On July 16, 2024, the Connecticut Department of Insurance (the “Department”) issued a press release announcing that Governor Ned Lamont has signed Public Act No. 24-138, “An Act Concerning Insurance Market Conduct and Insurance Licensing, the Insurance Department’s Technical Corrections and Other Revisions to the Insurance Statutes and Captive Insurance”, (the “Act”) into law. According to the Department, the Act furthers Connecticut’s commitment to the captive insurance industry, and the “new legislation underscores Connecticut’s dedication to fostering a business-friendly regulatory environm ..read more

Last week, both the New York Department of Financial Services (“DFS”) and the National Association of Insurance Commissioners (“NAIC”) acted on official guidance pertaining to accelerated underwriting by life insurance companies. DFS formally adopted Insurance Circular Letter No. 7 (2024), which establishes principles for when insurance carriers use artificial intelligence in underwriting and pricing, and clarifies the pre-existing Insurance Circular Letter No. 1 (2019), which chiefly concerns external data sources and “expedited, accelerated or algorithmic underwriting process[es] in lieu of ..read more

It has been heavily covered in national news media that property & casualty insurers have been withdrawing from certain business lines, in particular homeowners, in states such as California, Florida, Louisiana, and Texas. Other states around the country are also experiencing heightened numbers of insurance carriers exiting some markets. In response states have been addressing different aspects of insurance carrier withdrawal in various ways. For instance, last fall, Connecticut[1] issued a Bulletin which requires property & casualty insurers that discontinue or substantially reduce “w ..read more

The Privacy Protections (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) met on Wednesday June 12, 2024, to consider which proposed path forward to pursue as it considers a new NAIC privacy model presumably for all licensed insurance entities and insurance lines of business. Readers will recall that last month, the working group posed to the public a two-part question should the working group: (i) continue its work on a combined unitary draft Model 674[1] which would replace Models 670[2] and 672[3] as a unitary model applicable to all licensees and lines of bu ..read more

On May 24, 2024, the Massachusetts Division of Insurance (the “Division”) issued Insurance Bulletin 2024-06, “inducements, rebates and affiliated entities” (the “Bulletin”). The Bulletin is addressed to “all licensed insurance companies and insurance producers.” The Division issued the Bulletin to “remind insurance companies, officers thereof, and insurance producers authorized to operate in Massachusetts” that Massachusetts law[1] prohibits, as an unfair or deceptive act or practice in connection with the transaction of insurance business, insurance companies, officers, and producers from “pa ..read more

On May 23, 2024, the New York Department of Financial Services (the “Department”) issued Insurance Circular Letter No. 3 (the “Letter”). The Letter is addressed to “all insurers authorized to write property/casualty insurance in New York State, the New York Property Insurance Underwriting Association [‘NYPIUA’], and rate service organizations.” The purpose of the Letter is to “encourage all insurers authorized to write property/casualty insurance in New York State (‘insurers’) to offer loss mitigation tools and services to insureds for free or a reduced fee…and to encourage insurers, the [NYPI ..read more

On May 21, 2024, the DC Insurance Commissioner, Karima M. Woods, issued Bulletin 24-IB-002-05/21 on the Use of Artificial Intelligence Systems in Insurance to all Insurers licensed to do business in the District of Columbia. Read the Bulletin. This brings the total to 12 jurisdictions that have adopted the NAIC Model Bulletin on the Use of AI Systems in Insurance. The following have also been adopted: Alaska: Bulletin B 24-01 – Adopted February 1, 2024 Connecticut: Bulletin No. MC-25 – Adopted February 26, 2024 Illinois: Company Bulletin 2024-08 – Adopted March 13, 2024 Kentucky: Bulletin No ..read more

Join Locke Lord, InsurTechNY and InsurTech Hartford for their next InsurTech Legal Academy webinar series on legal and regulatory issues ‎impacting the InsurTech industry. Each quarter, we tackle a new important topic impacting InsurTechs. This webinar will address the potential impact of AI Regulation on InsurTechs and give an overview of recent AI regulatory initiatives at the NAIC, state and federal levels. Wednesday, June 12 1:00 PM ET – Noon CT – 10:00 AM PT Register for this complimentary webinar. CLE is approved in CA, IL, TX and NY “Areas of Professional Practice” credit. Other states ..read more

Yesterday, the Privacy Protections (H) Working Group of the National Association of Insurance Commissioners (“NAIC”) held its first meeting since the Spring National Meeting in March. The working group seeks public comment on its path forward as it reconsiders its options for revising the NAIC’s existing privacy framework. Multiple options are being considered. Firstly, should the working group continue the work it paused last year on the proposed unitary privacy model #674[1]? Alternatively, should the working group revise either or both of the existing privacy models #670[2] and/or #672[3 ..read more

We are happy to provide the 2024 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year. The website provides you with the ability to click on the states and territories of interest to view the updates, and a PDF of the entire manual. We sincerely trust you will find this manual to be a valuable desk reference and would be pleased to respond to any of your questions regarding its contents. The post Excess and Surplus Lines Law Manual 2024 Update a ..read more