On May 12, 2021, Washington’s legislature passed into law Senate Bill 5315, which implements a registration requirement and a tax on captive insurers operating in Washington. Although Washington does not license captive insurers, this new legislation now recognizes the concept of “eligible” captive insurers operating in the state but located in other jurisdictions.
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LL Surplus Lines Series (Entry 30): Maine Issues Bulletin Explaining the Conditions for Surplus Lines Placement
On April 14, 2021, the Maine’s Bureau of Insurance issued Bulletin 457 to explain the general conditions and requirements for surplus lines placements, and to reaffirm to producers their obligations and responsibilities under Maine law.
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Privacy & Cybersecurity Newsletter – Winter 2021
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.
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Locke Lord Team Represents Maguire Insurance Agency in Acquisition
A Locke Lord team led by Jeff Etherington and Amanda Kane (both of New York) represented Maguire Insurance Agency, Inc., in Philadelphia Insurance Companies’ acquisition of the Staffing Insurance Business offered by World Wide Specialty Programs, Inc.
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Join Locke Lord for a Complimentary Summer Speaker Series
As we enter the next phase of life under COVID-19, new issues are emerging for the insurance industry. Locke Lord lawyers will tackle some of the issues over the next few months. Sign up for each program that interests you below. We look forward to sharing time with you as we navigate the new normal. One hour of CLE for each program is approved in CA, IL, TX and NY. Other states are pending.
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Pandemic Risk Insurance Act and the Future of Business Interruption Insurance
The impact of COVID-19 on the international community cannot be overstated, and as our lives have seemingly come to a halt, so have the operations of many of the world’s businesses.
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RADAR on Medicare Advantage Quotes Chicago Partner Jon Biasetti in Article Examining CMS’ Proposed Rule Regarding MAOs’ Ability to Utilize Quota Share Reinsurance
Jon Biasetti, Chicago Partner and Co-Chair of Locke Lord’s Regulatory and Transactional Insurance Practice Group, was quoted in a RADAR on Medicare Advantage article regarding a new proposed rule from the Centers for Medicare & Medicaid Services (CMS) allowing Medicare Advantage Organizations (MAOs) to enter into quota share reinsurance arrangements provided they satisfy certain conditions.
Read More RADAR on Medicare Advantage Quotes Chicago Partner Jon Biasetti in Article Examining CMS’ Proposed Rule Regarding MAOs’ Ability to Utilize Quota Share Reinsurance
NextGen Q&A Series – Zachary Lerner
New York Regulatory and Transactional Insurance Partner Zachary Lerner primarily focuses on helping insurance companies and intermediaries (increasingly in the nonadmitted or “surplus lines” market) buy and sell each other and develop legally compliant business practices.
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Locke Lord QuickStudy: Capital and Risk Assessment Highlight U.S. Senate Committee Meeting on Insurance Issues
The U.S. Senate Committee on Banking, Housing and Urban Affairs met on September 12, 2019 for the purpose of discussing areas of concern regarding the regulation and supervision of the global insurance industry. In addition to Committee members, representatives of Team USA (NAIC, Federal Reserve and Federal Insurance Office) provided commentary.
Read More Locke Lord QuickStudy: Capital and Risk Assessment Highlight U.S. Senate Committee Meeting on Insurance Issues
8 Things to Consider When Buying or Selling an Insurance Agency
Insurance agency acquisitions and deal values are near an all-time high and all expectations are that deal flow in 2019 will match or exceed last year’s numbers. And while reported numbers tend to skew towards larger agency transactions there are many agency deals that involve small, local firms that do not appear in industry reports.
Read More 8 Things to Consider When Buying or Selling an Insurance Agency