The New York State Legislature’s 2016 Legislative Session on June 18, 2016 enacted new pieces of legislation affecting the New York insurance industry and also saw proposed pieces of legislation die in the process. In particular, e-delivery legislation passed through both houses, which will now allow for the electronic delivery
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Update: Illinois Adopts Amendment to Simplify Insurer Record Retention and Destruction Requirements
By Troutman Pepper Locke on
The Illinois Department of Insurance (“IL DOI”) has amended its record disposal and destruction regulation effective May 23, 2016, significantly reducing reporting, book-keeping and retention obligations for Illinois domestic insurers, as well as any principal U.S. office of a foreign or alien insurer located in Illinois. The amendment to Title…
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Surplus Lines Developments: Potential Legislation May Open U.S. Flood Market to Surplus Lines Insurers
As we have previously reported here, the United States National Flood Insurance Program (“NFIP”) is set to expire in September 2017, at which point surplus lines insurers may find themselves with an opportunity to fill a rapidly-evolving market. The NFIP was enacted in 1968 to offer flood insurance to…
Surplus Lines Procedures Update: New York Excess Lines Association Issues Guidance re Lloyd’s Syndicates
By Zachary Lerner & Troutman Pepper Locke on
On June 9, the Excess Lines Association of New York (“ELANY”) issued guidance as to what must information must be submitted to ELANY for stamping. Included in the required information are the following items: the name and address of the insured, the gross premium charged, the policy term, the name…
Contractual Prohibitions on Health Insurers Steering Policyholders to Lower Cost Providers Draws Antitrust Challenge
By Troutman Pepper Locke on
Posted in Antitrust, Healthcare
The United States Department of Justice has filed an action seeking to enjoin a hospital from enforcing provisions in its contracts with health insurers that prohibit the insurers from steering policyholders to lower cost providers1. The suit targets the Charlotte-Mecklenburg Hospital Authority, the dominant hospital in Charlotte, North…
U.S.-E.U. Insurance Regulatory Negotiations Continue
By Troutman Pepper Locke on
Representatives of the U.S. and E.U. continued negotiations of a potential bilateral agreement regarding regulation of insurance and reinsurance in Washington D.C. on May 24th and 25th. Following the meeting, the parties issued a joint statement, stating that “Both sides agreed to continue in good faith to pursue an…
Read More U.S.-E.U. Insurance Regulatory Negotiations Continue
Rhode Island Proposes Innovative Approach to Reduce Premium Tax Rate
By Christopher Flanagan on
Posted in Tax Related Developments
Parallel bills proposing to reduce the current two-percent Rhode Island insurance premium tax are before both the Rhode Island House and Senate. Working with the Rhode Island Department of Business Regulation, Representative Joseph Shekarchi (who is the primary author of the House bill) and Senator William Walaska (who is…
Read More Rhode Island Proposes Innovative Approach to Reduce Premium Tax Rate
Locke Lord’s Brian T. Casey, Partner from the Atlanta Office authors “CFPB’s Arbitration Ban Could Affect Insurance Products” for Law360 on May 31, 2016
By Brian Casey & Troutman Pepper Locke on
On May 5, 2016, the Consumer Financial Protection Bureau published its 377 page anticipated proposed regulation, which would create new Part 1040 in Chapter Ten of Title 12 of the Code of Federal Regulations, regarding the use of mandatory predispute arbitration clauses in contracts for certain types of consumer financial…
Read More Locke Lord’s Brian T. Casey, Partner from the Atlanta Office authors “CFPB’s Arbitration Ban Could Affect Insurance Products” for Law360 on May 31, 2016
NIMA Formally Dissolves as Participatory States weigh in on Future Tax Treatment of Multi-State Risks
By Zachary Lerner & Troutman Pepper Locke on
Earlier this month we reported here that Florida had withdrawn from the Non-Admitted Insurance Multi-State Association (“NIMA”), a compact between various state to distribute surplus lines premium taxes. We can now report that NIMA has announced its unanimous decision to dissolve. The expectation is that dissolution of the tax compact…
Locke Lord’s Insurance & Reinsurance Newsletter – May 2016
By Troutman Pepper Locke on
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:
- “Texas Department of Housing and Community
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Read More Locke Lord’s Insurance & Reinsurance Newsletter – May 2016