Concerned about anecdotal evidence of diminishing availability of property insurance coverage in areas subject to disasters exacerbated by climate change, the Treasury Department announced on Thursday, June 7, that it is planning to launch the first nationwide assessment of insurers’
Locke Lord
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NAIC Insurance Data Security Model Law Update: Vermont Becomes 22nd State
Vermont Governor Scott signed the Vermont Insurance Data Security Law (available here) (the “VIDSL”), becoming the 22nd state to adopt a cybersecurity statute based on the National Association of Insurance Commissioners Insurance Data Security Model Law (NAIC Model 668). …
California Department of Insurance Releases its Climate Risk & Resilience Analysis Survey
On April 18, 2022, the California Department of Insurance (“CDI”) released its Climate Risk & Resilience Analysis Survey performed by S&P Global Market Intelligence. The survey’s analysis assessed insurer investment portfolios from December 2018 to December 2019 and reviewed insurer…
Connecticut Department of Insurance Proposes Guidance on Climate Change Financial Risk
Following on the heels of the New York Department of Financial Services (“NYDFS”), the National Association of Insurance Commissioners (“NAIC”) and the U.S. Security and Exchange Commission (“SEC”), the Connecticut Department of Insurance on April 22, 2022 proposed guidance for…
Connecticut and the UK Create “InsurTech Corridor” Partnership
By Jeffrey Bohn
On March 10, 2022, the UK government and the state of Connecticut entered into a formal agreement, dubbed Project “InsurTech Corridor” (the “Project”), that is intended to remove barriers to doing business as an insurtech in each jurisdiction. The Project…
What the 6th International Climate Report Says to Insurers
The Intergovernmental Panel on Climate Change (IPCC) has been publishing assessment reports describing expected climate change impacts and risks since 1990 and has warned of the growing risks from climate change in each report. With input from over 670 leading…
Recent Reports Highlighting ESG in the Insurance Industry
Reports in the first month of 2002 by accounting firms and academics are highlighting key ESG issues for the insurance industry. Deloitte released its 2022 CxO Sustainability Report, which offers a glimpse into the key ESG issues companies should consider…
State Senate Confirms Gov. Hochul’s Pick to Head NY Department of Financial Services
By Jared Wilner
On Tuesday, January 25th, the New York State Senate voted to confirm Adrienne Harris as Superintendent of the New York State Department of Financial Services (the “NY DFS”). Harris had served as acting superintendent of the NY DFS since being…
The Last Word
Arbitration awards may only be vacated in certain limited circumstances.
A recent decision by the Supreme Court of Georgia is a reminder of the standard required to overturn an arbitration award. In Adventure Motorsports Reinsurance Ltd. v interstate National Dealer…
New York Releases Final Guidance for Insurers on Managing the Financial Risks from Climate Change
Following up on proposed guidance released in March, the New York Department of Financial Services (“DFS”) on November 15 released “Guidance for New York Domestic Insurers on Managing the Financial Risks from Climate Change”. Describing climate change as…