On April 23, 2024, the U.S. Department of Labor (the “DoL”) released its final rule (“Fiduciary Rule”) titled Retirement Security Rule: Definition of an Investment Advice Fiduciary (an “Investment Advice Fiduciary”), which...more
On October 19, 2022, the National Association of Insurance Commissioners (NAIC) Surplus Lines Working Group exposed proposed changes to the International Insurers Department (IID) Plan of Operation applicable to insurers...more
On October, 17, 2022, the National Association of Insurance Commissioners (NAIC) Surplus Lines Task Force held an interim meeting to discuss, among other agenda items, the draft changes to the Nonadmitted Insurance Model Act...more
Earlier this month, United States Senator Sherrod Brown (D-OH), Chair of the Banking, Housing, and Urban Affairs Committee, urged the Federal Insurance Office (FIO) and the National Association of Insurance Commissioners...more
As we previously reported a year ago, the National Association of Insurance Commissioners (NAIC) adopted amendments to the Credit for Reinsurance Model Law (#785) and Credit for Reinsurance Model Regulation (#786) to...more
Governor Kathy Hochul signed a bill that clarified the provisions recently allowing for commercial risk policies of less than one year under New York Insurance Law Section 3426. The original amendments, enacted in December...more
Governor Kathy Hochul announced that Adrienne Harris has been nominated as the new Superintendent of The New York State Department of Financial Services. Ms. Harris’ background includes being a former economic advisor to...more
On July 28, 2021, Arkansas will implement its recently enacted Insurance Business Transfer Act (“IBTA”). The purpose of the law is to provide insurance carriers a process for the transfer of blocks of business from any...more
On May 21, 2021, the Illinois legislature passed SB 1753, which eliminates the surplus lines producers’ diligent search effort with respect to commercial risks when those risks are referred to the surplus lines producer by an...more
After years of international negotiations and NAIC deliberations, state legislatures and regulators have started the process to eliminate reinsurance collateral requirements for qualifying non-United States (U.S.) reinsurers...more
On April 14, 2021, the Maine’s Bureau of Insurance issued Bulletin 457 to explain the general conditions and requirements for surplus lines placements, and to reaffirm to producers their obligations and responsibilities under...more
We are happy to provide the 2021 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during...more
Climate change has shown many investors, regulators, and lawmakers that it is a threat to financial stability. Environmental, social, and governance (ESG) has allowed everyone from regulators to consumers to take active...more
On February 26, 2021, a bill was introduced in the Illinois General Assembly that among other changes would eliminate the diligent effort requirement for commercial business sourced by a surplus lines producer through a...more
On February 8, 2021, the Excess Line Association of New York (“ELANY”) issued Bulletin No. 2021-05 reminding surplus line insurers and brokers about some often overlooked compliance requirements. Among the topics was the...more
On November 18, 2020, the Surplus Lines Task Force held a virtual meeting in lieu of its meeting at the 2020 NAIC Fall National Meeting. The Task Force discussed the proposed modernization of the NAIC Nonadmitted Insurance...more
In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on...more
On October 15, 2020, the Oklahoma County District Court for the State of Oklahoma, issued its Judgement and Order of Approval and Implementation of the Insurance Business Transfer Plan (“IBT Plan”) (“Order”) filed by...more
In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on...more
In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on...more
In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on...more
In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on...more
In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on...more
In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on...more
In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on...more