Three bills have recently been filed in the Massachusetts legislature that would require motor vehicle insurers to pay a minimum hourly labor rate when reimbursing repair shops in the State. Identical bills by Rep. Cabral (H494) and Sen. Welch (S599) would create this minimum rate by using the average rate
Regulatory
Texas Considers Domestic Surplus Lines Insurance Company Legislation
The Texas Legislature is currently considering the authorization of domestic surplus lines insurance companies in Texas. If approved, Texas would join at least 10 other states with similar domestic surplus lines insurance company laws. The proposed legislation is currently working through the Texas House and Senate and appears to be…
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Illinois Proposed Senate Bill Amendment on Supplier Diversity Reporting
By Troutman Pepper Locke on
An amendment to Illinois Senate Bill 809 proposes to add a new section to the Illinois Insurance Code (215 Ill. Comp. Stat. 5/155.46) requiring insurance companies to submit supplier diversity reports. SB 809 is assigned to the Senate Insurance Committee. A Senate Insurance Committee hearing is scheduled for April 26…
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You’re Invited – NAIC Spring Meeting Cocktail Reception – April 9
By Troutman Pepper Locke on
Posted in Regulatory, Reinsurance
Locke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d’oeuvre Buffet during the NAIC Spring 2017 National Meeting in Denver, CO.
Sunday, April 9, 2017
5:30 pm – 7:30 pm (Mountain)
Peaks Lounge
Hyatt Regency Denver (conference hotel)
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New York Bolsters Security Standards for Insurers, but exempts certain RRGs, Captives, and Others
The New York Department of Financial Services (“DFS”) has recently taken a leading stance on strengthening the cybersecurity standards within the insurance sphere, but its reach has been curtailed due to pressures within the industry. Pursuant to 23 NYCRR Part 500 (the “Regulation”), every “Covered Entity” must maintain a cybersecurity…
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Dodd-Frank and the Future of Federal Insurance Regulation
In the early days of President Trump presidency, it has become increasingly likely that the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) will be revisited by the Republican Congress and administration. President Trump was quoted on January 30th as referring to Dodd-Frank as a “disaster” and insisting that…
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Please Join Us – Insurance M&A and Capital Raising Roundtable
Please join BDO USA, LLP, Locke Lord LLP, and Sandler O’Neill + Partners, L.P. for a complimentary breakfast briefing. This event will highlight key considerations in a successful M&A transaction or capital raising transaction in today’s economic climate for the insurance industry – what do we anticipate next?
Presenters:
Marc…
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Insurance and Reinsurance Newsletter – January 2017
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:
- “New Corporate Governance Annual Disclosure Requirements for
…
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Connecticut Insurance Department Releases Bulletin Concerning Financial Reporting Requirements for Captives
By Troutman Pepper Locke on
Posted in Regulatory
The Connecticut Insurance Department (“CID”) recently released Bulletin No. FS-4C-16 (“Bulletin”), which concerns financial reporting requirements for captive insurers. Pursuant to existing statute, each captive insurer domiciled in (or, for branch captives, licensed in) Connecticut must file an annual financial report with the Insurance Commissioner. The Bulletin announces that required…
New York Passes New Insurance Law Establishing State Insurance Advisory Board
By Zachary Lerner & Troutman Pepper Locke on
Effective on December 31, 2016, New York Senate Bill 7536 was signed into law enacting New York Insurance Law Section 201 (“Section 201”). Section 201 establishes the State Insurance Advisory Board (the “Advisory Board”) composed of seventeen members appointed by the New York Superintendent. Of the seventeen members, nine will…
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