Category: Regulatory / Legal

July 19, 2024

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), which […]

July 10, 2024

Coal-fired power plants have been required to remediate certain coal ash-related groundwater impacts—see 40 C.F.R., part 257—since the rule became effective in October 2015. EPA’s amendments to the CCR rule subject legacy CCR units and CCR management units (CCRMU) to […]

July 2, 2024

On June 24, Gov. Kathy Hochul announced guidance issued by NYDFS in Circular Letter No. 6 (2024) informing insurers and related parties that, under the new Insurance Law § 3462, making coverage decisions based on a property’s status as an affordable housing development or […]

May 30, 2024

Captive insurance companies are likely exempt from filing a Beneficial Ownership Information (BOI) Report under the insurance company exemption to the Corporate Transparency Act (CTA). Likewise, companies that are owned by captive insurance companies are likely exempt from filing a […]

May 29, 2024

The Pennsylvania Insurance Department (PID) is reminding insurers of their obligation to conduct a physical inspection to confirm the type and extent of damage to a roof supposedly evidenced by aerial imagery. The regulatory agency said it has received consumer […]

May 23, 2024

Analysts at J.P. Morgan highlight a potential positive of the July general election in the UK, stating that it could accelerate positive regulatory change that could ultimately support the country’s insurance industry. Although neither manifesto commitment from the two parties […]

May 15, 2024

If you’ve suffered any type of personal injury that leaves you with large medical bills, lost wages, pain and suffering, and other damages, you may be able to file suit against the insurance company of the negligent party. But one […]

May 9, 2024

Governor of Louisiana, Jeff Landry, alongside Commissioner Tim Temple, Senate Insurance Chairman Kirk Talbot, House Insurance Chairman Gabe Firment, and other lawmakers, signed four insurance reform bills at the State Capitol aimed at stabilising Louisiana’s property insurance market. Landry expressed […]

May 7, 2024

Hong Kong and the mainland China city and financial hub of Shanghai are looking to co-operate on a range of financial initiatives, with one of them being insurance-linked securities (ILS). Representatives of the respective governments, financial regulators and exchanges met […]

May 6, 2024

As expected, the Biden administration has issued final rules that overturn regulations adopted under the prior administration on association health plans and short-term, limited-duration insurance (STLDI). The new rules restore rules that were in effect prior to the adoption of […]

April 29, 2024

The Florida Supreme Court has given auto insurers more flexibility in reducing payments for medical services under the state’s no-fault auto insurance law and may have finally put to rest years of questions about the much-debated statute. In answering a […]

April 24, 2024

In its latest US Life & Health Insurance update, Moody’s analysts have highlighted improving capital risks transparency as regulators top priority as well as their concern regarding the increase in the use of offshore reinsurance by life insurers. “This year […]

April 23, 2024

Three investment firms connected to some of the best-known names on Wall Street have upped the ante in a legal dispute over now-insolvent Lighthouse Property Insurance Corp., based in Tampa. Fortinbras Enterprises, the managing partner of which is the well-known […]

April 19, 2024

A federal appeals court has sided with three chiropractors in ruling that claims under New Jersey’s personal injury protection statute concerning insurance fraud are subject to arbitration. GEICO has lost its bid to pursue litigation alleging fraud against the chiropractors. […]

April 18, 2024

The “Ensuring Access to Risk Management Act of 2024” has been introduced in the US House of Representatives, aiming to address compensation issues for crop insurance agents by reinstating an inflation adjustment that was halted in 2016. The bipartisan bill, […]

April 10, 2024

In a recent survey conducted by Airmic, it was revealed that 59% of participants view the ethical concerns posed by artificial intelligence (AI) as part of a broader category of ethical risks within their organisations. The findings also showed a […]

April 4, 2024

The Florida insurance market continues to strengthen, showing signs that recent legislation is having positive impacts on the property insurance market, according to the state’s Insurance Commissioner Michael Yaworsky. Yaworsky’s comments stem from the Florida Office of Insurance Regulation’s (OIR) […]

March 22, 2024

In 2023, North Carolina passed notable legislative changes to the State’s car insurance laws, increasing the minimum limits on liability insurance policies for the first time in nearly 25 years and removing the setoff for underinsured motorist (UIM) policies. The […]

March 11, 2024

The U.S. Federal Emergency Management Agency (FEMA) has obtained reinsurance coverage through insurance-linked securities (ILS) reinsurance for the seventh time by entering a three-year reinsurance agreement, securing $575 million of coverage for the National Flood Insurance Program (NFIP). FEMA entered […]

March 8, 2024

The US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a collaborative effort […]