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Locke Lord LLP

Massachusetts Appoints New DOI Commissioner: Michael Caljouw

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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...more

Locke Lord LLP

Connecticut Enacts New Changes to Its Captive Insurance Laws

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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...more

Locke Lord LLP

State Regulators Concerned Insurance Carriers Are Quietly Exiting Lines of ‎Business

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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....more

Locke Lord LLP

Massachusetts Issues Insurance Bulletin Discussing Inducements, Rebates and Affiliated ‎Entities

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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...more

Locke Lord LLP

Kentucky Issues Bulletin 2024-02 on the Use of AI in Insurance

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On April 16, 2024, the Kentucky Department of Insurance issued Bulletin 2024-02 to all insurers licensed to do business in Kentucky regarding the Use of Artificial Intelligence Systems in the Business of Insurance effective...more

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Illinois Appoints New Insurance Director

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Effective April 15, 2024, Illinois will have a new Acting Insurance Director, Illinois State Senator Ann Gillespie....more

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Colorado Division of Insurance Holds Second Health Insurance Stakeholder Meeting for ‎Implementing AI Requirements

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On Tuesday, April 2, 2024, the Colorado Division of Insurance (“Division”) held its second Unfair Discrimination in Insurance Practices – Health Insurance Stakeholder meeting where the Division discussed efforts to develop...more

Locke Lord LLP

NAIC H Committee Pre-Fall National Meeting

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This coming Friday the Big Data & Artificial Intelligence (H) Working Group, the Privacy Protections (H) Working Group, and the Innovation, Cybersecurity, and Technology (H) Committee will all meet as part of the Fall...more

Locke Lord LLP

Texas Reduces Surplus Lines Stamping Fee

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The Texas Department Insurance (“TDI”) Commissioner Cassie Brown issued an order decreasing the surplus lines stamping fee from .075% to .04% of gross premium resulting from surplus lines insurance contracts. The decrease...more

Farella Braun + Martel LLP

Regulatory Changes Underway To Address Dwindling California Property Insurance Market

We keep hearing about how difficult it is for our clients to get property insurance these days, both for homes and businesses in Northern California’s wildfire-prone areas. Which, of course, is most of Northern California. ...more

Sheppard Mullin Richter & Hampton LLP

The Tide Shifts in California Covid Premium Refund Cases

In the wake of the Covid-19 pandemic lockdown orders, policyholders were driving less and insurance company severities and loss ratios were reduced. This resulted in a temporary increase in insurance company profits....more

Locke Lord LLP

Connecticut Expands Notice Requirements for Withdrawing From a Line of ‎Business

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Property and casualty insurance companies’ decisions to withdraw from certain lines of business, in jurisdictions such as California and Florida, has garnered a great deal of attention in recent months. The Connecticut...more

Eversheds Sutherland (US) LLP

Colorado Division of Insurance adopts final rule on use of big data and predictive models

The Colorado Division of Insurance (CDI) adopted a new regulation on September 21, 2023 (Final Regulation) establishing requirements governing the use of external consumer data and information sources (ECDIS), as well as...more

McGlinchey Stafford

Navigating the Complexities of Cannabis Insurance

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The cannabis industry, just like any other industry, requires insurance coverage. Insurance is often required for plant-touching businesses such as growers, processors, and dispensaries and is well-advised for ancillary...more

Locke Lord LLP

Connecticut Amends Its Captive Insurance Laws

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On June 23, 2023, the Connecticut Insurance Department (the “Department”) issued a press release announcing Governor Ted Lamont signed Public Act No. 23-15, An Act Concerning Captive Insurance Companies, (the “Act”) into law....more

Eversheds Sutherland (US) LLP

Colorado Division of Insurance proposes significant revisions to its draft algorithm and predictive model governance regulation...

On May 26, 2023, the Colorado Division of Insurance (CDI) exposed, for public review and comment, a significantly revised draft of its proposed regulation (the Revised Draft Reg.) addressing the governance and risk management...more

Locke Lord LLP

California Department of Insurance Issues Survey on Automated Decision Tools

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Last month, the California Department of Insurance sent a survey to more than 50 property & casualty insurers to gather information about the use of automated decision tools in rating, underwriting, claims handling, fraud...more

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

Kentucky DOI Holds Update Call on Local Government Premium Taxes and Kentucky Data Security Law

On Monday, May 15, the Kentucky Department of Insurance (DOI) held a call discussing Bulletin 2023-002, issued on April 14 to all authorized insurance companies and surplus lines brokers subject to Kentucky Local Government...more

Locke Lord LLP

Connecticut Considers Self-Service Storage Insurance Licensing Requirements

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The Connecticut General Assembly has proposed a bill that would permit owners of self-storage businesses to sell property insurance to their tenants. Under Senate Bill 1037 (the “Bill”), an owner is required to obtain a...more

Locke Lord LLP

Illinois to Participate in the Climate Risk Disclosure Survey

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On October 13, 2022, the Illinois Department of Insurance (the “Department”) issued Company Bulletin 2022-16 (the “Bulletin”). The Bulletin is addressed to all domestic insurers and advises that the Department will now...more

Locke Lord LLP

Texas Department of Insurance Adopts New Group Capital Calculation Rule

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The Texas Department of Insurance (“TDI”) adopted a new group capital calculation filing requirement that is effective on November 7, 2022. The new rule, found in 28 Texas Administrative Code §7.215 (“Section 7.215”), is...more

Carlton Fields

Colorado Division of Insurance Announces Life Insurance Underwriting Data Call and Survey Details

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Survey Released by September 30 - On September 28, the Colorado Division of Insurance (CO DOI) held its fourth stakeholder meeting to discuss life insurers’ underwriting practices. SB-169 required insurers to test their...more

Carlton Fields

The Colorado Division of Insurance Continues to Navigate Life Insurer’s Use of ECDIS and Algorithms

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On July 8, the Colorado Division of Insurance (CO DOI) piloted its third stakeholder meeting during which the CO DOI continued to chart life insurers’ underwriting practices as part of the required rulemaking process to...more

Eversheds Sutherland (US) LLP

The Task Force on Climate-related Financial Disclosures: Emerging climate change disclosure principles for the insurance industry

As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more

Carlton Fields

With Spring in the Air, States Renew Their Efforts to Allow Value-Added Products and Services

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Following North Dakota, New Mexico, and Washington’s actions in 2021, there is a renewed effort by states to freshen up their rebating provisions to allow value-added products and services. Kansas came alive first by...more

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