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Insurance Industry › Regulatory Oversight › State and Local Government

Troutman Pepper Locke

New York Legislators Investigate Residential Property Insurance

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In a press release published August 25, New York Senators James Skoufis, Jamaal Bailey, and Brian Kavanagh announced a joint investigation into residential property insurance. The purpose of the investigation is “to identify...more

Foley & Lardner LLP

Virginia Bureau of Insurance Issues Updated Guidance Regarding Minimum Capital and Surplus, Seasoning, and Procedures for...

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On August 6, the Virginia Bureau of Insurance (BOI) issued Administrative Letter 2025-03 (the Letter) to all companies seeking to be licensed as insurers in Virginia. The Letter addresses requirements for domestic, foreign,...more

Carlton Fields

New Mexico Adopts NAIC Credit for Reinsurance Model Regulation

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Effective July 24, 2018, New Mexico adopted the NAIC Credit for Reinsurance Model Regulation. New Mexico adopted the Model Rule as “part of a broad effort to modernize reinsurance regulation and to conform with the...more

Carlton Fields

Alaska Follows Other States In Adopting Law Based On Updates To NAIC Credit For Reinsurance Model Law

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On July 13, 2018 Alaska became the last state to incorporate amendments to the NAIC Credit for Reinsurance Model Law into its insurance code when Governor Bill Walker (I) signed House Bill 401 into law....more

Carlton Fields

State Suitability, Fiduciary Duty and Disclosure Initiatives Roundup

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States are stampeding to impose additional duties on those who provide financial advice or make recommendations to consumers. Some of these initiatives result from the states’ belief that action is required to wrangle...more

Carlton Fields

Wyoming Enacts Legislation And Adopts New Regulations Governing Credit For Reinsurance And Term And Universal Life Insurance...

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New regulations relating to credit for reinsurance and term and universal life insurance reserve financing took effect in Wyoming on November 30, 2017. The regulations implement amendments to Wyoming statutes that took effect...more

Carlton Fields

Preparing for New York Regulation 210’s Effective Date

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The Preamble to New York’s Regulation 210 (the "Regulation") contains a March 19, 2018 effective date. However, the Regulation’s scope paragraph supports an interpretation that the Regulation’s requirements apply only when an...more

Carlton Fields

California DOI Amends Regulation Of Reinsurance

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The California Department of Insurance (DOI) has adopted a set of amendments, effective January 1, 2018, to its regulations regarding reinsurance accounting, agreements and oversight. These changes were made to conform the...more

Carlton Fields

Connecticut Insurance Department Issues Two Bulletins

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The Connecticut Insurance Department recently issued two bulletins, both of which mandate financial reporting by insurers to the Department....more

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