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This week, the U.S. Department of the Treasury (“Treasury”) promulgated additional rules affecting the Terrorism Risk Insurance Act (“TRIA”), which had been recently reauthorized in late 2015 (the “Rules”). Of particular note is that, in accordance with the recent reauthorization, Treasury is obligated to collect data on the terrorism market…
Read More U.S. Department of Treasury Issues New TRIA Rules

“Surplus Note”

A hybrid corporate finance instrument unique to insurance companies which constitutes surplus (equity) for insurance law and statutory accounting purposes yet generally constitutes debt for federal income tax purposes, which is similar to subordinated debt and sits above the stockholders, but below general creditors, of the issuing insurance company.

Read More InsureTerms™/Terminology for the Consummate Insurance & Reinsurance Lawyer: “Surplus Note”

The Illinois Department of Insurance (“DOI”) will hold a public hearing on December 19 in Chicago regarding proposed amendments to the Illinois Administrative Code that address insurance policy rescissions. The DOI proposed the amendments in light of numerous complaints regarding rescissions based on an alleged misrepresentations or material changes in…
Read More Public Hearing Scheduled Regarding Proposed Illinois Rescission Rule

Locke Lord Attorneys’ Brian Casey and Patrick Hatfield, will be part of the panel of experts on December 13 that will discuss the regulatory requirements of e-posting and e-delivery and the best practices to keep in mind to ensure maximum adoption.

Tuesday, December 13, 2016
2:00 PM EST – 3:00…

Read More You’re Invited to a Complimentary Webcast: “Regulatory Requirements for Insurance E delivery and E-posting”

A New York Federal Court recently rejected a cedant’s request to vacate an arbitration award on the grounds that it was in manifest disregard of the law or because the umpire failed to disclose his prior representation of the reinsurer. The court determined that the cedant failed to clear the…

Read More No Thanksgiving Vacation for This Arbitration Award

Locke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d’oeuvre Buffet during the NAIC Fall 2016 National Meeting in Miami, FL.

Sunday, December 11, 2016
5:30 pm – 7:30 pm

La Côte
Fontainebleau Hotel (conference hotel)
4441 Collins Avenue
Miami Beach, FL

For…

Read More You’re Invited – NAIC Fall Meeting Cocktail Reception – December 11

The Internal Revenue Service on November 1 issued Notice 2016-66, which requires information reporting with respect to certain insurance or reinsurance transactions involving captive insurance companies that claim the benefits of an election under Section 831(b) of the Internal Revenue Code available to certain small insurance companies, often referred to…

Read More Captive Insurance Arrangements Taking Advantage of Section 831(b) Election May Be Required to Report to the IRS

The Vermont Department of Financial Regulation recently issued a proposed rule on Regulation C-81-2. The proposed rule, which will be the subject of a public hearing on December 5, clarifies annual reporting requirements of Vermont-domiciled captive insurance companies by adding details to the annual audit and certification of loss reserves.
Read More Vermont Issues Proposed Captive Rule

Red Chalk Group presents this first of its kind event dedicated to the $1+ trillion insurance marketplace and designed for senior executives to engage leading industry and Blockchain experts as they address top-of-mind issues.

Tuesday, November 8, 2016
8:00 AM – 4:30 PM

UBS Tower
Conference Center on 2nd Floor…
Read More Please Join Us – Blockchain Insurance Summit