We are happy to provide the 2025 update to the Troutman Pepper Locke LLP 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. You can click below to download a pdf
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Wisconsin Becomes the 24th State to Adopt the NAIC Model Bulletin on the Use of AIS in Insurance
By Paige Waters
On March 18, Wisconsin Insurance Commissioner Nathan Houdek issued Wisconsin’s new bulletin on the use of artificial intelligence systems (AIS) in insurance, becoming the 24th state to adopt the NAIC Model Bulletin on the Use of Artificial Intelligence Systems by Insurers. A copy of the bulletin is found at this link.…
NAIC Establishes the Risk-Based Capital Model Governance (EX) Task Force in 2025
By Paige Waters
The 2025 National Association of Insurance Commissioners (NAIC) President and North Dakota Insurance Commissioner Jon Godfread has stated that:
“As state insurance regulators and NAIC Members, our efforts are anchored by two core principles: maintaining fair, sound, and stable insurance markets, and protecting and educating consumers.”…
New Jersey Adopts Bulletin on AI Use in Insurance
By Paige Waters
On February 11, New Jersey Banking and Insurance Commissioner Zimmerman issued Bulletin 25-03 regarding the use of artificial intelligence systems (AIS) in insurance, applicable to all insurers authorized or admitted in New Jersey. New Jersey becomes the 23rd state to adopt the bulletin based on the NAIC Model Act on the Use of AIS by…
D&O and Professional Liability 2024 – A Year in Review
The past year once again saw a breadth of court decisions addressing a wide variety of directors and officers and professional liability insurance coverage issues. At various levels, state and federal courts across the country issued notable decisions in this arena. In this report, we focused on topics we believe will continue to be important…
Delaware Insurance Commissioner Navarro Issues Bulletin No. 148 Re: Use of Artificial Intelligence Systems in Insurance
By Paige Waters
On February 5, Delaware joined 21 jurisdictions who adopted guidance similar to the NAIC Model Bulletin on the Use of Artificial Intelligence (AI) Systems by Insurers in 2024, and four additional jurisdictions have otherwise issued guidance or regulation.In addition to other detailed guidance, Bulletin No. 148 also reiterates the Delaware Department of Insurance’s authority to…
Hawaii Insurance Commissioner Gordon Ito Retired Effective January 31, 2025
By Paige Waters
On February 3, the Hawaii Insurance Division issued a press release stating that Insurance Commissioner Gordon Ito has retired as of January 31. Ito served in the division for 31 years in various capacities, including as commissioner for 10 years. He also served under four Hawaii governors and was most recently appointed by current Governor…
Oklahoma Issued Bulletin 2024-11: Use of Artificial Intelligence Systems in Insurance
On November 14, 2024, Oklahoma issued Bulletin 2024-11: Use of Artificial Intelligence Systems in Insurance. The Bulletin is applicable to all insurers that hold a certificate of authority to do business in the state and is based upon the NAIC Model Bulletin on the Use of AIS by Insurers.
Read the Oklahoma Bulletin.
The…
NY DFS Issues an Industry Letter Regarding AI Cyber Guidance
By Paige Waters
On October 16, 2024, the NY DFS issued an Industry Letter explaining “how Covered Entities should use the framework set forth in Part 500 to assess and address the cybersecurity risks arising from AI.”
Read the Industry Letter.
The post NY DFS Issues an Industry Letter Regarding AI Cyber Guidance appeared first on Insurance
IRS Wins Against Tribal-Domiciled Captive Insurer
By Daniel Barry
Last month, the Internal Revenue Service (the “IRS”) notched another win at the U.S. Tax Court (the “Tax Court”).[1] In its opinion, the Tax Court commented that it has decided seven cases involving similar captive insurance arrangements, all decided in favor of the IRS. The usual red flags pertaining to circular funds, premium calculations…