Locke Lord’s Regulatory & Transactional Insurance Practice Group is pleased to be a part of the National Association of Insurance Commissioners meetings throughout the year. Being present at the NAIC national meetings and talking directly with attendees is one way that we stay abreast of industry trends, a critical component
Read More Locke Lord and NAIC – Fall 2017 Meeting Information
Regulatory
NAIC Co-Hosts Webinar on Wearable Devices
By Troutman Pepper Locke on
On Monday, November 13, the National Association of Insurance Commissioners, in conjunction with the Center for Insurance Policy and Research and The Griffith Insurance Education Foundation, presented a webinar entitled “Wearables and their Insurance Implications.” The webinar covered a broad range of developments in the wearable space, as well as…
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NAIC Working Group Exposes Proposed Revisions to Life and Health Guaranty Association Model Act
By Rowe Snider & Troutman Pepper Locke on
On October 27, the NAIC Model Law (E) Working Group released an exposure draft of its proposed revisions to the Life and Health Guaranty Association Model Act (#520), intended to address the financial challenges of Long Term Care (“LTC”) insurance insolvencies, such as this year’s Penn Treaty liquidation, and to…
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Department of Treasury Releases Report on Regulation of Insurance
By Troutman Pepper Locke on
Posted in Regulatory, United States
Earlier this week, the Department of the Treasury released a report that examined the current regulatory framework for the insurance industry and made recommendations on how to improve it. The report concluded that entity-based systemic risk evaluations of insurance companies are generally not the best approach for mitigating risk. Alternatively,…
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White House Issues Memorandum Announcing UAS/Drone Integration Pilot Program
On October 25, 2017, the White House issued its previously-rumored Presidential Memorandum (“Memorandum”) calling for the establishment of a UAS Integration Pilot Program (“Program”) to test the further integration of Unmanned Aircraft Systems (“UAS” or “drones”) into the national airspace system (“NAS”) in a select number of State, local and…
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NY DFS Cybersecurity Exemption Filings due October 30
October 30, 2017 is the extended deadline for most Covered Entities claiming an exemption to file the Notice of Exemption required by the NY DFS Cybersecurity Regulation (23 NYCRR 500.19(e)). The filing deadline is 30 days after a Covered Entity has determined that an exemption applies. Therefore, for Covered Entities…
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White House Exploring Model Program for Shared Federal and State Regulation of Drone Operations
One of the major issues facing the commercial drone industry is the lack of certainty in the regulatory environment. Multiple state and local municipalities have passed drone related laws and ordinances, but as the recent decision in Singer v. City of Newton, Case No. 1:17-CV-10071-WGY demonstrates, any such ordinances…
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New Insurance Platforms Arguably Require Producer Licenses
New York Associate Zachary Lerner authored a Law360 article on commission sharing, referral fee and producer licensing issues. Within the article, Mr. Lerner identifies important issues for insurers and producers to consider, both in the admitted and surplus lines insurance markets, with respect to the sharing of commissions and whether…
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Trump Administration Issues Executive Order Regarding Health Coverage and Discontinues Cost-Sharing Reductions Payments
On October 12, 2017, President Donald Trump signed an Executive Order “to reform the United States healthcare system to take the first steps to expand choices and alternatives to Obamacare plans and increase competition to bring down costs for consumers.” The Executive Order directs the Secretary of Labor…
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The Pruco Florida Supreme Court decision has been legislatively reversed by a recent amendment to the Florida Viatical Settlement Act
The Florida Supreme Court Pruco advisory opinion, Wells Fargo Bank, N.A. v. Pruco Life Ins. Co., 200 So. 3d at 1203 & 1206-07, to the United States Eleventh Circuit Court of Appeals held that an insurer may not challenge the validity of a Florida life insurance policy, even on…
Read More The Pruco Florida Supreme Court decision has been legislatively reversed by a recent amendment to the Florida Viatical Settlement Act