The New York State Legislature’s 2016 Legislative Session on June 18, 2016 enacted new pieces of legislation affecting the New York insurance industry and also saw proposed pieces of legislation die in the process. In particular, e-delivery legislation passed through both houses, which will now allow for the electronic delivery
Industry Developments
U.S.-E.U. Insurance Regulatory Negotiations Continue
By Troutman Pepper Locke on
Representatives of the U.S. and E.U. continued negotiations of a potential bilateral agreement regarding regulation of insurance and reinsurance in Washington D.C. on May 24th and 25th. Following the meeting, the parties issued a joint statement, stating that “Both sides agreed to continue in good faith to pursue an…
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Locke Lord’s Brian T. Casey, Partner from the Atlanta Office authors “CFPB’s Arbitration Ban Could Affect Insurance Products” for Law360 on May 31, 2016
By Brian Casey & Troutman Pepper Locke on
On May 5, 2016, the Consumer Financial Protection Bureau published its 377 page anticipated proposed regulation, which would create new Part 1040 in Chapter Ten of Title 12 of the Code of Federal Regulations, regarding the use of mandatory predispute arbitration clauses in contracts for certain types of consumer financial…
Read More Locke Lord’s Brian T. Casey, Partner from the Atlanta Office authors “CFPB’s Arbitration Ban Could Affect Insurance Products” for Law360 on May 31, 2016
Barbara Richardson Appointed as Commissioner of the Nevada Division of Insurance
By Troutman Pepper Locke on
Beginning in March, Barbara Richardson will start her appointment as Commissioner of the Nevada Division of Insurance after the long recruitment to fill the vacancy following Scott Kipper’s resignation in July 2015.
For the past 11 years Richardson served as the Director of Operations and Fraud with the New Hampshire…
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Leslie Hess Appointed as the Interim Director of the Arizona Department of Insurance
By Troutman Pepper Locke on
Posted in Industry Developments, Regulatory
On February 9, 2016, Arizona Governor Doug Ducey appointed Leslie Hess as the Interim Director of the Arizona Department of Insurance. Hess has more than 25 years of experience in both public and private sectors of the insurance and financial service industries. Prior to being appointed as the Interim Director…
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NAIC Promotes Officers, Elects New Secretary-Treasurer
By Troutman Pepper Locke on
Posted in Industry Developments
On February 7, 2016 during the Plenary meeting of the NAIC, members elected Wisconsin Commissioner Ted Nickel to fill the vacant President-Elect position.
Sharon P. Clark resigned as Kentucky Insurance Commissioner on January 11, 2016. As a result, Tennessee Insurance Commissioner Julie Mix McPeak was elected as NAIC Vice President…
Read More NAIC Promotes Officers, Elects New Secretary-Treasurer
Congress Expands and Tightens Section 831(b) Small Insurance Company Election
On December 18, 2015, Congress enacted the Protecting Americans from Tax Hikes Act of 2015, making, among other items, several significant changes to the provisions of Internal Revenue Code Section 831(b), which provides generally favorable tax treatment for electing small insurance companies. Certain of these changes…
Read More Congress Expands and Tightens Section 831(b) Small Insurance Company Election
Arizona Governor Names Interim Superintendent of Financial Institutions
By Troutman Pepper Locke on
Posted in Industry Developments
Andy Tobin was named the interim superintendent of the Arizona Department of Financial Institutions by Governor Doug Ducey. He replaces Superintendent Lauren Kingry, following his resignation. Mr. Tobin is also the Director of the Arizona Insurance Department, a position he will continue to serve in. Mr. Tobin previously served in…
Read More Arizona Governor Names Interim Superintendent of Financial Institutions
Ninth Circuit Overturns Taxpayer-Friendly Decision in Demutualizations
On December 9, in Dorrance v. The United States, the Ninth Circuit overturned a favorable district court decision for taxpayers in demutualizations. The Ninth Circuit ruled that a taxpayer owning insurance policies in a mutual insurance company had a zero tax basis in the attendant membership rights which accompanied…
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Connecticut Bans Price Optimization
By Troutman Pepper Locke on
On December 4, 2015, the Connecticut Insurance Department (the “CID”) issued Bulletin PC-81 banning the practice of price optimization, a pricing method whereby insurers use factors not specifically related to an insured’s expected losses and expenses in pricing coverage. Bulletin PC-81, which was issued to all insurers licensed to write…