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On February 7, the NAIC released “State Ahead,” the organization’s strategic plan for the next three years. Michael F. Consedine, NAIC CEO, stated that “an important part of State Ahead is making the organization more nimble and efficient, allowing us to use our wealth of data and technology…
Read More State Ahead: The NAIC’s Plan for Staying Ahead of a Rapidly Evolving Industry

Independent contractor misclassification class action lawsuits and administrative proceedings are becoming more prevalent. Why? Because most industries have made use of independent contractors either to supplement their workforce or as part of their business model. The insurance industry is no exception; indeed, it has traditionally treated agents as ICs and…
Read More Five Key Legal Developments in 2017 in Independent Contractor Misclassification and Compliance Law – and What to Expect in 2018

Please join BDO USA, LLP, Locke Lord LLP, and Sandler O’Neill + Partners, L.P. for a complimentary breakfast briefing. This event will highlight key considerations in a successful M&A transaction or capital raising transaction in today’s economic climate for the insurance industry.

A panel discussion will follow discussing tax reform…
Read More You’re Invited – Insurance M&A and Capital Raising Roundtable

A press release issued by the New York Department of Financial Services on January 22, 2018 found here reminds Covered Entities (including banks, insurers and producers, and others regulated by DFS) of their obligation to file a compliance certificate under the new, New York DFS Cybersecurity Regulation on February 15,…
Read More Cybersecurity Reminder and Heads Up from NY DFS: File Cybersecurity Reg Compliance Certificates, and Prepare for Cybersecurity Questions in Exams

The New York Department of Financial Services (“DFS”), in Circular Letter No. 1 (1/3/18), provides guidance on certain improper trade practices related to the sale of insurance and service contracts covering phones and other wireless communications equipment.  While wireless equipment typically includes a manufacturer’s warranty covering mechanical failures for a…
Read More New York Issues Trade Practice Guidance on the Sale of Wireless Equipment Protection Products

On December 22, 2017, the President signed into law H.R. 1, known generally as the Tax Cuts and Jobs Act (the “TCJA”), which makes widespread changes to the Internal Revenue Code. The TCJA includes a number of provisions that impact the taxation of the insurance and reinsurance sector, particularly in…
Read More New Tax Law May Reduce Tax Benefit for Cross-Border Affiliated Insurance/Reinsurance Premiums

On February 15, many insurance companies, producers and others with New York DFS licenses and other authorizations (except for certain entities and employees who have filed for an exemption) will need to file a compliance certificate as required by the New York Department of Financial Services Cybersecurity Regulation.  As described…
Read More Less than One Month To Go!

The Illinois Department of Insurance has issued a notice of proposed amendments to the Insurance Data Reporting Requirements Regulation (50 Ill. Adm. Code 4203).

The proposed amendments update data collection procedures dealing with mailing reports to the Department to conform to the current electronic submission methods. The definition of several…
Read More Illinois Department of Insurance Proposes Amendments to the Insurance Data Reporting Requirements Regulation

California’s wildfire season has been a long and grueling one this year, scorching both the northern and southern halves of the state.  Although some of the fires are still burning, eventually the state’s winter rains will come and douse the remaining embers.  In the coming months we will see people…
Read More California Wildfires: Carriers See A State Ablaze

Colorado Governor, John Hickenlooper, has picked Michael Conway as the interim Colorado Insurance Commissioner beginning January 1, 2018.  Michael Conway started at the Colorado Division of Insurance in March 2016.   He most recently served as Deputy Commissioner for Consumer and Compliance Services.  Mr. Conway previously worked in the Insurance Unit…
Read More Interim Insurance Commissioner Appointed in Colorado