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As discussed in our prior QuickStudy issued on January 18, 2017, the US Federal Government and the European Union have come to an agreement on wide-ranging changes to reinsurance and establishment standards for the operation of insurance enterprises operating from one to another of these markets. This agreement takes…
Read More Locke Lord QuickStudy: UPDATE: US and EU Negotiate Covered Agreement on Insurance and Reinsurance Regulation

On September 15, 2017, the Texas Department of Insurance issued a public bulletin concerning possible insurance company reductions in business following Hurricane Harvey.  In Commissioner’s Bulletin #B-0031-17, the Department reminded insurers of the specific Texas statutory thresholds for a reduction in business necessitating a formal withdrawal plan filing with…
Read More Texas Department of Insurance Cautions Insurers Against Unauthorized Market Withdrawals following Hurricane Harvey

Please join Locke Lord for a complimentary CLE seminar on Wednesday, October 11th from 2:00-5:00 p.m.

Program Highlights
Locke Lord’s Insurance Practices will present an informative ‎afternoon CLE and Ethics program featuring a keynote from Jennifer Hammer, Director of the Illinois Department of Insurance. Locke Lord lawyers will present an…
Read More Please Join Us for a Complimentary CLE Seminar, “What’s Happening in Springfield? Illinois Insurance Department, Industry & Legislative Updates – Regulatory and Political Hot Topics for Insurers”

As previously reported, covered entities (including insurance companies and producers, and other licensees including individuals) that are subject to an exemption under the New York Department of Financial Services Cybersecurity Regulation were required to file a Notice of Exemption by September 27, 2017.  Having recently authorized “batch exemption” filings by…
Read More NY DFS Cybersecurity Regulation Exemption Deadline Extended

Last week, the New York Department of Financial Services (“NYDFS”) promulgated a new regulation 11 NYCRR 48, aimed at limiting the amount by which life insurance premiums can be raised as to policies issued in the state.  In particular, the regulation allows the NYDFS to review any increase and to…
Read More New York Issues Regulation Aimed at Curtailing Life Insurance Premium Hikes

Catastrophe-modeling firm AIR Worldwide estimates that Hurricane Maria caused up to $85 billion in insured losses. Puerto Rico is believed to account for more than 85% of this loss, with an estimated loss range between $40 and $85 billion. AIR’s estimate includes demand surge, which accounts for higher rebuilding costs…
Read More Hurricane Maria Insured Losses Potentially as High as $85 Billion

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 – September 2017

As we previewed here earlier this year, the Texas Legislature passed legislation expressly permitting service contracts regulated by the Texas Department of Licensing and Regulation to include the replacement of a motor vehicle key or key-fob.  This new law became effective September 1, 2017.  A copy of the new law…
Read More Texas Service Contract Law Now Permits Key-Fob Replacement

On September 21, 2017, Texas Governor Greg Abbott announced that Kent Sullivan will be the next Texas Insurance Commissioner.  Sullivan previously served as First Assistant Attorney General when Abbott served as Texas Attorney General.  Sullivan currently practices as an appellate attorney in a Texas law firm.  He also previously served…
Read More Kent Sullivan Named New Texas Insurance Commissioner