The insurance industry is beginning to see the emergence of new kinds of coverage to protect life science companies from contingencies traditionally not covered by political risk policies. Political risk coverage is often underwritten to protect insureds from the nationalizing and confiscating of assets by sovereign nations, or to provide
New York Insurance Legislative Update: Bills Passed to Promote E-Filings; Established Board May Affect NYDFS Prosecutory Actions
The New York State Legislature’s 2016 Legislative Session on June 18, 2016 enacted new pieces of legislation affecting the New York insurance industry and also saw proposed pieces of legislation die in the process. In particular, e-delivery legislation passed through both houses, which will now allow for the electronic delivery
Surplus Lines Developments: Potential Legislation May Open U.S. Flood Market to Surplus Lines Insurers
As we have previously reported here, the United States National Flood Insurance Program (“NFIP”) is set to expire in September 2017, at which point surplus lines insurers may find themselves with an opportunity to fill a rapidly-evolving market. The NFIP was enacted in 1968 to offer flood insurance to
Surplus Lines Procedures Update: New York Excess Lines Association Issues Guidance re Lloyd’s Syndicates
On June 9, the Excess Lines Association of New York (“ELANY”) issued guidance as to what must information must be submitted to ELANY for stamping. Included in the required information are the following items: the name and address of the insured, the gross premium charged, the policy term, the name
NIMA Formally Dissolves as Participatory States weigh in on Future Tax Treatment of Multi-State Risks
Earlier this month we reported here that Florida had withdrawn from the Non-Admitted Insurance Multi-State Association (“NIMA”), a compact between various state to distribute surplus lines premium taxes. We can now report that NIMA has announced its unanimous decision to dissolve. The expectation is that dissolution of the tax compact
Florida to Withdraw from the Nonadmitted Insurance Multi-State Agreement
The Florida Surplus Lines Office (“FSLO”) has reported that, effective June 1, Florida will withdraw from the Nonadmitted Insurance Multi-State Agreement (NIMA). Filings after June 1 will now be filed with the FSLO and not through the Surplus Lines Clearinghouse. Premium tax exposures will not be affected and rates where
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Celeste Koeleveld appointed general counsel at New York Department of Financial Services
Celeste Koeleveld, former chief of the Criminal Division at the U.S. Attorney’s Office for the Southern District of New York, has been appointed general counsel at the New York State Department of Financial Services (“Department”). Most recently, Ms. Koeleveld served as executive assistant corporation counsel at the New York City
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FIO issues voluntary TRIA data call; NAIC to proceed with mandatory separate request
As we have previously reported here, one of the requirements under the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“TRIPRA”) is that the Department of Treasury must report to Congress on the effectiveness of the legislation. In furtherance of this mandate, the Federal Insurance Office (“FIO”) issued a
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Louisiana Adopts Domestic Surplus Lines Legislation – More States On The Way
Effective August 1, 2015, Louisiana became the 9th state in the United States to adopt legislation permitting the establishment of a domestic surplus lines insurer (“DSLI”). Louisiana now joins Illinois, Oklahoma, Arkansas, Delaware, New Hampshire, New Jersey, North Dakota and Missouri as the states that permit a DSLI to write
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TRIA Data Call In Development for 2016
In light of the reauthorization of the Terrorism Risk Insurance Act (“TRIA”) earlier this year, a growing focus within the industry has been on the collection of data on terrorism risk exposure from insurers to help assess company solvency and market trends in light of particular changes to TRIA. As
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