New Captive Insurance Rules Adopted in Texas
The Texas Department of Insurance (“TDI”) has amended its administrative rules governing Texas captive insurance companies.
Read MoreTopic: Regulatory
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.
Read MoreRhode 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.
Read MoreTexas Revamps Surplus Lines Regulations
The 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 MoreUS 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”).
Read MoreEnstar 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.
Read MoreNCOIL to Consider Resolution Asserting McCarran-Ferguson Reverse Preemption over the Supervision of Insurance
When the National Council of Insurance Legislators (“NCOIL”) holds its Annual Meeting in Oklahoma City later this week, it will consider a proposed resolution entitled the “Resolution Asserting McCarran-Ferguson Reverse Preemption over the Supervision of Insurance Companies by the Federal Reserve Board and its Examiners” (“Proposed Resolution”).
Read MoreTexas Department of Insurance Proposes Amendments to Examination Rules
The Texas Department of Insurance (“TDI”) has proposed amendments to 28 Texas Administrative Code sections 7.83 and 7.84, which govern the appeal of and frequency of TDI examinations.
Read MoreYou’re Invited – NAIC Fall National Meeting Cocktail Reception – November 16
Locke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail Reception & Hors d’oeuvre Buffet during the NAIC Fall 2018 National Meeting in San Francisco, CA.
Read MoreTexas Regulators Propose Increased Opportunities for Domestic Captives
The Texas Department of Insurance (TDI) has proposed a new rule and certain amendments to existing rules intended to implement provisions of the Texas Insurance Code that apply to captive insurance companies.
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