Westmont Wire
New York Attempts to Modernize Its Approach to Excess Lines Brokers
In Issue 19-1 of ELANY Elaborates, ELANY details their collaborative effort with the New York legislature to modernize New York’s approach to excess lines brokers. In an effort to streamline ...
Kentucky DOI Clarifies Position on Arbitration Provisions
On January 25, 2019, the Kentucky Department of Insurance issued Bulletin 2019-1, explaining its position on arbitration or other out-of-court dispute resolution provisions contained in insurance policies. In accordance with ...
Maryland Seeks to Impose Fiduciary Standards on Agents, Brokers, and Dealers
The Maryland Senate and House of Representatives have introduced companion bills-Senate Bill 786 and House Bill 1127-aimed at boosting consumer protection by imposing fiduciary standards on agents, brokers, and dealers ...
ELANY Issues Bulletin Reiterating Position on Excess Line Binders and Confirmations of Coverage
The NYDFS recently completed an audit of records of NY excess line transactions submitted by brokers and found that binders were being issued by brokers who had no binding authority ...
Florida Senator Seeks to Replace the Existing No-Fault Law
A Florida Senator is again proposing a measure to eliminate the existing motor vehicle no-fault insurance law and replace it with legislation that will require all drivers to purchase bodily ...
New York Issues Guidance on Use of External Data in Underwriting Life Insurance
On January 18, 2019, the New York State Department of Financial Services (“the Department”) released Insurance Circular Letter No. 1 to advise life insurers regarding the type of data that ...
Michigan Seeks to Enact Consumer Rate Relief Programs for No-Fault Insurance
On January 15, 2019, the Michigan Senate introduced a bill, Senate Bill No. 1 (“SB 1”), aimed at reducing costs under the current no-fault system. In doing so, SB 1 ...
Travel Insurance Model Law Adopted by the NAIC
On December 19, 2018, the National Association of Insurance Commissioners (“NAIC”) adopted a Travel Insurance Model Law after three years of development in the Travel Insurance Working Group. Largely based ...
New York Department of Financial Services Cybersecurity: Action Required for Regulated Entities
The New York Department of Financial Services (NYDFS) requires all regulated entities and licensed persons to file the annual Certification of Compliance for calendar year 2018 on or before February ...