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Rhode Island imposes readability standards for health insurance policies
  • Locke Lord LLP
  • USA
  • June 21 2010

Effective August 31, 2010, the Rhode Island Office of the Health Insurance Commissioner ("OHIC") will impose a readability requirement for all health insurance policies to be readable at the eighth grade level measured by the Flesch-Kincade formula


Circular letter regarding contract certainty issued for comment by the New York Insurance Department
  • Locke Lord LLP
  • USA
  • January 14 2010

The New York Insurance Department (the “Department”) recently issued a draft Supplement No. 1 to Circular Letter No. 20 (2008) (“CL No. 20”) regarding insurance contract certainty for propertycasualty insurance policies and reinsurance contracts


Utah appoints Acting Insurance Commissioner
  • Locke Lord LLP
  • USA
  • March 26 2010

Neal T. Gooch has been appointed Acting Commissioner of the Utah Insurance Department ("UID"


New York State Court denies motion to compel discovery of reinsurance and reserve information
  • Locke Lord LLP
  • USA
  • July 29 2010

In Mt. McKinley Ins. Co. v. Corning Inc., 2010 NY Slip Op 20235 (N.Y. Sup. Ct. June 14, 2010), an insured (“Corning”) moved to compel discovery of reinsurance and reserve information from its insurers, arguing that this information was relevant, material and necessary to its coverage claim


Massachusetts Attorney General issues report stating managed competition of auto insurance has failed
  • Locke Lord LLP
  • USA
  • January 8 2010

At the end of December 2009, Massachusetts Attorney General Martha Coakley released a comprehensive report criticizing Massachusetts managed competition system for the deregulation of auto insurance


In private letter ruling, IRS says captive reinsurance of fronted pools is “insurance” for tax purposes
  • Locke Lord LLP
  • USA
  • January 4 2010

The Internal Revenue Service (IRS) issued a private letter ruling on December 11, 2009, resolving a taxpayer’s question as to whether its business as a captive reinsurer is "insurance" for tax purposes


IIABNY to sue New York over producer compensation disclosure regulation
  • Locke Lord LLP
  • USA
  • February 17 2010

The New York Insurance Department published the final version of its regulation regarding the transparency of insurance producer compensation ("Regulation 194") in the New York State Register on February 10, 2010


Army Corps of Engineers held liable in the "MRGO" Katrina-related litigation
  • Locke Lord LLP
  • USA
  • January 7 2010

Recently, Judge Stanwood Duval, Jr. of the U.S. District Court of the Eastern District of Louisiana, found the U.S. Army Corps of Engineers liable for damages resulting from Hurricane Katrina-related flooding that occurred in certain areas outside of New Orleans


ACLI calls for prohibition of life settlement securitizations
  • Locke Lord LLP
  • USA
  • February 9 2010

On February 3, 2010, the American Council of Life Insurers ("ACLI"), a Washington based trade association representing the life insurance industry, issued a policy statement recommending that the securitization of life settlements be prohibited by legislation or regulation


Texas moves closer to banning use of discretionary clauses in insurance contracts
  • Locke Lord LLP
  • USA
  • June 1 2010

The Texas Department of Insurance (“TDI”) has officially proposed regulations banning the use of discretionary clauses in insurance contracts