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Department of Insurance

Locke Lord LLP

Connecticut Enacts New Changes to Its Captive Insurance Laws

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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

Locke Lord LLP

State Regulators Concerned Insurance Carriers Are Quietly Exiting Lines of ‎Business

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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

Locke Lord LLP

Massachusetts Issues Insurance Bulletin Discussing Inducements, Rebates and Affiliated ‎Entities

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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

Locke Lord LLP

Kentucky Issues Bulletin 2024-02 on the Use of AI in Insurance

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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

Goodwin

California Insurance Reform Creates Opportunity

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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

Locke Lord LLP

Illinois Appoints New Insurance Director

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Effective April 15, 2024, Illinois will have a new Acting Insurance Director, Illinois State Senator Ann Gillespie....more

Locke Lord LLP

Colorado Division of Insurance Holds Second Health Insurance Stakeholder Meeting for ‎Implementing AI Requirements

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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

Manatt, Phelps & Phillips, LLP

MA Issues New Insurance Regulation on Provider Directories, Telehealth & Behavioral Health Parity

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

Locke Lord LLP

NAIC H Committee Pre-Fall National Meeting

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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

Locke Lord LLP

Texas Reduces Surplus Lines Stamping Fee

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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

Farella Braun + Martel LLP

Regulatory Changes Underway To Address Dwindling California Property Insurance Market

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

Sheppard Mullin Richter & Hampton LLP

The Tide Shifts in California Covid Premium Refund Cases

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

Locke Lord LLP

Connecticut Expands Notice Requirements for Withdrawing From a Line of ‎Business

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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

Eversheds Sutherland (US) LLP

Colorado Division of Insurance adopts final rule on use of big data and predictive models

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

Vinson & Elkins LLP

California’s Bold Move on Climate Disclosures

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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

McGlinchey Stafford

Navigating the Complexities of Cannabis Insurance

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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

Locke Lord LLP

Connecticut Amends Its Captive Insurance Laws

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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

Eversheds Sutherland (US) LLP

Colorado Division of Insurance proposes significant revisions to its draft algorithm and predictive model governance regulation...

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

Locke Lord LLP

California Department of Insurance Issues Survey on Automated Decision Tools

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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

McDermott Will & Emery

The Government Flexes Its Summons Muscles

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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

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - May 2023 #5

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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

Mitchell, Williams, Selig, Gates & Woodyard,...

Kentucky DOI Holds Update Call on Local Government Premium Taxes and Kentucky Data Security Law

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

Locke Lord LLP

Connecticut Considers Self-Service Storage Insurance Licensing Requirements

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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

Tucker Arensberg, P.C.

Reforming Prior Authorization Process: Federal and Pennsylvania

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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

Locke Lord LLP

Illinois to Participate in the Climate Risk Disclosure Survey

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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

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