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2017 Hurricane Season the Costliest on Record

The 2017 United States Atlantic hurricane season, which officially ended on November 30, was the most expensive ever according to one report. Disaster modelers Chuck Watson and Mark Johnson concluded that total damages for...more

NAIC Co-Hosts Webinar on Wearable Devices

On Monday, November 13, the National Association of Insurance Commissioners, in conjunction with the Center for Insurance Policy and Research and The Griffith Insurance Education Foundation, presented a webinar entitled...more

Department of Treasury Releases Report on Regulation of Insurance

Earlier this week, the Department of the Treasury released a report that examined the current regulatory framework for the insurance industry and made recommendations on how to improve it. The report concluded that...more

A Beacon in the Night Sheds New Light

Since the decision in Bellefonte Reinsurance Co. v. Aetna Casualty & Surety Co., 903 F.2d 910 (2nd. Cir. 1990) (”Bellefonte”) in 1990, the limits of coverage provided by facultative certificates have been pretty well defined,...more

Hurricane Maria Barrels Towards Puerto Rico

Hurricane Maria is set to strike Puerto Rico today, with forecast wind speeds of more than 150 miles per hour. Maria already struck the Caribbean island of Dominica as a category 5 storm, with sustained winds of 160 miles per...more

Insurers Use InsurTech To Simplify Claims Process in Wake of Hurricanes

Insurers are utilizing innovative services to assist those affected by Hurricane Harvey, as well as those who may need assistance following Hurricane Irma. One large carrier created an interactive map that shows areas...more

With Hurricane Harvey Looming, Insurance and Reinsurance Issues Lurk in the Wings

As Hurricane Harvey barrels towards the Gulf, residents of Louisiana and Texas are scrambling to avoid a storm that forecasters currently predict will bring winds of over 110 miles per hour and dangerous flooding. However,...more

Locke Lord Article: A Death in the Family and a Proper Burial

The Merriam-Webster Dictionary defines legacy as something that is received from someone who has died. In the insurance industry, the analogy would be inherited run-off of business that has died, but not yet buried. The...more

Insurance & Reinsurance Newsletter

New Corporate Governance Annual Disclosure Requirements for Connecticut Insurers to Take Effect in 2017 - A recently enacted Connecticut statute intended to compel insurance companies to improve their corporate...more

New Corporate Governance Annual Disclosure Requirements for Connecticut Insurers to Take Effect in 2017

A recently enacted Connecticut statute intended to compel insurance companies to improve their corporate governance will impose significant new obligations on Connecticut domestic insurers, and their holding companies....more

U.S., E.U. Representatives Continue to Work on Covered Agreement for Insurance and Reinsurance Measures

Earlier this week, European Union (“E.U.”) and U.S. representatives met in Brussels to continue to discuss a potential agreement concerning insurance and reinsurance matters. This is the third such meeting since the U.S....more

CFPB’s Denial of Civil Investigative Demand Appeal Demonstrates Expansive Product Reach

Last month, the Consumer Financial Protection Bureau’s (“CFPB”) Director denied J.G. Wentworth’s (“JGW”) petition to set aside or modify a CFPB civil investigative demand (“CID”) that required JGW to produce 14 documents,...more

Draft Legislation Would Impose New Requirements Applicable to Negotiation of International Insurance Agreements

According to media reports, Rep. Blaine Luetkemeyer (R-Mo.) is expected to introduce legislation that will create new requirements applicable to government officials negotiating international capital standards for insurers....more

New Federal Bill Would Allow Risk Retention Groups to Cover Property

A bill recently introduced in the House seeks to expand the authority of Risk Retention Groups (“RRGs”) to write property, and not just commercial casualty, coverage. HR 3794, which was introduced on a bipartisan basis, would...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

Europeans Authorize Negotiations with US to Loosen Reinsurance Collateral Requirements

Earlier this week, the European Union’s executive body gained key approval to begin negotiations with the United States on a deal aimed at cutting the minimum collateral levels required of foreign reinsurers operating in the...more

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