A bipartisan team of Congresspersons from New York plan to reintroduce legislation that would require disclosure of information about the beneficial owners of LLCs used in real estate transactions. Pursuant to the Incorporation Transparency and Law Enforcement Assistance Act (“ITLEAA”), states would be required to collect information about the beneficial…
Read More Federal Bill Would Require Disclosure of Beneficial Owners In Real Estate Transactions:
On January 25 the California Insurance Commissioner issued a press release, and also sent email messages to insurers licensed in California, indicating that he is requesting all insurers doing business in California to refrain from making any new investments, refrain from renewing any existing investments, and to sell or withdraw…
Read More California Insurance Commissioner Asks Insurers to Exit Thermal Coal Investments
A bill recently introduced in the House seeks to expand the authority of Risk Retention Groups (“RRGs”) to write property, and not just commercial casualty, coverage. HR 3794, which was introduced on a bipartisan basis, would permit RRG’s to write property coverage for nonprofits with tax-exempt status, as well as…
Read More New Federal Bill Would Allow Risk Retention Groups to Cover Property
New York Governor Andrew M. Cuomo today nominated Maria T. Vullo to serve as the Superintendent of the New York State Department of Financial Services. Vullo is an experienced senior litigator and manager, with more than 25 years of practice in business litigation and investigations. She is of counsel at…
Read More New York Governor Nominates Head of the Department of Financial Services
On December 18, 2015, Congress enacted the Protecting Americans from Tax Hikes Act of 2015, making, among other items, several significant changes to the provisions of Internal Revenue Code Section 831(b), which provides generally favorable tax treatment for electing small insurance companies. Certain of these changes…
Read More Congress Expands and Tightens Section 831(b) Small Insurance Company Election
Kevin M. McCarty has announced that he is resigning as the Florida Insurance Commissioner as of May 2, 2016. Commissioner McCarty is the only appointed Commissioner since the creation of the Florida Office of Insurance Regulation in 2003.
Link: http://www.floir.com/PressReleases/viewmediarelease.aspx?id=2141Read More Florida Insurance Commissioner Resigns
As previously reported here, the NAIC Cybersecurity Task Force proposed a “Cybersecurity Bill of Rights” (the “BOR”), which purported to state consumers’ rights related to information security. In the face of industry criticism of the draft BOR, including comment letters by the ACLI, NAMIC, the PIA, the Big I…
Read More NAIC Cyber Security Bill of Rights becomes “Roadmap”
Seven members of the Senate Banking Committee sent a letter to President Obama on December 15th requesting an update on when the thirteen nominations for the Board of Directors of the National Association of Registered Agents and Brokers (NARAB) will be announced. The bipartisan legislation to establish NARAB, which streamlines…
Read More Senators ask President to Appoint NARAB Board Members
Andy Tobin was named the interim superintendent of the Arizona Department of Financial Institutions by Governor Doug Ducey. He replaces Superintendent Lauren Kingry, following his resignation. Mr. Tobin is also the Director of the Arizona Insurance Department, a position he will continue to serve in. Mr. Tobin previously served in…
Read More Arizona Governor Names Interim Superintendent of Financial Institutions
On December 9, in Dorrance v. The United States, the Ninth Circuit overturned a favorable district court decision for taxpayers in demutualizations. The Ninth Circuit ruled that a taxpayer owning insurance policies in a mutual insurance company had a zero tax basis in the attendant membership rights which accompanied…
Read More Ninth Circuit Overturns Taxpayer-Friendly Decision in Demutualizations
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