Having concluded an investigation into New York life insurers’ underwriting guidelines and practices, the New York Department of Financial Services has issued Insurance Circular Letter No. 1 (2019) to advise insurers of their statutory obligations regarding the use of external consumer data and information sources in underwriting for life insurance.
Read More New Guidance on Insurers’ Use of Big Data and Algorithms in New York
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Insurance and Reinsurance Newsletter – January 2019
Locke Lord’s Insurance & Reinsurance Newsletter provides topical snapshots of recent developments in the fast-changing world of insurance. For further information on any of the subjects covered in the newsletter, please contact one of the members of our Insurance team.
Read More Insurance and Reinsurance Newsletter – January 2019
Privacy & Cybersecurity Newsletter – January 2019
Locke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.
Read More Privacy & Cybersecurity Newsletter – January 2019
Massachusetts Amendments Impose Additional Data Security Breach Requirements
Posted in Massachusetts Developments, United States
On January 10, 2019, Massachusetts Governor Baker signed “An Act relative to consumer protection from security breaches” (House Bill No. 4806), which added new requirements and obligations for companies that experience a data breach.
Read More Massachusetts Amendments Impose Additional Data Security Breach Requirements
An FAQ on the State of Direct Procurement Insurance
By Zachary Lerner & Troutman Pepper Locke on
Posted in Regulatory, United States
Zachary Lerner, a Partner in Locke Lord’s New York office and member of the Regulatory and Transactional Insurance Practice Group, wrote a Law360 article “An FAQ on the State of Direct Procurement Insurance,” which outlines common questions people unfamiliar with direct procurement insurance might have and best practices in carrying out direct procurement transactions.
Read More An FAQ on the State of Direct Procurement Insurance
The Federal Reserve (FRB) has released new information on proposed capital rules for insurers that own a depository institution
By Troutman Pepper Locke on
Posted in Industry Developments, United States
The Federal Reserve (FRB) has released new information on proposed capital rules for insurers that own a depository institution.
Read More The Federal Reserve (FRB) has released new information on proposed capital rules for insurers that own a depository institution
New Insurance Commissioner Appointed in Hawaii
By Stephanie Kelly & Troutman Pepper Locke on
Posted in Industry Developments, United States
Colin M. Hayashida has been appointed the Hawaii Insurance Commissioner effective January 1, 2019. He was appointed by Department of Commerce and Consumer Affairs (DCCA) Director Catherine P. Awakuni Colón. …
Read More New Insurance Commissioner Appointed in Hawaii
Michigan Governor-elect Appoints Director of the Department of Insurance and Financial Services
By Troutman Pepper Locke on
Posted in State Legislative Developments, United States
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Michigan Governor-elect Gretchen Whitmer has appointed Anita Fox as Director of the Department of Insurance and Financial Services. Anita Fox will replace Patrick M. McPharlin who has served as the Director since May 2015.
View the full press release.
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Read More Michigan Governor-elect Appoints Director of the Department of Insurance and Financial Services
New York Department of Financial Services Superintendent to Step Down
By Stephanie Kelly & Troutman Pepper Locke on
Posted in State Legislative Developments, United States
Maria T. Vullo announced today that she will be stepping down as Superintendent of the New York Department of Financial Services effective February 1, 2019. Superintendent Vullo has served in the position since June 15, 2016. A replacement has not been announced.
View the full press release.
Read More New York Department of Financial Services Superintendent to Step Down
New Captive Insurance Rules Adopted in Texas
By Jon Gillum & Troutman Pepper Locke on
The Texas Department of Insurance (“TDI”) has amended its administrative rules governing Texas captive insurance companies. Specifically, TDI has revised various provisions in Volume 28, Chapter 6 of the Texas Administrative Code, primarily to comport with prior legislative changes in 2017 that impact the formation and oversight of captive insurance…
Read More New Captive Insurance Rules Adopted in Texas