We are happy to provide the 2021 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. The website provides you with the ability to click on the states and territories of interest to view the updates.
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Topics
NYDFS Alerts Insurance Industry on Cyber Threats to Auto Quote Functions
Posted in Privacy/Data Security/Cyber Risk, United States
The New York Department of Financial Services (NYDFS) has now released a pair of alerts on the increase in cyberattacks on public facing insurance websites that provide instant quoting services to customers. If you provide instant online quoting through your website, it is imperative that you review your system’s security and the methods you use to provide instant quotes.
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NAIC Spring Meeting – Discussion of Hot Topics and Insurance Regulatory Trends in 2021
By Paige Waters & Troutman Pepper Locke on
Join us for a discussion of hot topics addressed at the Spring 2021 Virtual NAIC Meeting and other 2021 trends, including big data and AI, climate and resiliency, long-term care, delegated entities and annuity best interest model.
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New Jersey Passes Legislation Requiring Insurers to Apprise Insureds of Particular Aspects of Their Business Interruption Coverage
Both the New Jersey Assembly and Senate recently passed identical legislation that would require insurers offering commercial coverage for loss or damage to property, including business interruption, to provide insureds with a general summary of common insurance clauses in policies for loss of use and occupancy of a commercial property, along with a disclosure relating to pandemic and virus losses.…
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Join Us for a Complimentary Webinar: Gearing up for Privacy & Cybersecurity in 2021
By Troutman Pepper Locke on
Posted in Privacy & Cybersecurity
Organizations continue to face new issues, regulations and threats relating to privacy and cybersecurity. Over the next few months, Locke Lord lawyers will tackle some of your most pressing concerns in a series of complimentary webinars discussing practical, real-world challenges facing organizations, including compliance, business operations, data incidents, and investigations, litigation and enforcement. Sign up below for each program that interests you or sign up for the entire series.
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New York Department of Financial Services Issues Proposed Guidance for Managing the Financial Risks of Climate Change
By John Emmanuel & Troutman Pepper Locke on
New York Department of Financial Services (DFS) released its climate change guidance New York domestic insurers for comment on March 26, 2021. The Guidance, found here, seeks to support domestic insurers in managing the financial risks associated with climate change.
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Locke Lord Lawyers to Speak on Regulatory Developments in Analytics, Data Usage, and Data Security
By Stephanie Kelly & Troutman Pepper Locke on
On March 24, Locke Lord lawyers Brian Casey, Benjamin Sykes and Daron Janis, along with Mitch Wein, Senior Vice President of Research and Consulting at Novarica, will look at new regulatory developments in analytics, data usage, and data security that have the potential to affect insurer technology strategy.
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AM Best Seeks to Implement New Methodologies to Assess Underwriting Performance of Delegated Underwriting Authority Enterprises
By Zachary Lerner & Troutman Pepper Locke on
Posted in Regulatory, United States
Given increasing reliance on “managing general agents”, managing general underwriters, program administrators or managers, brokers, agents, coverholders, and other entities delegated insurer underwriting authority (collectively “Delegated Underwriting Authority Enterprises” or “DUAEs”), AM Best is seeking to implement a new “Performance Assessment” to evaluate the ability of DUAEs to provide services to their insurance partners.
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Connecticut’s Bill Concerning Insurance And Climate Change
By Troutman Pepper Locke on
On March 12, 2021, the Connecticut Committee on Insurance and Real Estate introduced S.B. No. 1047, An Act Concerning Insurance And Climate Change. The stated purpose of the bill is to require (1) the Insurance Commissioner to (A) develop and implement criteria for each insurer doing business in this state to annually submit a report to the commissioner concerning climate risk, and (B) annually submit a report to the joint standing committee of the General Assembly having cognizance of matters relating to insurance; and (2) each insurer doing business in this state to annually submit a report to the commissioner concerning climate risk.
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The New York Department of Financial Services Seeks to Promote a Culture of Diversity, Equity and Inclusion
By Troutman Pepper Locke on
Posted in New York Developments, United States
On March 16, 2021, the New York Department of Financial Services issued Circular Letter No. 5 “Diversity and Corporate Governance,” which notifies all insurers of the need for increased prioritization of diversity in C-Suite leadership and corporate governance more generally.
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