FORC Journal - Vol. 26 Edition 2 - Summer 2015

Spring and Summer 2015


This expanded version of the Journal would not have been possible without the enthusiastic contribution of our members who generously donated their time and expertise to this publication.  Please share these authoritative and topical articles with your colleagues.

Kenneth A. Levine
Journal Editor

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HOW INSURANCE COMPANIES SHOULD REACT TO NAIC CORPORATE GOVERNANCE ANNUAL DISCLOSURE LAW ...

By  Frederick J. Pomerantz, Esq., GOLDBERG SEGALLA LLP
Effective January 1, 2016, if adopted by the requisite number of states, the CG Model will require every insurer to submit an annual disclosure filing to its respective domestic regulator or, if a member of an insurance group, to the lead state regul

THE UK INSURANCE ACT 2015

By  William Reddie, Esq., HOLMAN FENWICK WILLAN LLP and Richard Spiller, Esq., HOLMAN FENWICK WILLAN LLP
The Act was prepared as part of the joint review of insurance contract law by the Law Commission and the Scottish Law Commission (the “Commissions”), the first stage of which resulted in the Consumer Insurance (Disclosure and Representations) Act 201

CONNECTICUT CONTINUES PUSH TO ATTRACT CAPTIVES BY AMENDING LAWS

By  Alan J. Levin, Esq., LOCKE LORD LLP and Aaron Igdalsky, Esq., LOCKE LORD LLP
Previously in 2012, amendments were made to the captive law that included increasing the types of permitted captives, establishing a reinsurance premium tax requirement and establishing a first year $7,500 credit against first year premium taxes.

DUE PROCESS CONCERNS OF DISCIPLINARY ACTIONS UNDER CALIFORNIA INSURANCE CODE SECTION 1748.5 . . .

By  Robert W. Hogeboom, Esq., HINSHAW & CULBERTSON LLP
This article is written following two disciplinary cases brought by the California Department of Insurance (“CDI”) in which due process challenges were made by Hinshaw & Culbertson’s Senior Regulatory Counsel Robert Hogeboom against California Insura

FLORIDA REVISES ACQUISITION STATEMENT FILING REQUIREMENTS

By  Travis L. Miller, Esq., RADEY LAW FIRM
Law Change Brings a New Ten Percent Threshold

MAY INSURANCE AGENTS DOING BUSINESS IN NEVADA RECIEVE COMMISSION AND COMPENSATION FROM CUSTOMER

By  Vernon E. Leverty, Esq., LEVERTY & ASSOCIATES LAW
Prior to 1999, each state, including Nevada, had its own insurance producer licensing requirements, and what each license type (including agents and brokers) could do varied from state to state.

FLORIDA'S NEW AGENCY LAW

By  Kevin G. Fitzgerald, Esq., FOLEY & LARDNER LLP & Nicholas Paquette, Esq., FOLEY & LARDNER LLP
Prior to 2005, insurance agencies in Florida were required to be licensed by the Florida Department of Financial Services (“DFS”) only if an owner or other principal in the agency had been convicted of a specific crime or had committed certain enumer

INJUNCTIONS UNDER THE UNIFORM INSURERS LIQUIDATION ACT: MUST WE ALWAYS TAKE 'NO' FOR AN ANSWER?

By  Michael W. Teichman, Esq., PARKOWSKI, GUERKE & SWAYZE, P.A.
In a 2013 order issued in In re Indemnity Insurance Company, the Delaware Court of Chancery held Jeffrey B. Cohen, the founder of a Delaware domiciled risk retention group, in contempt for violating an injunction issued in connection with a Seizure a