Current Texas Insurance Commissioner Kent Sullivan has been appointed to a second term by Texas Governor Greg Abbott. Sullivan’s new term, which is subject to Senate Confirmation, expires on February 1, 2021.
Read MoreHaving 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.
Read MoreLocke 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.
Read MoreLocke 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.
Read MoreZachary 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.
Read MoreThe Texas Department of Insurance (“TDI”) has amended its administrative rules governing Texas captive insurance companies.
Read MoreThe 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.
Read MoreWith 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.
Read MoreThe Texas Commissioner of Insurance has announced the repeal and replacement of provisions Chapter 15 Texas Administrative Code related to the regulation of surplus lines insurance. The proposed new rules were originally published in June, 2018 and have been adopted with modification.
Read MoreThe 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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