The Rhode Island state legislature has amended the enabling act to the state’s legacy transfer program, R.I.G.L § 27-14.5-1 et seq. (“R.I. Restructuring Act”), to provide clarification to the marketplace. The enabling act, originally enacted in 2002, was designed to allow for “commutation plans” to provide for reorganization through a court-approved commutation among a reinsurer or insurer and all of its insurance or reinsurance creditors.
Read MoreRhode Island’s Insurance Business Transfer Act (“IBT”) (“Regulation 68”) permits the transfer and ‘novation’ of commercial ‘legacy business’ (subject to certain limitations) from one carrier to another, subject to court approval.
Read MoreChris Flanagan, Partner at Locke Lord LLP, and Jim Sabella, CPA and Tax Partner at Dixon Hughes Goodman LLP, will present a webinar on Tax Reform: Implications for Insurers and Reinsurers. This webinar is sponsored by CCIA Delta and hosted by 202works, and will provide key insights into the new tax structure that was signed into law for the 2018 tax season.
Read MorePrior to the 1990’s Bellefonte Reinsurance Co. v. Aetna Cas. & Sur. Co., 903 F.2d910 (2d Cir. 1990) (“Bellefonte”) decision, the insurance/reinsurance industry operated under the assumption that expenses in addition to loss, unless explicitly excluded, were included coverages under facultative reinsurance certificates.
Read MoreThe National Association of Insurance Commissioners (NAIC) has directed its committees to move forward with amending the Reinsurance Model Law and Regulation (Models) to be consistent with the EU/U.S. Covered Agreement signed last September.
Read MoreLocke 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 MoreOn February 20, 2018, the National Association of Insurance Commissioners (NAIC) held a public hearing on the reinsurance collateral provisions of the Bilateral Agreement between the United States of America and the European Union on Prudential Measures regarding Insurance and Reinsurance (the “Covered Agreement”).
Read MoreOn December 22, 2017, the President signed into law H.R. 1, known generally as the Tax Cuts and Jobs Act (the “TCJA”), which makes widespread changes to the Internal Revenue Code.
Read MoreCalifornia’s reinsurance regulations (Cal. Code Regs. tit. 10, §§ 2303 – 2303.29) were amended effective the first of this year. The revisions included changes to update the regulations to comport with current law and current Department of Insurance practice.
Read MoreA Cornhusker by birth, I’ve always had a special affinity for Nebraska, and particularly Omaha, where I was raised. My only regret is that I was neither old nor rich enough to participate in Mr.Buffet’s original partnership.
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