On August 1, 2025, Governor JB Pritzker approved Senate Bill No. 1289, amending the definition of “home state” as it relates to more than one unaffiliated insured from a group and named as insureds on a single surplus lines
Locke Lord
Locke Lord is a global law firm that publishes blogs covering a wide range of legal practice areas and industries. Its content addresses topics such as energy, financial services, health care, insurance, private equity, real estate, bankruptcy, construction, corporate law, consumer financial services, employee benefits, environmental law, finance and banking, government and regulatory matters, and intellectual property. The firm provides insights on regulatory developments, litigation, transactional matters, and industry-specific challenges, including emerging issues like artificial intelligence in insurance. The blog serves as a resource for legal professionals and clients seeking updates and analysis on complex legal and regulatory topics across multiple sectors.
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Latest from Locke Lord - Page 2
D&O and Professional Liability 2024 – A Year in Review
The past year once again saw a breadth of court decisions addressing a wide variety of directors and officers and professional liability insurance coverage issues. At various levels, state and federal courts across the country issued notable decisions in this…
IRS Wins Against Tribal-Domiciled Captive Insurer
By Daniel Barry
Last month, the Internal Revenue Service (the “IRS”) notched another win at the U.S. Tax Court (the “Tax Court”).[1] In its opinion, the Tax Court commented that it has decided seven cases involving similar captive insurance arrangements, all decided…
State Insurance Regulators Wrapping up Preliminary Guidance on Accelerated Underwriting
By Daniel Barry
Last week, both the New York Department of Financial Services (“DFS”) and the National Association of Insurance Commissioners (“NAIC”) acted on official guidance pertaining to accelerated underwriting by life insurance companies. DFS formally adopted Insurance Circular Letter No. 7 (2024)…
NY Prohibits Affordable Housing Status as Rating Factor in Commercial Property & Casualty Policies While New Jersey Issues Bulletin and Survey
By Daniel Barry
On June 24, 2024, the New York Department of Financial Services (“DFS”) issued Insurance Circular Letter No. 6 (2024),[1] informing property and casualty insurers writing and delivering commercial property and liability insurance policies in New York, including excess/surplus…
State Regulators Concerned Insurance Carriers Are Quietly Exiting Lines of Business
By Daniel Barry
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. Other states around the country are also…
You’re Invited: Locke Lord and FTI Consulting Present a Webinar – Recognizing and Resolving Financial and Legal Issues Encountered by Distressed Health Care Businesses
Please join Locke Lord and FTI Consulting for a complimentary webinar series on market influences and legal and regulatory issues impacting the health care industry in 2024. Over the next several months, we will explore the current deal-making environment, the…
NAIC Privacy Protections Working Group Takes First Step on Its New Path Forward
By Daniel Barry
The Privacy Protections (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) met on Wednesday June 12, 2024, to consider which proposed path forward to pursue as it considers a new NAIC privacy model presumably for all licensed…
NAIC Privacy Protections Working Group’s Path Forward
By Daniel Barry
Yesterday, the Privacy Protections (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) held its first meeting since the Spring National Meeting in March. The working group seeks public comment on its path forward as it reconsiders its…
How Will the NAIC Regulate Third-Party Data and Modeling Vendors?
By Daniel Barry
Over the weekend, the NAIC’s Third-Party Data and Models (H) Task Force released for a 30-day comment period (the comment period expires Monday May 6, 2024) a proposed work plan to develop a framework for the regulatory oversight of “third-party…