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
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New NAIC Leadership for 2023
By Daniel Barry
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…
Update: LL Surplus Lines Series (Entry 35): Surplus Lines Working Group Exposes Changes to IID Plan of Operation for Alien Insurers
At the December National Association of Insurance Commissioners (NAIC) Fall National Meeting, the Surplus Lines Working Group adopted changes to the IID Plan of Operation. The updated Plan of Operation incorporates, among others, the changes noted in our October posting…
Complimentary Webinar: Developments in State Privacy Requirements for Connecticut Businesses
By Locke Lord
Locke Lord and the Association of Corporate Counsel – CT Chapter will host a complimentary webinar titled “Developments in State Privacy Requirements for Connecticut Businesses” on December 14, 2022.
Theodore Augustinos, Partner and Co-Chair of the Privacy & Cybersecurity Practice…
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…
Texas Department of Insurance Adopts New Group Capital Calculation Rule
By Brittany Batts & Jon Gillum
The Texas Department of Insurance (“TDI”) adopted a new group capital calculation filing requirement that is effective on November 7, 2022. The new rule, found in 28 Texas Administrative Code §7.215 (“Section 7.215”), is based on the National Association Insurance…
Illinois to Participate in the Climate Risk Disclosure Survey
By Jeffrey Bohn
On October 13, 2022, the Illinois Department of Insurance (the “Department”) issued Company Bulletin 2022-16 (the “Bulletin”). The Bulletin is addressed to all domestic insurers and advises that the Department will now participate in the National Association of Insurance Commissioners…
LL Surplus Lines Series (Entry 34): Nonadmitted Model Act Moves Closer to Adoption; A Couple of Issues Remain Unresolved
On October, 17, 2022, the National Association of Insurance Commissioners (NAIC) Surplus Lines Task Force held an interim meeting to discuss, among other agenda items, the draft changes to the Nonadmitted Insurance Model Act (#870). The Drafting Group presented the…
Locke Lord to Sponsor The Insurance Forum on November 2
By Locke Lord
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
By Locke Lord
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…