2024 has seen a significant amount of activity by state insurance regulators and the National Association of Insurance Commissioners (the “NAIC”) including the adoption of major revisions to the regimes governing investments...more
In this installment of the More with McGlinchey Podcast, Insurance Regulatory Member Lauren Ybarra interviews Member and Former Louisiana Insurance Commissioner Jim Donelon. They reflect on Jim’s tenure as Louisiana’s...more
At its Summer National Meeting in Chicago (August 12-15, 2024), the NAIC announced important guidance relating to the statutory accounting treatment of insurance companies’ investments in bank credit risk transfer (“CRT”)...more
Today, hosts Lynda A. Bennett and Eric Jesse discuss a recent decision that addresses broker malpractice – a common claim for policyholders to pursue after learning insurance protection is unavailable or insufficient to cover...more
IVASS has recently published a letter to the market clarifying obligations for insurance undertakings and intermediaries under Council Regulation (EU) No. 269/2014 concerning restrictive measures related to Ukraine's...more
The Situation: The global market for artificial intelligence ("AI") technologies is projected to surpass $1 trillion by 2030....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
Insurers of commercial property owners take note: in a 4-3 decision, the New Jersey Supreme Court significantly expanded sidewalk liability law. Owners of vacant commercial lots in the Garden State now have a duty to maintain...more
More than 20 storms—11 of which will become hurricanes, and 5 of which will become Category 3 or greater hurricanes. That's one prediction for the Atlantic hurricane season. Not to worry, you say. Your operations are located...more
State regulators are taking action on the use of artificial intelligence in insurance. To date, nearly a dozen states have adopted some form of the National Association of Insurance Commissioners (NAIC) Model Bulletin on the...more
“Slip and fall” is a term that personal injury lawyers, insurance companies, and insurance claim adjusters use to describe accidents that occur when people fall, slip or trip and hurt themselves at a commercial location,...more
A "time cut" is a ruling within cycling to ensure that riders keep pace. Similarly, regulators have placed time cuts, or deadlines, for insurers to certify compliance with cybersecurity regulations. Some of the time cuts are...more
After strapping on their skis and riding up the lifts, the NAIC groups reported to their events. The results of the events of note for life insurers are as follows...more
In Advance Trust & Life Escrow Services, LTA v. Protective Life Insurance Co. (Mar. 2, 2024), the Eleventh Circuit Court of Appeals affirmed in part and reversed in part the district court’s dismissal of breach of contract...more
States have been off to the races to place in the artificial intelligence insurance regulatory Grand Prix. The NAIC adopted the Model Bulletin on the Use of AI Systems by Insurers, which some states have drafted on to adopt...more
A plethora of litigation exists in Florida’s state and federal courts regarding the amounts an insurance carrier must reimburse a medical provider for personal injury protection (PIP) benefits. Such challenges carry a heavy...more
The Florida Office of Insurance Regulation (“Florida OIR”) recently took regulatory action against a New York-based company (“Company”) regarding its alleged unlicensed activities in Florida. According to the Florida OIR, the...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
On 28 March 2024, IVASS launched a second public consultation on a draft regulation regarding unit and linked insurance products. The purpose of the draft regulation is to lay down the rules aimed at updating, in line with...more
In today's world, we travel all the time. We shop at grocery stores and department stores, we take walks on the sidewalks in our neighborhoods, and we go to large events, such as concerts or weddings, at various venues. But...more
In In re Illinois National Insurance Co., the Texas Supreme Court held that disclaiming insurers were not bound by any underlying settlement agreement, entered into without the insurers’ consent, where the claimants promised...more
An insurer generally acquires its insured’s rights against tortfeasors through subrogation. But what happens if the insured enters into a settlement and releases the responsible third party? Does the release extinguish the...more
Senate committee meetings continue under the Gold Dome as this report is published on Wednesday. With the Senate’s requirement that bills pass out of committee before the chamber convenes for Legislative Day 38, legislators...more
Automobile negligence carries significant consequences for many of its victims and their families. The California Office of Traffic Safety reported nearly 4,300 people died in 2021 in auto accidents. According to the U.S....more
Last week, firms in the insurance sector submitted their responses to the recent survey issued by the Financial Conduct Authority ('FCA') into non-financial misconduct....more