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Captive Insurance Update | Spring Edition | 2021 - A summary of state and federal developments in the captive insurance industry | Downs Rachlin Martin PLLC


Continued Impact of COVID-19
The measures taken by the Vermont Department of Financial Regulation (the “DFR”) in 2020 in response to the COVID-19 pandemic have been extended through 2021. These include a recognition that in-person board meetings in Vermont may not be feasible until travel restrictions have been relaxed. Captives are invited to request a waiver of the physical presence requirement for their 2021 annual meetings. 
2021 Captive Legislation
Despite its focus on the State’s COVID-19 response, the Vermont legislature is on track to pass its annual captive “housekeeping” bill, which was jointly proposed by the DFR and the Vermont Captive Insurance Association. The current version of the bill includes the following notable provisions: ....

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LL Surplus Lines Series (Entry 29): Illinois Looks to be Latest State to Streamline Diligent Search Requirements, and to Provide Clarity for Group Policies | Locke Lord LLP


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On February 26, 2021, a bill was introduced in the Illinois General Assembly that among other changes would eliminate the diligent effort requirement for commercial business sourced by a surplus lines producer through a retail insurance producer and would also reduce the requirement for master policies and program business.
With respect to commercial insurance transactions involving unaffiliated retail and wholesale producers, the proposed bill would permit a license surplus line producer to procure a policy from a surplus lines insurer without making the required diligent effort if the risk was referred to the producer by an unaffiliated licensed retail producer.  This would exempt such placements from the Illinois requirement that the surplus line producer or the referring retail producer submit the risk to three or more authorized insurers in Illinois (that are engaged in writing the same type of coverage), w ....

United States , Illinois General Assembly , Reinsurance Reform Act , Illinois Director , ஒன்றுபட்டது மாநிலங்களில் , இல்லினாய்ஸ் ஜநரல் சட்டசபை , மறுகாப்பீடு சீர்திருத்தம் நாடகம் , இல்லினாய்ஸ் இயக்குனர் ,

Top Insurance Regulatory Developments of 2020: Part 2


Top Insurance Regulatory Developments of 2020: Part 2
By Brian Casey, Zach Lerner and Ben Sykes | January 26, 2021
This is the second installment of a two-part look at the top 10 insurance regulatory developments of 2020 by attorneys at Locke Lord. The first part on Jan. 22 covered COVID-19, Insurtechs, Data Privacy, Race Equality and Pharmacy Benefit Managers. Here they look at Antitrust, Captives, Service Contracts, Travel Insurance and Surplus Lines.
Health Insurers and Antitrust Laws
Blue Cross Blue Shield Anti-Trust Case Settlement
After more than eight years of contentious multi-‎district antitrust litigation between the Blue Cross and Blue Shield Association (“BCBSA”), its 36 ‎member insurance plans (“BCBS Member Plans”) and their policyholders, regarding restrictions on competition among BCBS Member Plans, the parties finally ‎came to a tentative settlement in the fall of 2020, including a $2.7 billion r ....

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