On June 17, 2022, the Texas Supreme Court released an opinion in Hegar v. Health Care Serv. Corp. (No. 21-0080) (Jun 17, 2022) regarding whether the Comptroller properly taxed an insurer based on premiums it received from sales of stop-loss insurance policies under Texas Insurance Code Chapters 222 and 257.
Regulatory
Excess and Surplus Lines Law Manual 2022 Update
We are happy to provide the 2022 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year.…
Privacy & Cybersecurity Newsletter – Spring 2022
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.…
NY DFS Issues Circular Letter Addressing Acquisitions and Disclaimers of Control
On April 19, 2022, the New York Department of Financial Services (“NY DFS”) issued Insurance Circular Letter No. 5 (2022) (the “Letter”). The Letter, entitled “Acquisitions of Control and Disclaimers of Control”, was addressed to all New York domiciled insurers and other interested parties. The purpose of the Letter is to remind insurance industry participates of the requirements outlined under New York Insurance Code (“NY Ins. Code”) § 1506, which requires NY DFS approval in connection with a change of control of an insurer. …
Illinois House of Representatives Passes Insurance Business Transfer Act
The Illinois House of Representatives has passed a new bill, HB 5534, entitled the Insurance Business Transfer Act (the “IL IBT Act”), to address the current significant limitations that are in place concerning the sale and transfer of blocks of insurance.…
InsurTech NY Spring 2022 Conference
Locke Lord is a proud sponsor of InsurTech NY Spring 2022 Conference on March 7 in New York City. Brian Casey is Co-Presenter for the awards.…
Delaware Corporations Can Now Purchase D&O Coverage Through Captives
On February 3, 2022, Delaware Governor John Carney signed Senate Bill 203 (the “Bill”) into law, which allows corporations to purchase and maintain directors’ and officers’ (“D&O”) liability insurance through captive insurance companies.…
New York State Law Regarding Electronic Delivery of Insurance Notices to Take Effect March 22
On December 22, 2021, New York State Governor Kathy Hochul signed Senate Bill S653A which amends the New York Insurance Law by adding Section 3458 regarding the electronic delivery of property and casualty insurance notices.…
State Senate Confirms Gov. Hochul’s Pick to Head NY Department of Financial Services
On Tuesday, January 25th, the New York State Senate voted to confirm Adrienne Harris as Superintendent of the New York State Department of Financial Services (the “NY DFS”). Harris had served as acting superintendent of the NY DFS since being nominated for the full-time position by Gov. Kathy Hochul in August of 2021.…
Privacy & Cybersecurity Newsletter – January 2022
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.…