On July 16, 2024, the Connecticut Department of Insurance (the “Department”) issued a press release announcing that Governor Ned Lamont has signed Public Act No. 24-138, “An Act Concerning Insurance Market Conduct and Insurance Licensing, the Insurance Department’s Technical Corrections
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.
Website:
https://lockelord.com
Latest from Locke Lord - Page 5
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…
Nebraska Adopts AI Guidance
On June 11, 2024, the Nebraska Insurance Department issued Guidance IGD-H1 on the Use of AI By Insurers. This brings the total to 13 jurisdictions that have adopted the NAIC Model Bulletin on the Use of AI Systems in Insurance.…
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…
Massachusetts Issues Insurance Bulletin Discussing Inducements, Rebates and Affiliated Entities
By Jeffrey Bohn
On May 24, 2024, the Massachusetts Division of Insurance (the “Division”) issued Insurance Bulletin 2024-06, “inducements, rebates and affiliated entities” (the “Bulletin”). The Bulletin is addressed to “all licensed insurance companies and insurance producers.” The Division issued the Bulletin to…
New York Department of Financial Services Issues Guidance on Insurance Loss Mitigation Tools and Services
By Jeffrey Bohn
On May 23, 2024, the New York Department of Financial Services (the “Department”) issued Insurance Circular Letter No. 3 (the “Letter”). The Letter is addressed to “all insurers authorized to write property/casualty insurance in New York State, the New York…
DC Adopts Bulletin 24-IB-002-05/21 on the Use of Artificial Intelligence Systems in Insurance
On May 21, 2024, the DC Insurance Commissioner, Karima M. Woods, issued Bulletin 24-IB-002-05/21 on the Use of Artificial Intelligence Systems in Insurance to all Insurers licensed to do business in the District of Columbia.
Read the Bulletin.
- This
…