Regulatory

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As reported here, the NAIC adopted a model law for the protection of the data and systems used by the insurance industry, and South Carolina became the first state to enact legislation based on the NAIC model.  In doing so, however, the South Carolina legislature created some uncertainty by…
Read More South Carolina Department clarifies confusing change in its new Insurance Data Security Act

Locke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d’oeuvre Buffet during the NAIC Summer 2018 National Meeting in Boston, MA.

Sunday, August 5, 2018
5:30 pm – 7:30 pm (Eastern)

Earls Kitchen & Bar
Prudential Center
800 Boylston Street, Unit 107
Boston,
Read More You’re Invited – NAIC Summer Meeting Cocktail Reception – August 5

On June 4, California Insurance Commissioner Dave Jones announced that he approved the first Cannabis Business Owners Policy (“CannaBOP”) in California. In announcing the approval, Commissioner Jones stated, “This first-of-its-kind Cannabis Business Owners Policy or CannaBOP program will make it easier for more insurers to enter the market and fill…
Read More California Insurance Commissioner Approves First Cannabis Business Owners Policy

Rhode Island’s Insurance Business Transfer Act (“IBT”) (“Regulation 68”) permits the transfer and ‘novation’ of commercial ‘legacy business’ (subject to certain limitations) from one carrier to another, subject to court approval. It also permits the ultimate commutation of that business should the transferee, at some point in the future, determine…
Read More Rhode Island Seeks to Clarify Original Intent of Reg. 68

Chris Flanagan, Partner at Locke Lord LLP, and Jim Sabella, CPA and Tax Partner at Dixon Hughes Goodman LLP, will present a webinar on Tax Reform: Implications for Insurers and Reinsurers. This webinar is sponsored by CCIA Delta and hosted by 202works, and will provide key insights into the…
Read More Complimentary Invitation to CCIA Delta Tax Webinar – May 22, 2018

The NAIC International Insurance Forum held May 14 – 15 in Washington, D.C. brought together distinguished panelists and speakers providing insight on several insurance topics of interest. A discussion of several of these follows.

On disaster risk management, there was a discussion on the soft reinsurance market and abundant reinsurance…

Read More NAIC International Insurance Forum Wrap-Up

On Wednesday, the NAIC’s Center for Insurance Policy and Research hosted a webinar entitled “Weeding Through the Unique Insurance Needs of the Cannabis Industry.” The webinar kicked off with comments from Dave Jones, Commissioner of the California Department of Insurance. Commissioner Jones reiterated the California Department’s commitment to supporting the…
Read More NAIC’s Center for Insurance Policy and Research Hosts Webinar About the Insurance Needs of the Cannabis Industry

This week the NAIC held its annual International Insurance Forum in Washington, D.C. The event featured speakers from around the globe and included industry leaders, regulators, academics, trade group leaders and consumer advocates. Panels covered a wide range of topics, including the role of insurance and reinsurance in disaster risk…
Read More NAIC Holds International Insurance Forum in Washington

Long-time TDI senior staff member Doug Slape has been promoted to a newly-created position at the Texas Department of Insurance.  According to the Department, Slape has been named “second-in-command” behind Insurance Commissioner Kent Sullivan.  Slape has been with TDI for 30 years and most recently served as Deputy Commissioner for…
Read More Texas Department of Insurance Now Has a “Second-in-Command”

Under Texas law, extended warranties or “service contracts” are potentially subject to regulatory oversight by four state agencies. The Texas Real Estate Commission (TREC) oversees the licensing and regulation of home warranties—service contracts that cover a structural component, an appliance, or an electrical, plumbing, heating, cooling, or air-conditioning system of…
Read More Locke Lord LLP Austin Attorneys Jon L. Gillum and Lauren Fincher Publish “Cross-Agency Regulation of Service Contracts in Texas” in Latest Issue of the Texas Tech Administrative Law Journal