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On Tuesday, the Senate passed a four month extension of the National Flood Insurance Program (“NFIP”). President Trump has already signed the extension, which extends authorization for the NFIP and allows it to continue borrowing funds through the end of the 2018 hurricane season. The extension, which passed the Senate…
Read More National Flood Insurance Program Extended Through November

On July 18, 2018 Maria T. Vullo, New York Financial Services Superintendent, announced the adoption of certain amendments to Insurance Regulation 187, which requires insurers to establish standards and procedures for agent recommendations to consumers with respect to annuity contracts and life insurance policies to best address the insurance…
Read More Best Interest of the Consumer

As reported here, the NAIC adopted a model law for the protection of the data and systems used by the insurance industry, and South Carolina became the first state to enact legislation based on the NAIC model.  In doing so, however, the South Carolina legislature created some uncertainty by…
Read More South Carolina Department clarifies confusing change in its new Insurance Data Security Act

New York State and New York City recently passed several anti-harassment laws in the wake of the #MeToo movement that will soon require employers to provide annual sexual harassment prevention training to all workers, distribute a comprehensive sexual harassment prevention policy, and update their form employment contracts and settlement agreements.
Read More Reminder: Key Provisions of New York’s Sexual Harassment Law Take Effect Today

Locke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d’oeuvre Buffet during the NAIC Summer 2018 National Meeting in Boston, MA.

Sunday, August 5, 2018
5:30 pm – 7:30 pm (Eastern)

Earls Kitchen & Bar
Prudential Center
800 Boylston Street, Unit 107
Boston,
Read More You’re Invited – NAIC Summer Meeting Cocktail Reception – August 5

A recent S.D.N.Y. opinion authored by Judge Daniels, IN RE: TERRORIST ATTACKS ON SEPTEMBER 11, 2001, 2018 WL 3323159, in an ongoing multidistrict litigation, concluded that reinsurer-plaintiffs seeking to recover damages from aiders and abettors of the 9/11 terrorists are entitled to recoup amounts paid under reinsurance contracts.  In…
Read More S.D.N.Y. Opinion Supports Right to Recover Reinsurance Damages and Interest Dating Back to Terrorist Attacks in 9/11 Litigation

Vermont Act 134 (H.719) (“Act 134”), signed by Governor Phil Scott on May 17, 2018, is set to come into effect on July 1, 2018. Originally introduced by Representative Botzow of Pownal in January of this year, Act No. 134 makes general amendments to the laws regarding permitted investments of…
Read More Responding to BEAT; Vermont Creates the Affiliated Reinsurance Company

On June 4, California Insurance Commissioner Dave Jones announced that he approved the first Cannabis Business Owners Policy (“CannaBOP”) in California. In announcing the approval, Commissioner Jones stated, “This first-of-its-kind Cannabis Business Owners Policy or CannaBOP program will make it easier for more insurers to enter the market and fill…
Read More California Insurance Commissioner Approves First Cannabis Business Owners Policy

Rhode Island’s Insurance Business Transfer Act (“IBT”) (“Regulation 68”) permits the transfer and ‘novation’ of commercial ‘legacy business’ (subject to certain limitations) from one carrier to another, subject to court approval. It also permits the ultimate commutation of that business should the transferee, at some point in the future, determine…
Read More Rhode Island Seeks to Clarify Original Intent of Reg. 68