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Reminding NY DFS regulated entities that its Cybersecurity Regulation (23 NYCRR Part 500) requires ‎assessment of cybersecurity risk, and the reporting of certain cybersecurity events within 72 hours, ‎the DFS issued guidance specific to the current COVID-19 pandemic. The DFS guidance is appropriate ‎for any business, whether or not subject to the NY Regulation.‎…
Read More NY DFS Issues Guidance to Regulated Entities for Cybersecurity in the Remote Work Environment

We are pleased to present this 20th Anniversary 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. The website provides you with the ability to click on the states and territories of interest to view the updates.
Read More Excess and Surplus Lines Law Manual 2020 Update

The Texas Department of Insurance (TDI) has announced that the claims-handling deadlines imposed by Texas prompt-payment laws are extended by 15 days.  The extension will assist carriers in responding to the Coronavirus pandemic and results from the combined operation of actions taken by Texas Governor Greg Abbott and Texas Insurance Commissioner Kent Sullivan.
Read More Texas Department of Insurance Announces Extension of Claims Handling Deadlines Due to COVID-19

In response to the outbreak of Covid-19, the Texas Department of Insurance (TDI) has issued almost ‎daily updates for insurance companies, agents, and other regulated parties. Some of the steps TDI has ‎taken which are of interest to the industry include the following‎…
Read More Texas Department of Insurance Provides Evolving Industry Guidance in Response to Coronavirus

On February 13, 2020, the National Association of Insurance Commissioners (NAIC) in ‎Executive/Plenary session passed sweeping changes to its Suitability in Annuity Transactions ‎Model Regulation (#275), potentially greatly affecting the relationship between insurers, ‎producers, and annuity consumers.‎…
Read More NAIC Overwhelmingly Approves Enhancements to Annuity Suitability Model Regulation

The insurance industry experienced significant and varied forms of new legislation and regulation during the last decade. Below, we highlight what we view as the top 10 of these legal and regulatory changes.
Read More Top 10 Insurance Laws And Regulations Of The Decade

On January 9 from noon-1:00 p.m. CT, Locke Lord LLP and Novarica will look at new regulatory developments in analytics, use of data, and data security that have the potential to affect insurer technology strategy. This webinar covers the similarities and differences between NYDFS Cybersecurity Regulation and NAIC Data Security Model Law, the recent updates to the California Consumer Privacy Act of 2018, and the potential innovation opportunities and limitations surrounding insurance regulatory sandboxes.
Read More Webinar: Insurance IT Strategy and Regulatory Compliance–NYDFS, NAIC and CCPA

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.
Read More Privacy & Cybersecurity Newsletter – November 2019

Coinciding with a plan to consider and evaluate alternative approaches to implementing an Insurance Capital Standard (ICS), the International Association of Insurance Supervisors (IAIS), during its November annual meeting, finalized a Holistic Framework for Systemic Risk in the Insurance Sector to be implemented in 2020.
Read More Global Insurance Supervisors Take Another Step Forward