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On December 22, 2021, New York State Governor Kathy Hochul signed Senate Bill S653A which amends the New York Insurance Law by adding Section 3458 regarding the electronic delivery of property and casualty insurance notices.
Read More New York State Law Regarding Electronic Delivery of Insurance Notices to Take Effect March 22

On Tuesday, January 25th, the New York State Senate voted to confirm Adrienne Harris as Superintendent of the New York State Department of Financial Services (the “NY DFS”).  Harris had served as acting superintendent of the NY DFS since being nominated for the full-time position by Gov. Kathy Hochul in August of 2021.
Read More State Senate Confirms Gov. Hochul’s Pick to Head NY Department of Financial Services

The Texas Department of Insurance (“TDI”) adopted new administrative rules for reciprocal reinsurers that took effect on January 1, 2022. According to TDI, the goal of the new reinsurance regulations is to “ensure TDI retains its authority to regulate credit for reinsurance matters associated with covered agreements, align TDI’s rules with the current approach to regulate reserve financing arrangements for certain life insurance policies, and align TDI’s rules with updates to the National Association of Insurance Commissioners’ (NAIC) accreditation requirements.”…
Read More New Texas Reinsurance Rules for Reciprocal Insurers Take Effect

On December 7, 2021, the New York Department of Financial Services (“NY DFS”) released an industry letter providing guidance on Multi-Factor Authentication (“MFA”).   MFA, which requires users of information systems to provide an additional “factor,” often through a one-time code or push notification to their mobile device, in addition to their password when accessing information systems.
Read More NY DFS Releases Guidance on Multi-Factor Authentication

A Locke Lord team led by Zachary Lerner (New York) assisted Convex Insurance UK Limited (CIL) and Convex Re Limited (CRL) in obtaining reciprocal reinsurer status, the first alien insurers to receive such designations in the United States.
Read More Locke Lord Team Represented Convex in Obtaining Reciprocal Reinsurer Status

In a September 1 InsureReinsure Blog post, I discussed the Federal Insurance Office Request for Information on the Insurance Sector and Climate-Related Financial Risks. Responses to the request were due to the FIO on or before November 15, 2021.
Read More Federal Insurance Office Releases Responses to Request for Information on the Insurance Sector and Climate-Related Financial Risks

In addition to the discussion of the future of the energy sector at the 26th United Nations Climate Change Conference of the Parties (”COP26”) taking place in Glasgow, Scotland from October 31 – November 12, 2021, there has also been a discussion of the role of the insurance industry in addressing climate change.
Read More Insurers in the Mix at COP 26 in Glasgow, Scotland