On February 14, 2020, Illinois introduced legislation (SB3783) that would make significant changes in the manner certain surplus lines placements are made in Illinois. Illinois would be the latest state to amend their surplus lines laws and improve efficiency in the placement of surplus lines risks.
Read More LL Surplus Lines Series (Entry 22): Illinois Introduces Changes to Surplus Lines Laws Regarding Declinations and Group Policies
Topics
Illinois Department of Insurance to Require Annual Corporate Governance Reports
By Troutman Pepper Locke on
Posted in Illinois Developments, United States
Starting June 1, 2020, the Illinois Department of Insurance (the “Department”) will require insurers to submit their corporate governance practices on an annual basis, according to Company Bulletin 2020-01 Corporate Governance Annual Disclosure (CGAD) Filing ( the “Bulletin”) released on February 7th, 2020.
Read More Illinois Department of Insurance to Require Annual Corporate Governance Reports
Connecticut Governor Looks To Amend Captive Insurance Law To Offer New Incentives For Captives
By Troutman Pepper Locke on
On February 5th, Connecticut Governor Ned Lamont delivered a series of proposals to legislators, including an act concerning captive insurance companies that aims to expand the captive insurance industry, incentivizing captives to relocate to Connecticut.
Read More Connecticut Governor Looks To Amend Captive Insurance Law To Offer New Incentives For Captives
NAIC Overwhelmingly Approves Enhancements to Annuity Suitability Model Regulation
By Troutman Pepper Locke on
Posted in Regulatory, United States
On February 13, 2020, the National Association of Insurance Commissioners (NAIC) in Executive/Plenary session passed sweeping changes to its Suitability in Annuity Transactions Model Regulation (#275), potentially greatly affecting the relationship between insurers, producers, and annuity consumers.…
Read More NAIC Overwhelmingly Approves Enhancements to Annuity Suitability Model Regulation
Surplus Lines Insurance: 20 FAQs for 2020
By Zachary Lerner & Troutman Pepper Locke on
Posted in Excess and Surplus Lines
As we embark upon a new decade, the surplus lines insurance market has never been stronger. Growth in specialty products and demand for insurance protection in an increasingly dynamic, technological climate has continued to drive excess and surplus lines business. In many cases, these changes have resulted in a new, “fresh” look at many of the statutory and regulatory standards, restrictions and allowances applicable to surplus lines insureds, brokers and insurers alike.
Read More Surplus Lines Insurance: 20 FAQs for 2020
Nassau Re/Imagine and Locke Lord Announce InsurTech Partnership
By Stephanie Kelly & Troutman Pepper Locke on
Posted in InsurTech
Nassau Re and Locke Lord LLP announce a strategic partnership whereby Locke Lord will provide legal and strategic support to Nassau Re’s insurtech incubator, Nassau Re/Imagine.
Read More Nassau Re/Imagine and Locke Lord Announce InsurTech Partnership
Top 10 Insurance Laws And Regulations Of The Decade
The insurance industry experienced significant and varied forms of new legislation and regulation during the last decade. Below, we highlight what we view as the top 10 of these legal and regulatory changes.
Read More Top 10 Insurance Laws And Regulations Of The Decade
Locke Lord Assists Oscar Health in Joint Venture with Cigna
By Stephanie Kelly & Troutman Pepper Locke on
Posted in Healthcare, InsurTech
Jon Biasetti (Chicago) led a Locke Lord team representing Oscar, a tech-driven health insurance company, in a joint venture with Cigna, a leading global health service company. Cigna and Oscar will jointly provide fully insured health benefits under the Cigna + Oscar brand to the small group market, and share risk thereon through reinsurance.
Read More Locke Lord Assists Oscar Health in Joint Venture with Cigna
NextGen Q&A Series – Zachary Lerner
By Stephanie Kelly & Troutman Pepper Locke on
Posted in Excess and Surplus Lines
New York Regulatory and Transactional Insurance Partner Zachary Lerner primarily focuses on helping insurance companies and intermediaries (increasingly in the nonadmitted or “surplus lines” market) buy and sell each other and develop legally compliant business practices.
Read More NextGen Q&A Series – Zachary Lerner
LL Surplus Lines Series (Entry 21): Excess Line Association of New York Publishes “Compliance Advisor” Detailing Applicability of Various Laws to Excess (Surplus) Lines Market
By Zachary Lerner & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
One substantial area of ambiguity that permeates the surplus lines industry throughout the United States relates to the applicability of state law to surplus lines insurance carriers and brokers. This week, the Excess Line Association of New York (“ELANY”) published its “Compliance Advisor” intending, in part, to shed light on applicability of various New York statutes and regulations to the excess (surplus) lines market.
Read More LL Surplus Lines Series (Entry 21): Excess Line Association of New York Publishes “Compliance Advisor” Detailing Applicability of Various Laws to Excess (Surplus) Lines Market