Industry Developments

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One of the major issues facing the commercial drone industry is the lack of certainty in the regulatory environment.  Multiple state and local municipalities have passed drone related laws and ordinances, but as the recent decision in Singer v. City of Newton, Case No. 1:17-CV-10071-WGY demonstrates, any such ordinances…

New York Associate Zachary Lerner authored a Law360 article on commission sharing, referral fee and producer licensing issues.  Within the article, Mr. Lerner identifies important issues for insurers and producers to consider, both in the admitted and surplus lines insurance markets, with respect to the sharing of commissions and whether…

On October 12, 2017, President Donald Trump signed an Executive Order “to reform the United States healthcare system to take the first steps to expand choices and alternatives to Obamacare plans and increase competition to bring down costs for consumers.”  The Executive Order directs the Secretary of Labor…

As discussed in our prior QuickStudy issued on January 18, 2017, the US Federal Government and the European Union have come to an agreement on wide-ranging changes to reinsurance and establishment standards for the operation of insurance enterprises operating from one to another of these markets. This agreement takes…

Please join Locke Lord for a complimentary CLE seminar on Wednesday, October 11th from 2:00-5:00 p.m.

Program Highlights
Locke Lord’s Insurance Practices will present an informative ‎afternoon CLE and Ethics program featuring a keynote from Jennifer Hammer, Director of the Illinois Department of Insurance. Locke Lord lawyers will present an…

Last week, the New York Department of Financial Services (“NYDFS”) promulgated a new regulation 11 NYCRR 48, aimed at limiting the amount by which life insurance premiums can be raised as to policies issued in the state.  In particular, the regulation allows the NYDFS to review any increase and to…

Yesterday, Locke Lord touched on the general implications of the recent devastation caused by Hurricanes Harvey and Irma on the Insurance-Linked Securities (“ILS”) market here.  With Irma having now left the Florida keys (and reportedly having destroyed upwards of 25% of all homes in the area), it is now…

Last month, the New York Department of Financial Services (“NYDFS”) proposed an amendment to 11 NYCRR 80-1.6 (the “Regulation”), which would augment the application process to acquire a domestic insurer by potentially limiting the amount of information that must be provided in connection therewith.

The proposals to the Regulation allow…

As victims of Hurricane Harvey try to assess their (often catastrophic) damages, many business owners are finding that their traditional coverages do not adequately cover the scope of their losses.  The National Flood Insurance Program (“NFIP”), the primary governmental flood insurance option, has traditionally provided adequate coverage for homeowners, but…

In an action filed by insurance agents working under independent contractor agreements with an insurer, the U.S. District Court for the Northern District of Ohio found the agents were employees who could pursue pension and other employment benefits under the Employee Retirement Income Security Act of 1974 (“ERISA”).  To reach…