Reporting Developments Affecting the Insurance and Reinsurance Industries

 

LL Surplus Lines Series (Entry 32): Illinois Legislature Eliminates the Diligent Search Effort for Certain Commercial Transactions and Provides Clarity With Respect to Group Policies

by John Emmanuel, Zachary Lerner and Elliott Schreffler | Jun 21, 2021 | |

On May 21, 2021, the Illinois legislature passed SB 1753, which eliminates the surplus lines ‎producers’ diligent search effort with respect to commercial risks when those risks are referred to ‎the surplus lines producer by an unaffiliated Illinois-licensed insurance producer. The legislation ‎is currently awaiting the Governor’s signature‎.

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Connecticut Passes the First Climate-Related Risk Legislation in the United States

by Alan Levin and Brittany Batts | Jun 21, 2021 | , |

The Connecticut General Assembly passed climate-related risk legislation on June 17, 2021 in a section of its state budget implementation bill, making this legislation the first climate-related risk legislation in the United States. SB 1202 Section 346 incorporates provisions of SB 1047, a bill introduced by the Insurance Committee and Real Estate Committee.

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Complimentary Webinar: Methods of Accessing the Non-Admitted Insurance Market in the U.S. for InsurTech Distributors

Jun 7, 2021 | ,

Locke Lord and InsurTech NY will present a one-hour virtual presentation on June 9 at noon ET addressing current issues facing insurtechs operating in the surplus lines space, including insurers, brokers, distribution partners and other vendors – and their various products – when seeking to access the non-admitted insurance market in today’s increasingly high-tech and digital world.

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New Jersey Considering Legislation That Would Authorize Insurers to Provide Policy Riders Covering Global Virus Transmission or Pandemic

by Alan Levin and Elliott Schreffler | Jun 3, 2021 | , |

The New Jersey Assembly is currently considering legislation that would authorize property ‎insurers offering coverage for loss of use and occupancy and business interruption to provide ‎their insureds a rider covering global virus transmission or pandemic. The bill provides that the ‎Commissioner of Banking and Insurance must review and approve, on an expedited basis, any ‎such rider offered by an insurer. ‎

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Washington State Implements Registration and Tax Requirement on Eligible Captive Insurers Operating in the State

by Zachary Lerner and Elliott Schreffler | Jun 1, 2021

On May 12, 2021, Washington’s legislature passed into law Senate Bill 5315, which implements a registration requirement and a tax on captive insurers operating in Washington. Although Washington does not license captive insurers, this new legislation now recognizes the concept of “eligible” captive insurers operating in the state but located in other jurisdictions.

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New Jersey Enacts New Law Requiring Business Interruption Insurers to Disclose Coverage Parameters

by Elliott Schreffler and Alan Levin | May 20, 2021 | , |

On May 12, 2021, New Jersey Governor Phil Murphy signed into law a bill requiring insurers issuing policies covering loss or damage to property, including the loss of use and occupancy and business interruption, to disclose to policyholders whether their policy provides coverage for “global virus transmission or pandemic.”

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Locke Lord and InsurTech NY Present CLE Surplus Lines Webinar for InsurTech Distributors

May 18, 2021 | , |

Locke Lord and InsurTech NY will present a one-hour virtual  presentation on June 9 at noon ET addressing current issues facing insurtechs operating in the surplus lines space, including insurers, brokers, distribution partners and other vendors – and their various products – when seeking to access the non-admitted insurance market in today’s increasingly high-tech and digital world.

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LL Surplus Lines Series (Entry 31): ELANY Issues Commentary on NY Cybersecurity Regulation Developments, E&S Diligent Search Modernization, Medical Malpractice E&S Reform, Punitive Damage Advocacy, Group Policy Prohibitions, Binding Authority Filing Requirements and other Topics of Note

by Zachary Lerner and Elliott Schreffler | May 6, 2021 | |

The Excess Line Association of New York (“ELANY”) delivered its April 2021 issue of the “E&S Empire Express,” a publication designed to provide an overview of ELANY’s recent activities, including employment changes, regulatory efforts, upcoming events, and general guidance.

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