On April 19, 2022, the New York Department of Financial Services (“NY DFS”) issued Insurance Circular Letter No. 5 (2022) (the “Letter”).  The Letter, entitled “Acquisitions of Control and Disclaimers of Control”, was addressed to all New York domiciled insurers…

The NAIC adopted at its April 7 meeting the recommendations of its Climate Risk & Resiliency Task Force to revise its Climate Risk Disclosure Survey.  As we described in our Locke Lord QuickStudy: Insurers Hit with Two Climate Disclosure Developments…

On April 5, 2022, the Delaware Senate narrowly passed Senate Bill 231 (the “Bill”), which would prohibit authorized insurers in Delaware from using gender, gender identity, or sex as a rating factor in personal automobile insurance policies.  The Bill would…

On March 21, the Securities and Exchange Commission and the National Association of Insurance Commissioners both proposed significant revisions to climate disclosure rules. If adopted, these rules would require affected insurers to disclose climate-related risk assessments and management at the…

The Illinois House of Representatives has passed a new bill, HB 5534, entitled the Insurance Business Transfer Act (the “IL IBT Act”), to address the current significant limitations that are in place concerning the sale and transfer of blocks of…

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…

Michael Humphreys, the Pennsylvania Insurance Department’s Chief of Staff, has been named the acting Pennsylvania Insurance Commissioner following the departure of Insurance Commissioner Jessica Altman on February 25th.  Mr. Humphreys was previously the Assistant Commissioner of Tennessee Department of Commerce…