The Texas Department of Insurance (TDI) recently adopted amendments to 28 TAC §7.209 (Rule 7.209) relating to the requirements for Form A filings in connection with the acquisition or change of control of Texas domestic insurers. These amendments became effective July 18, 2016, and are the first significant revisions to
Regulatory
TRIA Update: Insurers May Be Asked to Segregate TRIA Premium
This month, the Federal Insurance Office (“FIO”) issued its “Report on the Overall Effectiveness of the Terrorism Risk Insurance Program” (the “Report”, found here), required by the latest reauthorization of the Terrorism Risk Insurance Act (“TRIA”) in 2015. The Report found that insurers have collected over $24 billion in…
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Surplus Lines Tax Filing Update: Surplus Lines Clearinghouse Issues Bulletin Discontinuing Multistate Platform
As we previously reported here, the Non-Admitted Insurance Multi-State Association (“NIMA”) had announced its intentions to dissolve, with a run-off period until September 30, 2017 to allow for endorsements to be filed through the Surplus Lines Clearinghouse (the “Clearinghouse”). Yesterday, the Clearinghouse published a bulletin here providing guidance to…
New York Life Industry Update: Principle-Based Reserving for Life Insurers coming in 2018
By Zachary Lerner & Troutman Pepper Locke on
This week, the New York Department of Financial Services (the “Department”) announced that it will adopt a principle-based reserving (“PBR”) approach for life insurers beginning in 2018. The Department has also established a working group to help implement certain reserve safeguards.
New York had been one of the few outlier…
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New York Surplus Lines Tax Update: New York Clarifies Franchise Tax Position on Surplus Lines Insurers under Backdrop of NRRA
Last month, New York issued two advisory opinions that could alter the tax obligations for surplus lines insurers. Advisory Opinion TSB-A-16(5)(C) (June 10, 2016, available here) and Advisory Opinion TSB-A-16(4)(C) (June 10, 2016, available here) (collectively, the “Opinions”) address how the franchise tax under N.Y. Tax Law §…
What impact will Brexit have on the passporting rights of UK-based financial services?
By Troutman Pepper Locke on
Introduction
For many years, the European Union’s single market directives have allowed City of London firms to ‘passport’ their services across the European Economic Area (‘EEA’) and operate out of other member states without the need to obtain additional authorisation l to the one which they had obtained in a…
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Brexit And The Re/Insurance Industry
By Ernesto Palomo & Troutman Pepper Locke on
This article examines some potential issues for UK re/insurers following the referendum vote for the UK to end its membership in the EU.
Prolonged period of uncertainty but “business as usual”?
One of the most significant concerns is that Brexit will bring about a prolonged and indefinite period of uncertainty…
Political Risk Coverage Expanding to Life Science Needs; Opportunities for Surplus Lines Insurers Likely to Follow
By Zachary Lerner & Troutman Pepper Locke on
The insurance industry is beginning to see the emergence of new kinds of coverage to protect life science companies from contingencies traditionally not covered by political risk policies. Political risk coverage is often underwritten to protect insureds from the nationalizing and confiscating of assets by sovereign nations, or to provide…
New York Insurance Legislative Update: Bills Passed to Promote E-Filings; Established Board May Affect NYDFS Prosecutory Actions
By Zachary Lerner & Troutman Pepper Locke on
The New York State Legislature’s 2016 Legislative Session on June 18, 2016 enacted new pieces of legislation affecting the New York insurance industry and also saw proposed pieces of legislation die in the process. In particular, e-delivery legislation passed through both houses, which will now allow for the electronic delivery…
Update: Illinois Adopts Amendment to Simplify Insurer Record Retention and Destruction Requirements
By Troutman Pepper Locke on
The Illinois Department of Insurance (“IL DOI”) has amended its record disposal and destruction regulation effective May 23, 2016, significantly reducing reporting, book-keeping and retention obligations for Illinois domestic insurers, as well as any principal U.S. office of a foreign or alien insurer located in Illinois. The amendment to Title…
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