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National Flood Insurance Program Is Relieved Of $16 Billion Debt

by Carlton Fields on

On October 26, 2017, President Donald Trump signed H.R. 2266, a disaster relief bill. Pursuant to section 308 of the bill, the Department of the Treasury will forgive $16 billion in debt owed by FEMA under the National Flood...more

Texas Passes Reduced Collateral Credit For Reinsurance Law Pertaining To Foreign Reinsurers

by Carlton Fields on

This past summer, the Texas legislature passed and the Governor signed a law that allows Texas insurers to negotiate reinsurance contracts with foreign reinsurers that do not require 100% collateral before the insurer can...more

The Treasury Committee’s Report on EU Insurance Regulation – What’s next for the PRA and the UK insurance industry?

by Hogan Lovells on

In September 2016, the treasury committee of the House of Commons (the Committee) launched an inquiry into EU insurance regulation and to supplement its work on the relationship that the UK might seek to have with the EU...more

U.S. Covered Agreement Policy Statement Affirms U.S. State-Based Regulation Of Insurance

by Carlton Fields on

We have posted several times on the negotiation and finalization of the Covered Agreement (“the Agreement”) negotiated by the Obama Administration and approved by the Trump Administration with the European Union....more

Nevada Securities Act Amendments – What’s Next?

by Carlton Fields on

Over the summer, much was written about amendments to the Nevada Securities Act provisions governing financial planners, which became effective July 1, after being signed by the Governor on June 2....more

Delaware Governor Signs Law Creating Streamlined And Inexpensive Regulatory Regime For Dormant Captive Insurance Companies

by Carlton Fields on

The bill defines a dormant captive insurance company as one that (1) did not contract for any direct premium or reinsurance premium for a full calendar year, (2) is not obligated as an insurance company under any contract of...more

New Jersey Enacts Unclaimed Life Insurance Benefits Law

by Carlton Fields on

On September 13, New Jersey became the latest state to enact legislation governing unclaimed life insurance benefits. Gov. Chris Christie (R) signed New Jersey Assembly Bill 2511 into law as P.L.2017, s.236 (the “Act”), which...more

Assignment of Benefits Legislation in Florida

by Carlton Fields on

The practice known as the Assignment of Benefits (AOB) is a big problem for Florida property insurers. AOBs have been driving up the cost of property insurance claims in the state for several years....more

US: Temporary Extension of the NFIP in wake of Hurricane Harvey

by Hogan Lovells on

On September 8th, just days after Hurricane Harvey decimated the Houston metropolitan area, and while many Florida residents were evacuating as Hurricane Irma approached, President Trump signed into law the Continuing...more

Will the National Flood Insurance Program (NFIP) be reauthorized, extended, or what?

by Downey Brand LLP on

The National Flood Insurance Program (NFIP) will expire at the end of the month. For anyone that has read the newspaper lately, this is a lousy time for the program to expire with two hurricane’s bearing down on the Eastern...more

New Texas Insurance Code Chapter 542A, Effective September 1, 2017, May Reduce The Number of Harvey Lawsuits

Recently, the Texas legislature acted to curb abusive lawsuits filed by insureds as a result of hailstorm and other property insurance claims. According to the Executive Director of The Texas Coalition for Affordable...more

Two Storms: Hurricane Harvey And HB 1774

by Gray Reed & McGraw on

Although insurance claims may be the last thing on the minds of many folks in Texas at the moment, HB 1774, which governs “force of nature” related insurance claims, is currently set to go into effect on September 1, 2017....more

House Bill 1774 Requires Urgent Action by Texas Policyholders to Preserve Coverage for Hurricane Harvey Flood Claims

Even as Hurricane Harvey’s effects continue to unfold, Texas policyholders face another imminent threat. On September 1, 2017, a new Texas law becomes effective that dramatically limits insurance recoveries for Texan...more

NYDFS proposed regulation addresses financial disclosure requirements for directors and officers of private equity buyers of...

by Hogan Lovells on

On August 9, 2017, the New York Department of Financial Services (NYDFS) released for public comment proposed amendments to its regulations governing the approval process for the acquisition of control of insurance companies...more

Georgia Revamps Law Governing Captive Insurance Companies

by Carlton Fields on

Significant changes to Georgia law governing captive insurance companies took effect on July 1, 2017. The changes relate to the permitted corporate structure of captive insurance companies, new restrictions on risks that may...more

Captive Insurance Update | Issue No. 1 | 2017 - A summary of state and federal developments in the captive insurance industry

Changes at the Top - Republican Phil Scott was elected Governor of Vermont in November 2016, having previously served as Lieutenant Governor for six years. Governor Scott has re-appointed Michael Pieciak to serve as the...more

A New Hurdle for Medical Malpractice Claimants: Legislation Establishing Medical Review Panels Takes Effect in Kentucky

by Reminger Co., LPA on

In a step toward tort reform, on June 29, 2017, Senate Bill 4 was signed into law and went into effect in Kentucky as KRS 216C.005 et seq., establishing a requirement that all potential medical malpractice lawsuits first be...more

Texas And Wisconsin Join List Of States Permitting Domestic Surplus Lines Insurance

by Carlton Fields on

On June 15 and 22, 2017, respectively, the Governors of Texas and Wisconsin approved new laws permitting domestic surplus lines insurers in those states (i.e., insurers domiciled in Texas and Wisconsin) to conduct business...more

United States To Sign Covered Agreement With European Union

by Carlton Fields on

The U.S. Department of the Treasury and the U.S. Trade Representative have ended the speculation about the fate of the Covered Agreement negotiated by the Obama Administration with the European Union by announcing their...more

UK: Government sets out in the Queen's Speech measures for protecting insurance customers

by Hogan Lovells on

The government has today set out the details of its legislative programme for the next two years in the Queen’s Speech.  One of the issues to be addressed in this parliamentary session will be tackling the “compensation...more

US: Governor Cuomo and NY Department of Financial Services Respond to Congressional Efforts to Repeal the Affordable Care Act with...

by Hogan Lovells on

On 5 June 2017, in response to the Congressional efforts to “repeal and replace” the Affordable Care Act (the ACA), the New York Department of Financial Services (NYDFS) issued a press release entitled “Governor Cuomo...more

21st Century Glass-Steagall Act Introduced in the Senate

On April 6, the 21st Century Glass-Steagall Act of 2017 (GSA) was introduced in the U.S. Senate by Elizabeth Warren, D-Mass., with John McCain, R-Ariz., Maria Cantwell, D-Wash. and Angus King, I-Maine co-sponsoring. The bill...more

Minnesota Enacts Market Conduct Examination Reforms

by Stinson Leonard Street on

In response to substantial industry frustration with the examinations and investigations conducted by the Minnesota Department of Commerce, the 2017 session of the Minnesota Legislature just enacted several significant...more

In Florida, House Bill 805 Will Likely Allow Insurance Policy Transfers

by Carlton Fields on

The Florida Legislature passed House Bill 805, regarding insurance policy transfers. If, as anticipated, the governor signs the bill into law, it will allow insurance companies writing personal lines residential and...more

Bill to Eliminate Health Insurers' Antitrust Exemption Passes in the House

by Baker Ober Health Law on

On March 22, the House of Representatives passed H.R. 372, the "Competitive Health Insurance Reform Act of 2017," by a vote of 416-7. The legislation would repeal the antitrust exemption that the health insurance industry...more

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