The 2025 National Association of Insurance Commissioners (NAIC) President and North Dakota Insurance Commissioner Jon Godfread has stated that: “As state insurance regulators and NAIC Members, our efforts are anchored by two core principles: maintaining fair, sound, and stable insurance markets, and protecting and educating consumers.” One of the stated four 2025 NAIC initiatives[1] is ..read more

On February 11, New Jersey Banking and Insurance Commissioner Zimmerman issued Bulletin 25-03 regarding the use of artificial intelligence systems (AIS) in insurance, applicable to all insurers authorized or admitted in New Jersey. New Jersey becomes the 23rd state to adopt the bulletin based on the NAIC Model Act on the Use of AIS by ..read more

The past year once again saw a breadth of court decisions addressing a wide variety of directors and officers and professional liability insurance coverage issues. At various levels, state and federal courts across the country issued notable decisions in this arena. In this report, we focused on topics we believe will continue to be important ..read more

On February 5, Delaware joined 21 jurisdictions who adopted guidance similar to the NAIC Model Bulletin on the Use of Artificial Intelligence (AI) Systems by Insurers in 2024, and four additional jurisdictions have otherwise issued guidance or regulation. In addition to other detailed guidance, Bulletin No. 148 also reiterates the Delaware Department of Insurance’s authority ..read more

On February 3, the Hawaii Insurance Division issued a press release stating that Insurance Commissioner Gordon Ito has retired as of January 31. Ito served in the division for 31 years in various capacities, including as commissioner for 10 years. He also served under four Hawaii governors and was most recently appointed by current Governor ..read more

On October 16, 2024, the NY DFS issued an Industry Letter that explaining “how Covered Entities should use the framework set forth in Part 500 to assess and address the cybersecurity risks arising from AI.” The post NY DFS Issues an Industry Letter Regarding AI Cyber Guidance appeared first on Insurance & Reinsurance ..read more

Last month, the Internal Revenue Service (the “IRS”) notched another win at the U.S. Tax Court (the “Tax Court”). In its opinion, the Tax Court commented that it has decided seven cases involving similar captive insurance arrangements, all decided in favor of the IRS. The usual red flags pertaining to circular funds, premium calculations independent of loss experience, and sudden increase in claims following IRS inquiry are all present. In this instance, the Tax Court considered a new factor – the tribal domicile. The post IRS Wins Against Tribal-Domiciled Captive Insurer appeared first on Ins ..read more

On October 10, 2024, the Iowa Insurance Division released for comment a proposed AI Bulletin based upon the NAIC AI Model Bulletin. The post Iowa Insurance Division Releases Proposed AI Bulletin for Comment appeared first on Insurance & Reinsurance ..read more

On October 3, Governor Maura Healey appointed Michael T. Caljouw as the new Commissioner of the Massachusetts Division of Insurance (DOI). Starting November 4, 2024, Caljouw will bring over 30 years of experience in insurance law, policy, and regulatory affairs to lead one of the country’s largest insurance markets. The post Massachusetts Appoints New DOI Commissioner: Michael Caljouw appeared first on Insurance & Reinsurance ..read more

2024 Insurance Forum October 30, 2024 / 9:00 AM -3:30 PM Offices of Locke Lord LLP, 111 S. Wacker Drive, 41st Floor, Chicago, IL 60606 In Person Only Locke Lord is proud to sponsor and host the 2024 Insurance Forum in the Chicago office on October 30. Paige Waters will moderate a panel that will […] The post You’re Invited: Complimentary 2024 Insurance Forum appeared first on Insurance & Reinsurance ..read more