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Penalties Insurance Industry

Pillsbury Winthrop Shaw Pittman LLP

NYDFS Imposes $2M Penalty for Violations of its Cybersecurity Regulation

The New York State Department of Financial Services (NYDFS) announced on August 14, 2025, resolution of civil enforcement action requiring Healthplex, Inc., a licensed insurance agent and independent adjuster, to pay a $2...more

Foley & Lardner LLP

Virginia Bureau of Insurance Issues Guidance Clarifying Material Change and Required Notifications for Managed Care Health...

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On July 22, the Virginia Bureau of Insurance (BOI) issued Administrative Letter 2025-02 (the Letter) to all licensed insurers writing Managed Care Health Insurance Plans (MCHIPs) in Virginia. The Letter clarifies what...more

Polsinelli

New Reporting Requirements for TPAs, PBMs and Insurers in Indiana

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Key Takeaways: Beginning July 1, 2025, PBMs, TPAs and insurers in Indiana must annually report certain ownership information to the Indiana Insurance Department....more

Polsinelli

Florida Regulatory Action Highlights Need for Insurers to Use Licensed TPAs

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Key Takeaways: A Florida-based Health Maintenance Organization (HMO) was fined for contracting with a Third Party Administrator (TPA) that was not licensed in Florida, violating its statutory obligation to ensure...more

Womble Bond Dickinson

Micro-Captive Reportable Transaction Deadline Effectively Extended

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On Friday, April 11, 2025, the Internal Revenue Service issued Notice 2025-24 (the “Notice”), which waives applicable penalties under the Internal Revenue Code to participants in, and material advisors to, reportable...more

Hogan Lovells

Italy postpones compulsory Nat Cat insurance requirement for SMEs

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To address concerns over the implementation timeline of compulsory natural catastrophe (Nat Cat) insurance introduced for Italian businesses with the 2024 Italian Budget Law, the Italian government has issued a Decree-Law...more

Faegre Drinker Biddle & Reath LLP

Affordable Care Act Penalty and Reporting Relief

The Employer Reporting Improvement Act and the Paperwork Burden Reduction Act (PBA), each signed into law in December 2024, provide the following penalty and reporting relief for plan sponsors required to provide minimum...more

Stikeman Elliott LLP

Alberta’s Insurance Regulators Tighten Registration Requirements for Motor Vehicle and Equipment Dealers Offering Warranties,...

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On December 19, 2024, the Alberta Superintendent of Insurance published a revised version of Bulletin 05-2024 (“Superintendent’s Bulletin”) on the treatment of motor vehicle warranty contracts, dealership loyalty programs and...more

Guidepost Solutions LLC

The Hidden Dangers of Unregulated AI: How Governance Protects Your Business

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A recent survey by Compliance Week revealed that nearly 70 percent of organizations use AI, but do not have adequate AI governance. This is shocking. But the most alarming part is that these organizations do not perceive that...more

Bass, Berry & Sims PLC

International Trade Enforcement Roundup – November 2024

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You are reading the November 2024 Update of the Bass, Berry & Sims Enforcement Roundup, where we bring notable enforcement actions, policy changes, interesting news articles, and a bit of our insight to your inbox. -...more

Conyers

Economic Substance Enforcement Regime Overview - Applicable to Insurance Entities

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It has now been over a year since the updated Enforcement Guidelines: Economic Substance (the “Guidelines”) were issued on 31 March 2023, outlining the enforcement powers and processes of the Cayman Islands Tax Information...more

Ankura

Protect Your Company Through Accurate and Timely Business Interruption Insurance Values and Exposure Analysis

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In an environment with persistent supply chain disruptions, price escalations, cyber-attacks, and natural disasters, businesses are facing risks that are more difficult to avoid. Financial losses resulting from a business...more

K&L Gates LLP

Brussels Regulatory Brief: Winter 2023-2024

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Antitrust and Competition - The European Court of Justice Held Rules Set by Sports Governing Bodies Must Comply With EU Competition Law - On 21 December 2023, the European Court of Justice (ECJ) held in a preliminary ruling...more

Flaster Greenberg PC

Corporate Transparency Act

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PLEASE TAKE NOTE: Beginning on January 1, 2024, the Corporate Transparency Act (“CTA”) goes into effect. The CTA imposes new federal reporting requirements on most organizations formed or doing business in the United States....more

Jenner & Block

Client Alert: Understanding Florida’s Insurer Accountability Act

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In a move aimed at strengthening consumer protection and improving insurer transparency, the state of Florida has implemented the Insurer Accountability Act, a bipartisan insurance law that introduces a range of new duties...more

White & Case LLP

Repos in Islamic Finance

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1. Why Repos are important for the Islamic finance industry - Islamic finance is a full-fledged financial system, including well-established banking, capital markets, money markets and insurance products and practices....more

Foley Hoag LLP

CFIUS Year in Review

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CFIUS reviewed a record number of transactions in 2021 according to its most recent annual report – and shows no signs of slowing down. High technology (including quantum computing), life sciences, and green energy...more

Maron Marvel

McDill Tenders in Louisiana: How An UM/UIM Insurer Can Avoid Penalties and Attorney’s Fees

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Louisiana insurers who provide uninsured/underinsured motorist coverage are often asked for a “McDill tender” by a claimant, and it’s important for the insurer to know its obligations when responding to such a request....more

Patterson Belknap Webb & Tyler LLP

New York DFS Announces Settlement With Insurance Company Under Cybersecurity Regulation

On April 14, 2021, the New York Department of Financial Services (“DFS”) announced a cybersecurity settlement with insurance company National Securities Corporation, which suffered four separate breaches, two of which went...more

Jones Day

JONES DAY PRESENTS®: Insurance Implications of the California Consumer Privacy Act

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Jones Day Insurance Recovery partner Rich DeNatale talks about insurance implications for clients subject to the California Consumer Privacy Act ("CCPA"), including policy limits and coverage for statutory damages. The CCPA...more

Haight Brown & Bonesteel LLP

Court Upholds Insurance Commissioner’s Penalties for Broker’s Fees, Which Constituted Premiums in Excess of Approved Rates

In Mercury Insurance Co. v. Lara (No. G054496, filed 5/7/19), a California appeals court ruled that the California Insurance Commissioner had the authority to impose penalties of $27,593,550 against Mercury Insurance Company...more

Michigan Auto Law

Let’s stop the widow penalty by insurance companies

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Under the widow penalty, insurance companies charge women as much as 200% more; HB 5111 will stop women from being discriminated against by auto insurers - The widow penalty is one of the cruelest and most shameful things...more

Zelle  LLP

Insurance Takeaways From Texas’ New Hailstorm Bill

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On Feb. 1, 2017, the Texas Department of Insurance published the results of its presentation to the Texas Legislature titled: “Interim Charges: The Cost of Weather-Related Property Claims and Related Litigation.” Notably, the...more

Proskauer Rose LLP

Regulation Round Up - February 2017

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The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

Mintz - Privacy & Cybersecurity Viewpoints

Insurance Regulators Fine Tuning Cybersecurity Guidance

You may not realize how much personal information your insurance company has about you. Scarier still is that much of this data is sensitive and valuable to hackers – such as your Social Security number, financial...more

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