On Wednesday February 22, 2023, the National Association of Insurance Commissioners (“NAIC”) Accelerated Underwriting (A) Working Group exposed for a 45-day comment period draft regulatory guidance while simultaneously exposing for a 30-day comment period a referral to the Market Conduct
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A New Type of ILS Investment – Cyber Insurance CAT Bonds
Specialty insurer Beazley sponsored the first Cyber Insurance Catastrophe (CAT) bond recently, a new type of ILS or insurance linked security issued by a Bermuda entity. They announced the $45 million private placement on January 9, 2023. The bonds provide…
New NAIC Leadership for 2023
Last month the members of the National Association of Insurance Commissioners (“NAIC”) elected new leadership from amongst their membership for 2023. Missouri Director Chlora Lindley-Meyers is the new President and the first woman of color elected to that position. Connecticut…
LL Surplus Lines Series (Entry 35): Surplus Lines Working Group Exposes Changes to IID Plan of Operation for Alien Insurers
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 domiciled outside the U.S. (alien) participating in the U.S. insurance…
Locke Lord to Sponsor The Insurance Forum on November 2
Locke Lord is a proud sponsor of The Insurance Forum on November 2, 2022 in Chicago. The program is offered in person and virtually. Locke Lord Partner Patrick Byrnes will moderate, and Senior Counsel Kenneth Suh and Associate Alexander Cox…
Locke Lord to Sponsor The Insurance Forum November 2
Locke Lord is a proud sponsor of The Insurance Forum on November 2, 2022 in Chicago. The program is offered in person and virtually. Locke Lord Partner Patrick Byrnes will moderate, and Senior Counsel Kenneth Suh and Associate Alexander Cox…
National Conference of Insurance Legislators Condemns Life Insurers Life Settlement-Like Transactions
At the recent Summer 2022 NCOIL Meeting held in Jersey City, New Jersey, the National Conference of Insurance Legislators adopted a resolution admonishing certain life insurance carriers recent so-called “enhanced cash surrender value” transactions. In these transactions, a life insurance…
National Council of Insurance Legislators Condemns Life Insurers Life Settlement-Like Transactions
At the recent Summer 2022 NCOIL Meeting held in Jersey City, New Jersey, the National Council of Insurance Legislators adopted a resolution admonishing certain life insurance carriers recent so-called “enhanced cash surrender value” transactions. In these transactions, a life insurance…
Financial Stability Oversight Council (FSOC) Releases 2022 Climate Progress Fact Sheet and Announces Climate Data and Analytics Pilot Program
In October 2021, the Financial Stability Oversight Council (FSOC) published its inaugural Report on Climate-Related Financial Risk making over 30 recommendations to U.S. state and federal financial regulators on how best to identify and address climate-related risks to the financial…
N.Y. DFS Issues 2021 Update on New York Domestic Insurers’ Management of the Financial Risks from Climate Change
The New York Department of Financial Services (DFS) issued its 2021 Update on New York Domestic Insurers’ Management of the Financial Risks from Climate Change, analyzing 2021 survey responses from the National Association of Insurance Commissioners (NAIC) Climate Risk…