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Beginning January 1, 2019, the Tax Cuts and Jobs Act of 2017[1] reduces to zero dollars the Affordable Care Act (ACA)[2] tax penalty imposed on many individuals who fail to maintain minimum essential coverage (i.e., the individual mandate). The Tax Cuts and Jobs Act not only guts…
Read More Can Republican-Led States Succeed in Enjoining the Affordable Care Act?

In a letter sent to California insurers on 4/20, California Insurance Commissioner Dave Jones reiterated his call for insurers to file rates and forms for insurance products for the California cannabis industry. In an effort to allay fears about potential pushback or legal consequence based on the fact that cannabis…
Read More California Department Encourages Development of Insurance Products for Legal Cannabis; Industry Begins Moving In

The Illinois state legislature is considering a bill which would put the state among the select few specifically granting legal recognition to blockchain “smart contracts” by placing smart contracts on an equal footing with traditional written contracts.  Key provisions of House Bill 5553 include among others:

  • An express prohibition of

…
Read More Illinois Legislature Considering Legislation Recognizing Legality of Smart Contracts

A bill was recently introduced in the New Jersey Senate that would prohibit the use of education and occupation as rating factors in automobile insurance underwriting. This leads to taking a closer look at the debate over the years and insurance industry’s contention that accurate premium rates require a comprehensive…
Read More Eliminating education and occupation as auto insurance underwriting factors

The National Association of Insurance Commissioners (NAIC) has directed its committees to move forward with amending the Reinsurance Model Law and Regulation (Models) to be consistent with  the EU/U.S. Covered Agreement signed last September.  The Covered Agreement eliminates collateral and physical presence requirements for EU/U.S. reinsurers.  States have 60 months…
Read More NAIC Panels to Begin Work on Model Law to Extend Covered Agreement to Non-EU Jurisdictions

Since the Fall of 2017, the Trump Administration has used its executive and regulatory authority to roll back coverage requirements for Affordable Care Act[1] (ACA) health plans and expand access to association health plans that would be offered outside of ACA’s exchanges to small businesses and self-employed individuals. In response…
Read More Medicare Part E for All – An Idea Whose Time, Perhaps, Has Still Not Come

On April 10, 2018, the FTC announced that its staff sent warning letters to six major companies that market and sell automobiles, cellular devices, and video gaming systems in the United States. The FTC expressed concerns with the companies’ promotional and warranty materials that require consumers to use specified parts…
Read More Use It or Lose It?: FTC Warns Companies Against Conditioning Warranty Coverage on Use of Specified Parts or Services

New York Associate Zachary Lerner and Hartford Associate Alexandra Cavaliere co-authored an Insurance Journal article detailing the technological advances in the insurance industry, specifically the rise of insurtech. Lerner and Cavaliere examine the challenges and opportunities insurtech poses for surplus lines.

To read the full article, click here.
Read More Surplus Lines: Insurtech and Technological Opportunities, Challenges

On Monday, the Centers for Medicare and Medicaid Services (“CMS”) released (1) the Notice of Benefit and Payment Parameters for 2019 final rule (“Final Rule”), (2) the Final Annual Issuer Letter and (3) guidance on hardship exemptions and transitional policies. Some of the more significant developments contained in the documents…
Read More CMS Uses Regulatory Levers to Chip Away at Affordable Care Act Protections

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.

In This Issue:

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Read More Insurance and Reinsurance Newsletter – April 2018