Regulatory

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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

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 – January 2019

Zachary 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 More An FAQ on the State of Direct Procurement Insurance

The Texas Department of Insurance (“TDI”) has amended its administrative rules governing Texas captive insurance companies.  Specifically, TDI has revised various provisions in Volume 28, Chapter 6 of the Texas Administrative Code, primarily to comport with prior legislative changes in 2017 that impact the formation and oversight of captive insurance…
Read More New Captive Insurance Rules Adopted in Texas

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.  The…
Read More Texas Department of Insurance Announces New Legislative Priorities

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.  According to the December 10, 2018 adopting release,…
Read More Texas Revamps Surplus Lines Regulations

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”).

In its press release, the U.S. Treasury…
Read More US Treasury Announces New Covered Agreement on Insurance and Reinsurance Regulation with UK

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 More NCOIL to Consider Resolution Asserting McCarran-Ferguson Reverse Preemption over the Supervision of Insurance

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. These amendments address changes to Texas Insurance Code section 401.052 and Chapter 964 of the Texas Insurance Code resulting from prior legislation. …
Read More Texas Department of Insurance Proposes Amendments to Examination Rules