State Legislative Developments

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In a press release published August 25, New York Senators James Skoufis, Jamaal Bailey, and Brian Kavanagh announced a joint investigation into residential property insurance. The purpose of the investigation is “to identify the causes of reported increases in premiums and other obstacles to insuring new and existing single- and multi-family homes, including those occupied by homeowners and renters, and to identify legislation and policy changes that New York State should implement.”Read More New York Legislators Investigate Residential Property Insurance

Join Locke Lord, InsurTechNY and InsurTech Hartford for their next InsurTech Legal Academy webinar series on common licensing issues that InsurTechs face when starting up or expanding their insurance-related activities. Expectations differ between the various states, as well as the NAIC, regarding what activities do and do not require insurance producer and surplus lines broker licensure (both on an individual and entity level). Moreover, even if an InsurTech is not making a final decision on whether to accept or deny a claim, it may “cross the line” into licensable activity as well. Zach and Moya will also touch on nuances in the reinsurance intermediary space as well, which differ substantially from insurance producer licensing standards in a number of states.
Read More Join Us for Our Next InsurTech Legal Academy Webinar: A Deep Dive Into Producer, Adjuster and Reinsurance Intermediary Licensing Regimes

On July 28, 2021, Arkansas will implement its recently enacted Insurance Business Transfer Act (“IBTA”). The purpose of the law is to provide insurance carriers a process for the transfer of blocks of business from any jurisdiction in the country to another insurance company located in Arkansas.
Read More Arkansas Implements New Insurance Business Transfer Law

Illinois has passed Senate Bill 2176 which is effective as of June 25,2021, repeals the state’s former non-UETA “Electronic Commerce Security Act”, and includes the Uniform Electronic Transactions Act (UETA), making Illinois the 49th state to have adopted UETA and leaving New York as the only non-UETA state.
Read More Illinois Passes Uniform Electronic Transactions Act

The Surplus Lines Law Group held its spring meeting on Friday, April 5 in Biloxi, Mississippi. A number of presentations were given at the meeting, including updates on the trends around the nation with respect to the diligence search requirement, international tax and cybersecurity issues, as well as a presentation by this author as to the challenges surrounding placing group insurance coverage on a surplus lines basis (including unique hurdles applicable to risk purchasing groups).
Read More LL Surplus Lines Series (Entry 5): 2019 WSIA Spring Surplus Lines Law Group Meeting Recap and Summary of Trends

On March 12, 2019, Nebraska joined the small but growing number of states to adopt “domestic” ‎surplus lines legislation. Illinois was the first state to adopt domestic surplus lines legislation in ‎‎1998 but the trend only gained traction over the last few years.‎…
Read More LL Surplus Lines Series (Entry 4): Nebraska Becomes Latest State to Adopt Domestic Surplus Lines Legislation

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

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Michigan Governor-elect Gretchen Whitmer has appointed Anita Fox as Director of the Department of Insurance and Financial Services.  Anita Fox will replace Patrick M. McPharlin who has served as the Director since May 2015.

View the full press release.
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Read More Michigan Governor-elect Appoints Director of the Department of Insurance and Financial Services

Maria T. Vullo announced today that she will be stepping down as Superintendent of the New York Department of Financial Services effective February 1, 2019.  Superintendent Vullo has served in the position since June 15, 2016.  A replacement has not been announced.

View the full press release.
Read More New York Department of Financial Services Superintendent to Step Down