Topic: Regulatory

New Guidance on Insurers’ Use of Big Data and Algorithms in New York

Having concluded an investigation into New York life insurers’ underwriting guidelines and practices, the New York Department of Financial Services has issued Insurance Circular Letter No. 1 (2019) to advise insurers of their statutory obligations regarding the use of external consumer data and information sources in underwriting for life insurance.

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Privacy & Cybersecurity Newsletter – January 2019

Locke Lord’s Privacy & Cybersecurity Newsletter provides topical snapshots of recent developments in the fast-changing world of privacy, data protection, and cyber risk management. For further information on any of the subjects covered in the newsletter, please contact one of the members of our privacy and cybersecurity team.

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An FAQ on the State of Direct Procurement Insurance

Zachary Lerner, a Partner in Locke Lord’s New York office and member of the Regulatory and Transactional Insurance Practice Group, wrote a Law360 article “An FAQ on the State of Direct Procurement Insurance,” which outlines common questions people unfamiliar with direct procurement insurance might have and best practices in carrying out direct procurement transactions.

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Texas Department of Insurance Announces New Legislative Priorities

The Texas Department of Insurance (“TDI”) has released its 2018 Biennial Report to the 86th ‎Texas Legislature. Every two years and pursuant to Texas Insurance Code section 32.022, TDI ‎releases a report on insurance areas that the Department has identified for priority attention in the ‎upcoming Texas legislative session.‎

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Rhode Island Department of Business Regulation Allows Insurers to Use Blockchain Technology

With an eye towards the growing use of blockchain technology in the digital age, the Rhode Island ‎‎Department of Business Regulation (DBR) has published Insurance Bulletin Number 2018-17 to clarify ‎‎that it allows insurers doing business in the state to use blockchain or distributed ‎‎ledger technology, which DBR defines to mean “the use of a distributed, decentralized, shared, and ‎‎replicated ledger, which may be public or private, permissioned or permissionless, or driven by ‎‎tokenized crypto economics or tokenless.

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US Treasury Announces New Covered Agreement on Insurance and Reinsurance Regulation with UK

The U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced on December 11, 2018 that they intend to sign a new Bilateral Agreement between the U.S. and the U.K. on Prudential Measures Regarding Insurance and Reinsurance (“Covered Agreement”).

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Enstar pulled the trigger faster than Annie Oakley‎

Both Rhode Island and Oklahoma have enacted insurance business transfer acts, which allow insurers to transfer and novate books or portfolios of business to insurers domiciled in the respective States.  Rhode Island’s Voluntary Restructuring of Solvent Insurers Act became effective on June 30, 2007, and is codified by the Rhode Island Department of Business (“DBR”) Regulation 68. 

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