Elections & Politics Insurance General Business

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New York-Based Marine Insurer Settles Potential U.S. Sanctions Violations

As if to provide a not-too-subtle reminder to insurers of the applicability of U.S. trade sanctions to their businesses, the Treasury Department’s Office of Foreign Asset Control (OFAC) announced on August 6, that a New...more

Louisiana Cuts Surplus Lines Tax Rate

Louisiana’s legislature recently enacted House Bill 259, which cuts the surplus lines tax rate from 5 percent to 4.85 percent. The law, which also eliminates the insurance commissioner's authority to enter into the...more

New Legislation Expands Texas Captive Insurance Market

First, Senate Bill 667 amends Chapter 964 of the Texas Insurance Code to permit Texas captive insurance companies to pool risk with other affiliated captives subject to approval by the Texas Department of Insurance (“TDI”)....more

Credit For Reinsurance Laws – 2015 Legislative And Regulatory Developments

During the first half of 2015, state legislatures and state insurance departments continued to revise state credit for reinsurance laws and regulations. The majority of these legislative and regulatory developments are due to...more

Montana Law Revised To Allow Captives To Organize As Limited Liability Companies

On April 28, 2015, Montana Governor Steve Bullock signed into law amendments to Montana’s law regarding captive insurers. Significantly, the amendments make it possible for public entities in Montana to set up captives....more

NAIC Planning to Require Cybersecurity Insurance Data Submission

The National Association of Insurance Commissioners’ (“NAIC’s”) Cybersecurity Task Force and Property and Casualty Insurance Committee are jointly considering whether to require a cybersecurity insurance coverage supplement...more

One Down, One to Go: Illinois Senate Passes Captive Insurance Exemption to Illinois Self-Procurement Tax

On April 21, 2015, the Illinois Senate unanimously passed Senate Bill 1573, as amended. As we have previously covered, the amended Bill creates an exemption from the 3.5 percent self-procurement tax and 0.2 percent Surplus...more

South Dakota Revises Statutes Regarding Regulation Of Captive Insurance Companies

House Bill 1180 (2015), signed into law February 27, 2015, amends Chapter 56-46 of the South Dakota Insurance Code, Captive Law, to allow the formation and regulation of agency captive insurance companies in South Dakota. As...more

Michigan Congressmen Introduce Bill Permitting Healthcare Providers to Negotiate Collectively with Health Insurers

On January 6, two Michigan Congressmen – Representative John Conyers (D-Mich.) and Representative Dan Benishek (R-Mich.) – introduced the “Quality Health Care Coalition Act of 2015.” The bill (H.R. 105) would permit...more

A Boost for Business: Time to Reaffirm or Secure Terrorism Insurance

On January 12, 2015, President Obama signed into law H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015 (TRIPRA of 2015), providing a federal backstop for insurance against risks of terrorism. TRIPRA...more

SOTU mentions housing!

President Obama’s State of the Union address touched briefly on housing issues. With a focus on “middle class economics”, it was inevitable that we would hear about homeownership rather than rental housing. He mentioned lower...more

Congress Speeds Non-Resident Licensing for Insurance Producers

In yet one more assertion of federal power to regulate insurance – which states have long controlled – President Obama signed legislation on Jan. 12 that will dramatically speed the licensing of insurance agents and brokers...more

Illinois Industrial Insured Self-Procurement Tax Guidance Announced

As we have previously covered in detail, at the end of its 2014 regular legislative session, the Illinois General Assembly enacted a multimillion dollar tax on Illinois companies using captive insurance arrangements. The law...more

National Association of Registered Agents and Brokers Reform Act of 2015 Signed Into Law

The National Association of Registered Agents and Brokers Reform Act of 2015 (NARAB Reform Act) amends the Gramm-Leach-Bliley Act and establishes the National Association of Registered Agents and Brokers (Association). ...more

Obama Signs Bill Extending Federal Terrorism Reinsurance Program

Born out of the September 11, 2001 terrorist attacks, on November 26, 2002, President George W. Bush signed into law the Terrorism Risk Insurance Act (“TRIA”). Originally set to expire on December 31, 2005, Congress twice...more

Terrorism Risk Insurance Program Reauthorized, But Some Uncertainty Remains

On Monday, President Barack Obama signed into law a six-year extension of the Terrorism Risk Insurance Program after the House and Senate passed the bill by votes of 416-5 and 93-4, respectively. As we previously reported,...more

Policyholders Face Uncertainty after Lapse of Terrorism Risk Insurance Program

Congress' failure to renew the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), a 2007 extension of the 2002 Terrorism Risk Insurance Act, could have significant implications for companies that rely upon...more

Policyholders Face Uncertainty after Lapse of Terrorism Risk Insurance Program

Congress’ failure to renew the Terrorism Risk Insurance Program Reauthorization Act (“TRIPRA”), a 2007 extension of the 2002 Terrorism Risk Insurance Act, could have significant implications for companies that rely upon...more

Life Insurers Gain Ground in Legislative Fix

The U.S. House of Representatives recently voted to pass legislation (H.R. 5461) intended to clarify capital standards for insurance companies under the supervision of the Federal Reserve Board. The bill, sponsored by...more

Congress Finally Enacts Chemical Facility Security Legislation

In a rare bipartisan gesture, on December 11, 2014, the House of Representatives unanimously passed H.R. 4007, the “Protecting and Securing Chemicals Facilities from Terrorist Attacks Act of 2014” (“Act”), which the Senate...more

Need Terrorism Coverage? Take Action Before January 1, 2015

The U.S. Congress failed to reauthorize the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) prior to adjourning on December 16, 2014. The new 114th Congress will not convene until January 6, 2015 and may not...more

TRIA Extension Fails: An Initial Guide to Next Steps

To the surprise of many, Congress failed to extend the Terrorism Risk Insurance Act of 2002 ("TRIA"), which is set to expire at the end of this year. Many hope that TRIA in some form will be re-authorized early in 2015 and,...more

U.S. Congress Fails to Renew TRIA – for Now

The U.S. Senate wrapped up the 113th Congress and left Washington without holding a vote to renew the Terrorism Risk Insurance Act (TRIA). In the closing weeks of the session, Senator Chuck Schumer (D-N.Y.) had negotiated an...more

Terrorism Risk Insurance Act Set to Expire at Year End

The Terrorism Risk Insurance Act (TRIA) now appears set to expire as of December 31, 2014, barring further action from Congress.  The Terrorism Risk Insurance Program Reauthorization Act of 2014[1] would have extended the...more

President Signs Changes to Collins Amendment Favorable to Insurers

On December 18, President Obama signed into law the Insurance Capital Standards Clarification Act of 2014 (the Act). The Act makes it clear that the Board of Governors of the Federal Reserve (the Fed) is not required to apply...more

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