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
Regulatory
You’re Invited – NAIC Spring Meeting Cocktail Reception – April 4
By Troutman Pepper Locke on
Posted in Regulatory
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
Proposed Illinois Bill would Prohibit the Use of Price Optimization by Illinois Insurers
By Troutman Pepper Locke on
Posted in Illinois Developments, Regulatory
The Illinois Legislature has a bill pending in the House Rules Committee that would ban the use of price optimization by insurers. Price Optimization is the practice of setting premiums based on factors that are not tied to expected losses. House Bill 5719 was introduced on February 10, 2016, and…
Read More Proposed Illinois Bill would Prohibit the Use of Price Optimization by Illinois Insurers
Barbara Richardson Appointed as Commissioner of the Nevada Division of Insurance
By Troutman Pepper Locke on
Beginning in March, Barbara Richardson will start her appointment as Commissioner of the Nevada Division of Insurance after the long recruitment to fill the vacancy following Scott Kipper’s resignation in July 2015.
For the past 11 years Richardson served as the Director of Operations and Fraud with the New Hampshire…
Read More Barbara Richardson Appointed as Commissioner of the Nevada Division of Insurance
Leslie Hess Appointed as the Interim Director of the Arizona Department of Insurance
By Troutman Pepper Locke on
Posted in Industry Developments, Regulatory
On February 9, 2016, Arizona Governor Doug Ducey appointed Leslie Hess as the Interim Director of the Arizona Department of Insurance. Hess has more than 25 years of experience in both public and private sectors of the insurance and financial service industries. Prior to being appointed as the Interim Director…
Read More Leslie Hess Appointed as the Interim Director of the Arizona Department of Insurance
Reorganization of Texas Lloyd’s Plan
Posted in Regulatory, Texas Developments
Locke Lord LLP recently represented a national platform client in connection with a unique internal reorganization and simplification of their Texas insurance company subsidiary organizational chart. The principal objective on this engagement was to eliminate a legacy Texas Lloyd’s Plan (“TLP”) entity. TLP entities are seen by some as historical…
Read More Reorganization of Texas Lloyd’s Plan
California Insurance Commissioner Asks Insurers to Exit Thermal Coal Investments
By Troutman Pepper Locke on
Posted in California Developments, Regulatory
On January 25 the California Insurance Commissioner issued a press release, and also sent email messages to insurers licensed in California, indicating that he is requesting all insurers doing business in California to refrain from making any new investments, refrain from renewing any existing investments, and to sell or withdraw…
Read More California Insurance Commissioner Asks Insurers to Exit Thermal Coal Investments
New York Governor Nominates Head of the Department of Financial Services
By Troutman Pepper Locke on
Posted in New York Developments, Regulatory
New York Governor Andrew M. Cuomo today nominated Maria T. Vullo to serve as the Superintendent of the New York State Department of Financial Services. Vullo is an experienced senior litigator and manager, with more than 25 years of practice in business litigation and investigations. She is of counsel at…
Read More New York Governor Nominates Head of the Department of Financial Services
GLBA Annual Privacy Notice Eliminated under Certain Circumstances: Buried in a Highway Bill!
On December 4, 2015, President Obama signed the Highway Bill, dubbed Fixing America’s Surface Transportation Act (“FAST Act”), into law. Buried in the 490 page transportation law is a significant amendment to the Gramm-Leach-Bliley Act’s (“GLBA”) annual consumer privacy notice requirement. Specifically, section 75001 of the FAST Act, entitled “Eliminate…
Read More GLBA Annual Privacy Notice Eliminated under Certain Circumstances: Buried in a Highway Bill!Connecticut Bans Price Optimization
By Troutman Pepper Locke on
On December 4, 2015, the Connecticut Insurance Department (the “CID”) issued Bulletin PC-81 banning the practice of price optimization, a pricing method whereby insurers use factors not specifically related to an insured’s expected losses and expenses in pricing coverage. Bulletin PC-81, which was issued to all insurers licensed to write…