News & Analysis as of

Insurance Industry New Amendments

McDermott Will & Schulte

NAIC Summer National Meeting: Financial Condition (E) Committee advances formation of new Reciprocal Exchanges (E) Working Group...

Earlier this year, noting “the recent increase in the number of reciprocal exchanges being formed and challenges in assessing the fairness and reasonableness of attorney-in-fact fees being charged to the newly formed...more

Eversheds Sutherland (US) LLP

NYDFS proposes reinsurance amendments to remain compliant with NAIC accreditation standards and modify reciprocal jurisdiction...

On April 24, 2024, the New York State Department of Financial Services (NYDFS) published Proposed Rule Making for the 13th Amendment to Insurance Regulation 17, 20 and 20-A (Proposed Amendment), which purports to implement...more

Proskauer - Health Care Law Brief

Long Awaited Approval of the 1115 Waiver Amendment for NYS Medicaid – Just in Time for the New York State Executive Budget State...

On Tuesday, January 16, 2024, Governor Kathy Hochul released the SFY 2025 New York State Executive Budget (“Executive Budget”). While still subject to legislative approval, the Executive Budget incorporates the recently...more

Seward & Kissel LLP

Changes to FDIC Insurance of Trust Accounts Effective April 1, 2024

Seward & Kissel LLP on

As described in our previous client memo in May 2022, the FDIC is amending its regulations governing deposit insurance to merge the revocable and irrevocable trust deposit insurance categories into one “trust accounts”...more

Mitchell, Williams, Selig, Gates & Woodyard,...

National Association of Insurance Commissioners (NAIC) 2022 Summer Meeting Summary

The Mitchell Williams Insurance Regulatory team of lawyers recently attended the National Association of Insurance Commissioners (NAIC) 2022 Summer National Meeting which was held in Portland, Oregon on August 9-13th. We have...more

Conyers

UPDATE - Effective Date for Amendments to Investment Business Act 2003

Conyers on

We refer to the Conyers June 2022 alert in relation to upcoming amendments to the Investment Business Act 2003 (the “IBA”). As noted, the Investment Business (Amendment) Act 2022 was passed on 1 April, 2022 amending the IBA....more

Pillsbury Winthrop Shaw Pittman LLP

New York Amends Recently Enacted Comprehensive Insurance Disclosure Act Requirements

Defendants in New York state court must now produce insurance information in newly filed lawsuits within 90 days of answering the complaint. While the extent of the insurance disclosure requirements has been narrowed, and...more

Harris Beach Murtha PLLC

New York State Comprehensive Insurance Act and Amendments to CPLR 3101(f) Implicate Defendants’ Disclosure Obligations in Civil...

The New York State Comprehensive Insurance Disclosure Act is now in effect. The Act amends CPLR 3101(f), governing disclosure of insurance policy information by defendants and similarly situated parties such as third-party...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Texas Department of Insurance Adopts Changes to Prompt Pay Reporting Requirements

The Texas Department of Insurance (the “Department”) announced earlier today that it has formally adopted its proposed changes to 28 Tex. Admin. Code § 21.2821, which lays out the prompt pay reporting requirements for managed...more

Carlton Fields

Puerto Rico Addresses Impact of the NRRA

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The Nonadmitted and Reinsurance Reform Act of 2010 (“NRRA”) provisions are applicable in Puerto Rico. The Office of the Commissioner of Insurance issued a circular letter setting forth the standards for the placement of...more

Troutman Pepper Locke

Excess and Surplus Lines Laws in the United States

Troutman Pepper Locke on

PREFACE THE NRRA TODAY - The Nonadmitted and Reinsurance Reform Act (“NRRA”) came into effect on July 21, 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The purpose of the NRRA was to create...more

Carlton Fields

Louisiana And North Dakota Adopt Amendments Related To Nonadmitted And Reinsurance Reform Act Of 2010

Carlton Fields on

Louisiana and North Dakota amended their surplus lines statutes in line with the Nonadmitted and Reinsurance Reform Act of 2010 (the “NRRA”), which was included in the Dodd-Frank Wall Street Reform and Consumer Protection Act...more

Carlton Fields

Montana Law Revised To Allow Captives To Organize As Limited Liability Companies

Carlton Fields on

On April 28, 2015, Montana Governor Steve Bullock signed into law amendments to Montana’s law regarding captive insurers. Significantly, the amendments make it possible for public entities in Montana to set up captives....more

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