On November 2, 2021, New York Congresswoman Carolyn Maloney reintroduced the Pandemic Risk Insurance Act (“PRIA”) in the U.S. House of Representatives. PRIA would create the Pandemic Risk Reinsurance Program (the “Program”), a shared public-private system that would require insurers to offer coverage in all commercial property and casualty lines of insurance for insured losses resulting from public health emergencies or future pandemics.
Read More Rep. Carolyn Maloney Reintroduces the Pandemic Risk Insurance Act
The United States Hit With 18 Separate Billion-Dollar Disasters So Far in 2021, a New Record
On October 8, 2021, the National Oceanic and Atmospheric Administration (“NOAA”) announced that the number of billion-dollar plus disasters so far in 2021 had achieved a new record high of 18 as of the end of September, putting 2021 on a pace to exceed the record number of billion-dollar plus disasters set in 2020.
Read More The United States Hit With 18 Separate Billion-Dollar Disasters So Far in 2021, a New Record
Federal Insurance Office Spells Out Priorities Regarding Climate-Related Financial Risks in Insurance Sector
On August 31, 2021, the Federal Insurance Office (“FIO”) issued a request for information regarding climate-related financial risk in the insurance sector. In the Request, the FIO laid out a conceptual framework for categorizing climate-related financial risk and its three pronged approach to implement portions of the President’s January 27, 2021 Executive Order on the Climate Crises and his May 20, 2021 Executive Order on Climate-Related Risk in the Financial Sector.
Read More Federal Insurance Office Spells Out Priorities Regarding Climate-Related Financial Risks in Insurance Sector
New Superintendent of The Department of Financial Services for New York Selected
Governor Kathy Hochul announced that Adrienne Harris has been nominated as the new Superintendent of The New York State Department of Financial Services. Ms. Harris’ background includes being a former economic advisor to President Obama.
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NYDFS Has New Acting Superintendent
Effective today, the New York Department of Financial Services (‘DFS”) is headed by Acting Superintendent Shirin Emami. Ms. Emami, a Columbia Law School graduate, replaces Linda Lacewell. The new Governor, Kathy Hochul, will appoint a permanent Superintendent. The appointment is subject to Senate confirmation.
Read More NYDFS Has New Acting Superintendent
Connecticut Insurance Department Releases its National Climate Risk Survey
On August 16, 2021, The Connecticut Department of Insurance released its National Survey on Climate Risk in the Insurance Industry. The survey’s main objectives are for insurers to report on climate-related risks and to provide the Department with more information to evaluate climate risk.
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New Jersey Department of Banking and Insurance Issues Mandatory Business Interruption Insurance Policy Summary
On May 12, 2021, New Jersey adopted a law requiring insurers issuing policies covering loss or damage to property, including the loss of use and occupancy and business interruption, to provide their insureds with a one page summary of common insurance clauses in such commercial property policies. The summary, which was developed by the New Jersey Department of Banking and Insurance (“DOBI”), was posted on their website on August 16, 2021 and must be provided to all existing policyholders within 90 days of its posting (which is November 13, 2021). The summary is also required to be provided to any potential purchaser, or to any policyholder seeking renewal.
Read More New Jersey Department of Banking and Insurance Issues Mandatory Business Interruption Insurance Policy Summary
Arkansas Implements New Insurance Business Transfer Law
On July 28, 2021, Arkansas will implement its recently enacted Insurance Business Transfer Act (“IBTA”). The purpose of the law is to provide insurance carriers a process for the transfer of blocks of business from any jurisdiction in the country to another insurance company located in Arkansas.
Read More Arkansas Implements New Insurance Business Transfer Law
Illinois Passes Uniform Electronic Transactions Act
Illinois has passed Senate Bill 2176 which is effective as of June 25,2021, repeals the state’s former non-UETA “Electronic Commerce Security Act”, and includes the Uniform Electronic Transactions Act (UETA), making Illinois the 49th state to have adopted UETA and leaving New York as the only non-UETA state.
Read More Illinois Passes Uniform Electronic Transactions Act
REMINDER: Complimentary CLE Webinar: The Path of an InsurTech – Launching a Technological Insurance Platform and Associated Insurance Distribution and Risk Assumption Considerations
As part of the IBA Global Influencer Forum, join Locke Lord for “The Path of an InsurTech” when seeing to enter the insurance marketing in the United States.
Read More REMINDER: Complimentary CLE Webinar: The Path of an InsurTech – Launching a Technological Insurance Platform and Associated Insurance Distribution and Risk Assumption Considerations