Florida has recently adopted amendments to its Viatical Settlement Act.
One of the new provisions, Section 626.99292 Notice to life insurance policyholders, provides:
“(1) A life insurer shall provide an individual life insurance policyholder with a statement informing him or her that if he or she is considering making changes…
Read More New Notice Requirement for Insurers under Florida’s Viatical Settlement Act
Florida has recently adopted amendments to its Viatical Settlement Act.
One of the new provisions, Section 626.99287 Contestability of viaticated policies, provides as follows:
(2) Except as hereinafter provided [certain life changing events, such as death of a spouse, divorce, retirement from full time employment, terminal or chronic illness, mental…
Florida has recently adopted amendments to its Viatical Settlement Act.
One of the new provisions, Section 626.9911 (9), defines a prohibited stranger-originated life insurance practice as:
(9) “Stranger-originated life insurance practice” means an act, practice, arrangement, or agreement to initiate a life insurance policy for the benefit of a third-party…
Read More Florida may have outlawed legitimate premium finance lending
As discussed in our prior QuickStudy issued on January 18, 2017, the US Federal Government and the European Union have come to an agreement on wide-ranging changes to reinsurance and establishment standards for the operation of insurance enterprises operating from one to another of these markets. This agreement takes…
Read More Locke Lord QuickStudy: UPDATE: US and EU Negotiate Covered Agreement on Insurance and Reinsurance Regulation
On September 15, 2017, the Texas Department of Insurance issued a public bulletin concerning possible insurance company reductions in business following Hurricane Harvey. In Commissioner’s Bulletin #B-0031-17, the Department reminded insurers of the specific Texas statutory thresholds for a reduction in business necessitating a formal withdrawal plan filing with…
Read More Texas Department of Insurance Cautions Insurers Against Unauthorized Market Withdrawals following Hurricane Harvey
Please join Locke Lord for a complimentary CLE seminar on Wednesday, October 11th from 2:00-5:00 p.m.
Program Highlights
Locke Lord’s Insurance Practices will present an informative afternoon CLE and Ethics program featuring a keynote from Jennifer Hammer, Director of the Illinois Department of Insurance. Locke Lord lawyers will present an…
Read More Please Join Us for a Complimentary CLE Seminar, “What’s Happening in Springfield? Illinois Insurance Department, Industry & Legislative Updates – Regulatory and Political Hot Topics for Insurers”
As previously reported, covered entities (including insurance companies and producers, and other licensees including individuals) that are subject to an exemption under the New York Department of Financial Services Cybersecurity Regulation were required to file a Notice of Exemption by September 27, 2017. Having recently authorized “batch exemption” filings by…
Read More NY DFS Cybersecurity Regulation Exemption Deadline Extended
Last week, the New York Department of Financial Services (“NYDFS”) promulgated a new regulation 11 NYCRR 48, aimed at limiting the amount by which life insurance premiums can be raised as to policies issued in the state. In particular, the regulation allows the NYDFS to review any increase and to…
Read More New York Issues Regulation Aimed at Curtailing Life Insurance Premium Hikes
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:
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Read More Insurance and Reinsurance Newsletter – September 2017
As we previewed here earlier this year, the Texas Legislature passed legislation expressly permitting service contracts regulated by the Texas Department of Licensing and Regulation to include the replacement of a motor vehicle key or key-fob. This new law became effective September 1, 2017. A copy of the new law…
Read More Texas Service Contract Law Now Permits Key-Fob Replacement
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