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Paul Zimmerman
pzimmerman@mrllp.com
310.299.5500

Showing 87 posts in Insurance.

Insurance
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A Bit of Coverage on Coverage: Insurance 101 for Juvenile Products Manufacturers

For many, just the mention of the word is enough for eyes to glaze over and minds to wander. Bring it up as fodder for cocktail party conversation, and the universal response is oftentimes a collective yawn. But insurance, though not the sexiest of topics, is a critical cog in the wheel of commerce, and one that cannot be ignored. And that is because this intangible product is an invaluable tool that allows businesses, including those in the juvenile products space, to manage the risk of financial loss – catastrophic and otherwise – by transferring it to third parties (read: insurance companies). (Read More)

Insurance
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New Hurdles for Insurers Offering Good Driver Discounts

It is no newsflash that qualified good drivers must be offered premium discounts for automobile insurance under Proposition 103. That being said, the mechanics of these offerings have recently become more complicated. An explanation follows, but first, a bit of background. (Read More)

Insurance
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Cybersecurity Rules May Be Coming to a State Near You: South Carolina Enacts NAIC’s Model Law

In the wake of cybersecurity requirements for financial services companies that were issued by the New York Department of Financial Services and went into effect on March 1, 2017 (codified at 23 NYCRR §500), the National Association of Insurance Commissioners (NAIC) adopted a similar Insurance Data Security Model Law.

Because the NAIC rules are simply a template for legislation, for now only insurance and insurance-related companies as well as brokers, agents and adjusters licensed to transact business in New York are bound by cyber regulations earmarked for the insurance industry – regulations that require the assessment of specific cyber risk profiles and design of cybersecurity programs that address such risk in a robust fashion. But New York’s membership in this exclusive club will be short-lived. And that is because on May 14, 2018, South Carolina became the first state in the nation to enact the model law promulgated by the NAIC. (Read More)

Insurance
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And Then There Were Three

Attention insurers that issue policies of automobile insurance in the Golden State, there’s a third gender choice soon to be available on California driver’s licenses – non-binary – and you may have to adjust your rate plans accordingly. (Read More)

Insurance
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To Buy, Or To Form, An Insurance Agency . . . That Is The Question

Thinking about getting into the insurance agency business? If so, you are faced with an interesting choice: to purchase an agency and its licenses or start from scratch and apply for new licenses. As you can imagine, each of these options comes with its own benefits and pitfalls, and the best way to proceed is dependent upon your goals and circumstances. (Read More)

Insurance
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Los Angeles Lakers Shoot Air Ball in TCPA Insurer Coverage Case

It’s halftime at a Los Angeles Lakers basketball game, and scrolling along the bottom of the Jumbotron suspended high above center court at Staples Center are messages from fans, sent to the Lakers via text for display: “Happy Birthday, Mike”; “It’s My First Lakers Game”; “Come on Lonzo, Hit a Three!).” Not to be excluded, you pull out your iPhone and tap in a text message of your own. In an instant, you receive an automated text message back from the Lakers which contained a solicitation. Which begs and interesting question: by receiving this reply text, has your privacy has been intruded upon? (Read More)

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Insurtech and Cybersecurity Underwriting

The underwriting of cybersecurity insurance policies has long been a challenge. That seems to be changing. At-Bay, a new entrant to the cyber insurance space working out of Mountain View, California and Tel Aviv, promises to harness new technology to improve the process and help insureds better control their cyber risks. (Read More)

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With New York Cybersecurity Rules in Place, the NAIC Looks to Follow Suit

Michelman & Robinson has written extensively on the cybersecurity requirements for financial services companies that were issued by the New York Department of Financial Services and went into effect on March 1, 2017. These cyber rules, as codified, require insurance and insurance-related companies as well as brokers, agents and adjusters licensed in New York to assess their specific cyber risk profiles and design cybersecurity programs that address such risk in a “robust fashion.”

Now, in the wake of the passage of this law in New York, the National Association of Insurance Commissioners (NAIC) is on the doorstep of adopting an Insurance Data Security Model Law that closely mirrors it in some aspects. And if adopted, the model law will serve as a template for legislation to be enacted state-by-state. (Read More)

Insurance
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Buying Insurance? There's an App for That

Lemonade, an insurance startup offering renters, condominium, and homeowners insurance, has recently expanded to offer policies in California and Illinois, after launching in New York last year. The company hopes to market insurance to millennials by borrowing marketing strategies that have served other industries well in reaching that demographic: a charitable element, along with app-based service and purchasing. (Read More)

Insurance
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Surplus Line Insurance in California: Watch Out

To companies and their employees engaged in surplus line activities in California - beware. The California Department of Insurance (CDI) recently reached a $12M settlement with an insurance holding company and certain of its insurer and producer subsidiaries related to the activities of unlicensed personnel and entities within the state of California, a resolution that illustrates the Department’s focus on and commitment to compliance with California laws governing nonadmitted insurance, which differ in significant aspects from those of other states. (Read More)