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Washington H.B. 1001 was enacted on April 8, 2019, and will take effect on July 28, 2019.1 H.B. 1001 makes changes to Wash Rev. Code Chapter 48.110 governing service contracts and protection product guarantees which permit new items to be covered under service contracts and establishes new minimum net worth and financial responsibility requirements for service contract providers.
Read More Locke Lord QuickStudy: New Washington Statutory Financial Requirements for Providers of Service Contracts and Protection Product Guarantees Effective July 28, 2019

Locke Lord’s Regulatory & Transactional Insurance Practice Group Invites You to a Cocktail & Hors d’oeuvre Reception During the NAIC National Spring Meeting in Orlando, FL…
Read More It’s Not Too Late to Register – Locke Lord Invites You to a Cocktail Reception During the NAIC National Spring Meeting – April 7

Washington, D.C. Mayor Muriel Bowser recently established the District of Columbia Financial Services Regulatory Sandbox and Innovation Council (the “Council”). The Council has been tasked with analyzing and reporting on the viability of implementing a financial services regulatory sandbox in the District.
Read More Washington, D.C. Establishes Financial Services Regulatory Sandbox and Innovation Council

Director Chlora Lindley-Myers (MO), 2019 Chair of the Market Regulation and Consumer ‎Affairs (D) Committee of the National Association of Insurance Commissioners (NAIC), ‎announced on February 8, 2019 on a committee conference call the names of the regulators who ‎will act as Chairs and Vice Chairs of the D Committee’s Task Forces and Working Groups for ‎the coming year. ‎…
Read More Chairs and Vice Chairs of Task Forces and Working Groups of the NAIC’s Market Regulation and Consumer Affairs (D) Committee for 2019 Announced

Having 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 More New Guidance on Insurers’ Use of Big Data and Algorithms in New York

Locke 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 More Insurance and Reinsurance Newsletter – January 2019