On July 16, 2024, the Connecticut Department of Insurance (the “Department”) issued a press release announcing that Governor Ned Lamont has signed Public Act No. 24-138, “An Act Concerning Insurance Market Conduct and...more
It has been heavily covered in national news media that property & casualty insurers have been withdrawing from certain business lines, in particular homeowners, in states such as California, Florida, Louisiana, and Texas....more
On May 24, 2024, the Massachusetts Division of Insurance (the “Division”) issued Insurance Bulletin 2024-06, “inducements, rebates and affiliated entities” (the “Bulletin”). The Bulletin is addressed to “all licensed...more
On April 16, 2024, the Kentucky Department of Insurance issued Bulletin 2024-02 to all insurers licensed to do business in Kentucky regarding the Use of Artificial Intelligence Systems in the Business of Insurance effective...more
As wildfires continue to grow in frequency and scale across California, and as the state’s homeowner’s insurance crisis continues to worsen, the California Department of Insurance (DOI) has issued a proposed regulation that,...more
Effective April 15, 2024, Illinois will have a new Acting Insurance Director, Illinois State Senator Ann Gillespie....more
On Tuesday, April 2, 2024, the Colorado Division of Insurance (“Division”) held its second Unfair Discrimination in Insurance Practices – Health Insurance Stakeholder meeting where the Division discussed efforts to develop...more
On November 24, the Massachusetts Division of Insurance (DOI) published revisions to its managed care consumer protection regulation, including new requirements related to health care provider directories, telehealth and...more
This coming Friday the Big Data & Artificial Intelligence (H) Working Group, the Privacy Protections (H) Working Group, and the Innovation, Cybersecurity, and Technology (H) Committee will all meet as part of the Fall...more
The Texas Department Insurance (“TDI”) Commissioner Cassie Brown issued an order decreasing the surplus lines stamping fee from .075% to .04% of gross premium resulting from surplus lines insurance contracts. The decrease...more
We keep hearing about how difficult it is for our clients to get property insurance these days, both for homes and businesses in Northern California’s wildfire-prone areas. Which, of course, is most of Northern California. ...more
In the wake of the Covid-19 pandemic lockdown orders, policyholders were driving less and insurance company severities and loss ratios were reduced. This resulted in a temporary increase in insurance company profits....more
Property and casualty insurance companies’ decisions to withdraw from certain lines of business, in jurisdictions such as California and Florida, has garnered a great deal of attention in recent months. The Connecticut...more
The Colorado Division of Insurance (CDI) adopted a new regulation on September 21, 2023 (Final Regulation) establishing requirements governing the use of external consumer data and information sources (ECDIS), as well as...more
As public companies anticipate the Securities and Exchange Commission’s (“SEC”) final climate disclosure rules, which are expected to be released sometime fourth quarter of 2023, California has beaten the federal government...more
The cannabis industry, just like any other industry, requires insurance coverage. Insurance is often required for plant-touching businesses such as growers, processors, and dispensaries and is well-advised for ancillary...more
On June 23, 2023, the Connecticut Insurance Department (the “Department”) issued a press release announcing Governor Ted Lamont signed Public Act No. 23-15, An Act Concerning Captive Insurance Companies, (the “Act”) into law....more
On May 26, 2023, the Colorado Division of Insurance (CDI) exposed, for public review and comment, a significantly revised draft of its proposed regulation (the Revised Draft Reg.) addressing the governance and risk management...more
Last month, the California Department of Insurance sent a survey to more than 50 property & casualty insurers to gather information about the use of automated decision tools in rating, underwriting, claims handling, fraud...more
Two recent decisions confirmed the broad administrative summons authority of the Internal Revenue Service (IRS). In the first, the US Supreme Court resolved a circuit conflict regarding notice requirements for third-party IRS...more
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more
On Monday, May 15, the Kentucky Department of Insurance (DOI) held a call discussing Bulletin 2023-002, issued on April 14 to all authorized insurance companies and surplus lines brokers subject to Kentucky Local Government...more
The Connecticut General Assembly has proposed a bill that would permit owners of self-storage businesses to sell property insurance to their tenants. Under Senate Bill 1037 (the “Bill”), an owner is required to obtain a...more
Both the federal government and the Pennsylvania state government are taking steps to reform the prior authorization process. Attached is the Pennsylvania Insurance Department Press Release, issued November 3, 2022, touting...more
On October 13, 2022, the Illinois Department of Insurance (the “Department”) issued Company Bulletin 2022-16 (the “Bulletin”). The Bulletin is addressed to all domestic insurers and advises that the Department will now...more