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
US Treasury Announces New Covered Agreement on Insurance and Reinsurance Regulation with UK
The U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced on December 11, 2018 that they intend to sign a new Bilateral Agreement between the U.S. and the U.K. on Prudential Measures Regarding Insurance and Reinsurance (“Covered Agreement”).
In its press release, the U.S. Treasury
Read More US Treasury Announces New Covered Agreement on Insurance and Reinsurance Regulation with UK
Excess and Surplus Lines Law Manual 2018 Update
We are happy to provide the 2018 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. The website provides you with the ability to
Read More Excess and Surplus Lines Law Manual 2018 Update
NAIC Holds Public Hearing on Reinsurance Collateral Provisions of Covered Agreement
On February 20, 2018, the National Association of Insurance Commissioners (NAIC) held a public hearing on the reinsurance collateral provisions of the Bilateral Agreement between the United States of America and the European Union on Prudential Measures regarding Insurance and Reinsurance (the “Covered Agreement”). The Covered Agreement creates a framework
Read More NAIC Holds Public Hearing on Reinsurance Collateral Provisions of Covered Agreement
Locke Lord QuickStudy: UPDATE: US and EU Negotiate Covered Agreement on Insurance and Reinsurance Regulation
As discussed in our prior QuickStudy issued on January 18, 2017, the US Federal Government and the European Union have come to an agreement on wide-ranging changes to reinsurance and establishment standards for the operation of insurance enterprises operating from one to another of these markets. This agreement takes
Read More Locke Lord QuickStudy: UPDATE: US and EU Negotiate Covered Agreement on Insurance and Reinsurance Regulation