On May 2, 2025, the Florida Senate voted to pass Senate Bill (SB) 1549, which would repeal the requirement for insurance producers to perform a diligent search of the admitted market before placing Florida risks with a...more
In September 2017, the European Union and the United States executed a bilateral treaty called the US-EU Covered Agreement, which for the first time ever permitted US ceding insurers to receive 100% credit on their statutory...more
The concept of “control” of insurers received significant attention from state insurance regulators last year and will receive even more in 2023. We wrote a brief report in April 2022 following the New York Department of...more
2/7/2023
/ Acquisitions ,
Banking Sector ,
Financial Services Industry ,
Insurance Industry ,
Insurance Regulations ,
Investment Management ,
Investors ,
NAIC ,
New York ,
NYDFS ,
Private Equity ,
Regulatory Oversight ,
Shareholder Rights
In our report published on April 26, 2022, we discussed the New York Department of Financial Services’ (NYDFS) Circular Letter No. 5 in which it reminded the industry that acquiring less than 10% of an insurer’s voting...more
5/6/2022
/ Corporate Counsel ,
Corporate Governance ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Documentation ,
Holding Companies ,
Insurance Industry ,
NAIC ,
New York ,
NYDFS ,
Private Equity ,
Reinsurance Agreements ,
Working Groups
On April 19, 2022, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 5, reminding owners and potential purchasers of shares of insurance companies that acquiring less than 10% of the company’s...more
For much of the past 10 years, the National Association of Insurance Commissioners (NAIC) and individual state insurance regulators have highlighted their awareness of the increasing number of insurers controlled by private...more
The US Department of the Treasury (Treasury) published an official notice on November 10, 2020, seeking comments from interested parties on proposed new rules promulgated under the latest version of the Terrorism Risk...more
On Thursday, November 5, the California Department of Insurance (CDI) issued the long-awaited Bulletin 2020-11, implementing the 2020 wildfire season’s targeted moratorium on cancellations and nonrenewals based on wildfire...more
On Friday, October 2, Insurance Commissioner Ricardo Lara of the California Department of Insurance (“Department”) published a Notice addressed to and making several “requests,” detailed below, of both admitted and...more
“Bankruptcy is about financial death and financial rebirth. Bankruptcy is the great American story rewritten. We’re a nation of debtors.” -Elizabeth Warren
Amid the Coronavirus (COVID-19) pandemic and related economic...more
A bill to establish a Federal Pandemic Risk Reinsurance Program could be introduced as early as this month. The proposed program would cover insured losses arising from public health emergencies...more
With the recent news that the Association of British Insurers (ABI) has called for new rules to reflect the increased use of AI and machine learning in the insurance industry, comes a reminder that there is still a...more
3/3/2020
/ Algorithms ,
Artificial Intelligence ,
Bank of England ,
Big Data ,
Department of Insurance ,
Financial Conduct Authority (FCA) ,
Insurance Industry ,
Machine Learning ,
NYDFS ,
Privacy Laws ,
Regulatory Agenda ,
Regulatory Standards ,
UK ,
Underwriting