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On October, 17, 2022, the National Association of Insurance Commissioners (NAIC) Surplus Lines Task Force held an interim meeting to discuss, among other agenda items, the draft changes to the Nonadmitted Insurance Model Act (#870).  The Drafting Group presented the draft model to the Task Force on May 23 and the Task Force formally exposed the model for a 60-day public comment period that ended on July 21st.
Read More LL Surplus Lines Series (Entry 34): Nonadmitted Model Act Moves Closer to Adoption; A Couple of Issues Remain Unresolved

Locke Lord is a proud sponsor of The Insurance Forum on November 2, 2022 in Chicago. The program is offered in person and virtually. Locke Lord Partner Patrick Byrnes will moderate, and Senior Counsel Kenneth Suh and Associate Alexander Cox will serve as panelists, for “BIPA – The Familiar Face of Biometric Data Regulation.”…
Read More Locke Lord to Sponsor The Insurance Forum on November 2

Locke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.
Read More September 2022 Privacy & Cybersecurity Newsletter: Ch-ch-ch-changes – CA, NY DFS, and NFTs

Earlier this month, United States Senator Sherrod Brown (D-OH), Chair of the Banking, ‎Housing, and Urban Affairs Committee, urged the Federal Insurance Office (FIO) and the ‎National Association of Insurance Commissioners (NAIC) to examine the increasing role of ‎private equity and alternative investment classes in the life insurance market as well as ‎offshore reinsurance. ‎…
Read More Senate Banking Committee Chair Urges FIO And the NAIC To Monitor Private Equity and Affiliated Offshore Reinsurance in the Life Insurance Industry

The Connecticut Insurance Department issued a revised Notice to All Entities and Persons Licensed by the Connecticut Insurance Department concerning the Usage of Big Data and Avoidance of Discriminatory Practices (available here).  The Notice, issued April 20, 2022, reminds “all entities and persons licensed by the Department that the Department continues to expect such entities and persons to use technology and Big Data in full compliance with anti-discrimination laws and have completed the [annual] data certification….”…
Read More Big Data for Insurers: Clarity about the New Connecticut Requirements

Locke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.
Read More Privacy & Cybersecurity Newsletter – July 2022

On June 17, 2022, the Texas Supreme Court released an opinion in Hegar v. Health Care Serv. Corp. (No. 21-0080) (Jun 17, 2022) regarding whether the Comptroller properly taxed an insurer based on premiums it received from sales of stop-loss insurance policies under Texas Insurance Code Chapters 222 and 257.
Read More Texas Supreme Court Reverses Stop Loss Insurance Categorization Premium Tax Ruling

Vermont Governor Scott signed the Vermont Insurance Data Security Law (available here) (the “VIDSL”), becoming the 21st state to adopt a cybersecurity statute based on the National Association of Insurance Commissioners Insurance Data Security Model Law (NAIC Model 668). …
Read More NAIC Insurance Data Security Model Law Update: Vermont Becomes 21st State