline for NY DFS Cyber Compliance: One Week to Go!

On February 20, 2018, the National Association of Insurance Commissioners (NAIC) held a public hearing on the reinsurance collateral provisions of the Bilateral Agreement between the United States of America and the European Union on Prudential Measures regarding Insurance and Reinsurance (the “Covered Agreement”).  The Covered Agreement creates a framework…
Read More NAIC Holds Public Hearing on Reinsurance Collateral Provisions of Covered Agreement

As previously warned here, February 15, 2018 is the first annual deadline for individuals and companies licensed or otherwise authorized under the New York Insurance, Banking and Financial Services laws (defined as Covered Entities) to certify compliance with the Cybersecurity Regulation of the New York Department of Financial Services,…
Read More NY DFS Cybersecurity Compliance Certificate Required Today; Additional Requirements Looming

On February 7, the NAIC released “State Ahead,” the organization’s strategic plan for the next three years. Michael F. Consedine, NAIC CEO, stated that “an important part of State Ahead is making the organization more nimble and efficient, allowing us to use our wealth of data and technology…
Read More State Ahead: The NAIC’s Plan for Staying Ahead of a Rapidly Evolving Industry

Please join BDO USA, LLP, Locke Lord LLP, and Sandler O’Neill + Partners, L.P. for a complimentary breakfast briefing. This event will highlight key considerations in a successful M&A transaction or capital raising transaction in today’s economic climate for the insurance industry.

A panel discussion will follow discussing tax reform…
Read More You’re Invited – Insurance M&A and Capital Raising Roundtable

At its recent December 11th meeting in Corpus Christi, Texas, the Governing Committee of the Texas FAIR Plan Association (TFPA) is reported to have approved an assessment for its insurance company members of over $64 million in relation to a currently estimated $90 million gross loss for the TFPA from…
Read More Insurers Brace for a Texas-sized Assessment for FAIR Plan Members

On Monday, November 13, the National Association of Insurance Commissioners, in conjunction with the Center for Insurance Policy and Research and The Griffith Insurance Education Foundation, presented a webinar entitled “Wearables and their Insurance Implications.” The webinar covered a broad range of developments in the wearable space, as well as…
Read More NAIC Co-Hosts Webinar on Wearable Devices