Regulatory

Subscribe to Regulatory via RSS

As we have previously reported here, the United States National Flood Insurance Program (“NFIP”) is set to expire in September 2017, at which point surplus lines insurers may find themselves with an opportunity to fill a rapidly-evolving market. The NFIP was enacted in 1968 to offer flood insurance to…

Read More Surplus Lines Developments: Potential Legislation May Open U.S. Flood Market to Surplus Lines Insurers

On June 9, the Excess Lines Association of New York (“ELANY”) issued guidance as to what must information must be submitted to ELANY for stamping. Included in the required information are the following items: the name and address of the insured, the gross premium charged, the policy term, the name…

Read More Surplus Lines Procedures Update: New York Excess Lines Association Issues Guidance re Lloyd’s Syndicates

Representatives of the U.S. and E.U. continued negotiations of a potential bilateral agreement regarding regulation of insurance and reinsurance in Washington D.C. on May 24th and 25th. Following the meeting, the parties issued a joint statement, stating that “Both sides agreed to continue in good faith to pursue an…
Read More U.S.-E.U. Insurance Regulatory Negotiations Continue

On May 5, 2016, the Consumer Financial Protection Bureau published its 377 page anticipated proposed regulation, which would create new Part 1040 in Chapter Ten of Title 12 of the Code of Federal Regulations, regarding the use of mandatory predispute arbitration clauses in contracts for certain types of consumer financial…
Read More Locke Lord’s Brian T. Casey, Partner from the Atlanta Office authors “CFPB’s Arbitration Ban Could Affect Insurance Products” for Law360 on May 31, 2016

Earlier this month we reported here that Florida had withdrawn from the Non-Admitted Insurance Multi-State Association (“NIMA”), a compact between various state to distribute surplus lines premium taxes. We can now report that NIMA has announced its unanimous decision to dissolve. The expectation is that dissolution of the tax compact…

Read More NIMA Formally Dissolves as Participatory States weigh in on Future Tax Treatment of Multi-State Risks

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:

  • “Texas Department of Housing and Community

…
Read More Locke Lord’s Insurance & Reinsurance Newsletter – May 2016

The Florida Surplus Lines Office (“FSLO”) has reported that, effective June 1, Florida will withdraw from the Nonadmitted Insurance Multi-State Agreement (NIMA). Filings after June 1 will now be filed with the FSLO and not through the Surplus Lines Clearinghouse. Premium tax exposures will not be affected and rates where…

Read More Florida to Withdraw from the Nonadmitted Insurance Multi-State Agreement

As reported here, recent amendments to the annual privacy notice requirement under the Gramm-Leach-Bliley Act (the “GLBA”) contained in the Fixing America’s Surface Transportation (“FAST”) Act eliminated the requirement for financial institutions to provide annual privacy notices under GLBA under certain circumstances. At its spring meeting held April 4…

Read More NAIC Gets the Ball Rolling to Streamline GLBA Annual Privacy Notices

On December 12, 2015 leaders from 195 countries signed a historic accord which requires countries to submit their long-term emission-cutting plans by 2020 in an effort to limit global warming to no more than two degrees Celsius above pre-industrial levels. The article discusses the fact that insurers not only face…
Read More The NAIC’s Center for Insurance Policy and Research (CIPR) publishes article on the Implications of a Warming World on the Insurance Industry

Locke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d’oeuvre Buffet during the NAIC Spring 2016 National Meeting in New Orleans, LA.

Monday, April 4, 2016
5:30 pm – 7:30 pm

Roux Bistro
Sheraton New Orleans Hotel
500 Canal Street
New Orleans, LA…

Read More You’re Invited – NAIC Spring Meeting Cocktail Reception – April 4