In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on the subject matter below, do not hesitate to reach out. The information below relates to state and federal bulletins, emergency orders, pending/enacted legislation, and other related actions taken in response to the COVID-19 pandemic.
Read More COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (April 3rd, 2020)
COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (April 2nd, 2020 – Updated)
In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on the subject matter below, do not hesitate to reach out. The information below relates to state and federal bulletins, emergency orders, pending/enacted legislation, and other related actions taken in response to the COVID-19 pandemic.
Read More COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (April 2nd, 2020 – Updated)
COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (March 31st, 2020)
In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on the subject matter below, do not hesitate to reach out. The information below relates to state and federal bulletins, emergency orders, pending/enacted legislation, and other related actions taken in response to the COVID-19 pandemic.
Read More COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (March 31st, 2020)
LL Surplus Lines Series (Entry 22): Illinois Introduces Changes to Surplus Lines Laws Regarding Declinations and Group Policies
On February 14, 2020, Illinois introduced legislation (SB3783) that would make significant changes in the manner certain surplus lines placements are made in Illinois. Illinois would be the latest state to amend their surplus lines laws and improve efficiency in the placement of surplus lines risks.
Read More LL Surplus Lines Series (Entry 22): Illinois Introduces Changes to Surplus Lines Laws Regarding Declinations and Group Policies
LL Surplus Lines Series (Entry 20): UPDATE: NAIC Surplus Lines Task Force Tables Blanks Proposal for Home State Direct Premiums Written
Following comments by interested parties, including the American Property Casualty Insurance Association (APCIA) and the Excess Line Association of New York (ELANY), at the National Association of Insurance Commissioners (NAIC) Fall National Meeting in Austin, Texas, the Surplus Lines Task Force tabled its new Blanks proposal regarding home state direct premium written.
Read More LL Surplus Lines Series (Entry 20): UPDATE: NAIC Surplus Lines Task Force Tables Blanks Proposal for Home State Direct Premiums Written
LL Surplus Lines Series (Entry 18): Surplus Lines Compliance – Does it Apply or Not?
The American Property Casualty Insurance Association (APCIA) published a bulletin on November 8 regarding the California Department of Insurance (“CID”) issued legal opinion, which concluded that the cancellation and non-renewal provisions under California Insurance Code (“CIC”) sections 677 and 678 apply to insurance policies written on risks located or resident in California by non-admitted (surplus line) insurers that insure any of the contingencies specific in CIC section 675 (the “Opinion”).
Read More LL Surplus Lines Series (Entry 18): Surplus Lines Compliance – Does it Apply or Not?
LL Surplus Lines Series (Entry 14): NAIC Surplus Lines Task Force Considers Blanks Proposal for Home State Direct Premiums Written
At the National Association of Insurance Commissioners Summer National Meeting in New York, the Surplus Lines Task Force discussed a new Blanks proposal regarding home state direct premium written. The Task Force notes that the intent of the new Blank is to provide “a basis for state regulators to reconcile broker reported surplus lines premium with company provided information to better ensure that states are receiving the proper amount of surplus lines premium taxes. Premium taxes on surplus lines premiums are based on the total policy premium and paid by surplus lines brokers solely to the “Home State” of the insured as defined in Section 527 of the Non-Admitted and Reinsurance Reform Act of 2010 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.”
Read More LL Surplus Lines Series (Entry 14): NAIC Surplus Lines Task Force Considers Blanks Proposal for Home State Direct Premiums Written
LL Surplus Lines Series (Entry 8): Surplus Lines Market Update
The surplus lines market saw plenty of growth in 2018 and one-third of the way through 2019 there is no reason to think that the trend won’t continue.
Read More LL Surplus Lines Series (Entry 8): Surplus Lines Market Update
LL Surplus Lines Series (Entry 4): Nebraska Becomes Latest State to Adopt Domestic Surplus Lines Legislation
On March 12, 2019, Nebraska joined the small but growing number of states to adopt “domestic” surplus lines legislation. Illinois was the first state to adopt domestic surplus lines legislation in 1998 but the trend only gained traction over the last few years.
Read More LL Surplus Lines Series (Entry 4): Nebraska Becomes Latest State to Adopt Domestic Surplus Lines Legislation
Excess and Surplus Lines Law Manual 2019 Update
We are happy to provide the 2019 edition of our 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.
Read More Excess and Surplus Lines Law Manual 2019 Update