Top Insurance Regulatory Developments of 2020

Insurance Journal
January 26, 2021

Atlanta Partner and Co-Chair of Locke Lord’s Regulatory and Transactional Insurance Practice Brian Casey, Chicago Partner Ben Sykes and New York Partner Zachary Lerner co-authored a series discussing the top insurance regulatory developments of 2020, examining a year that brought many changes to the industry.

In Part One of the series, the authors discuss turmoil brought on by the COVID-19 pandemic and state and federal responses to the disruption. They comment on growth and regulatory reaction in the insurtech space and data privacy and security regulation expansion, including the CCPA, NAIC’s Data Security Model Act and NYDFS First Cybersecurity Regulation Enforcement. They also examine race equality and insurance, including the NAIC’s formation of the Special Committee on Race and Insurance, and pharmacy benefit managers regulation.

Part Two of the series covers significant court decisions in 2020 in the areas of antitrust law applicable to health insurers, captive insurance company lawsuits and travel insurance litigation. The series closes with a discussion of regulatory advancements in the surplus lines space, some related to the COVID-19 pandemic and others prompted by the ambiguity of treatment regarding group surplus lines insurance policies in different U.S. states and territories.

To read Part One, click here. To read Part Two, click here.