Zachary Lerner, Partner in Locke Lord’s New York office, authored an article in the New York Law Journal discussing the rise of the Domestic Surplus Lines Insurer (DSLI), key benefits of pursuing the formation or purchase of a DSLI and the associated challenges.
Read More The Rise of the Domestic Surplus Lines Insurer
Senate Banking Committee Chair Urges FIO And the NAIC To Monitor Private Equity and Affiliated Offshore Reinsurance in the Life Insurance Industry
Earlier this month, United States Senator Sherrod Brown (D-OH), Chair of the Banking, Housing, and Urban Affairs Committee, urged the Federal Insurance Office (FIO) and the National Association of Insurance Commissioners (NAIC) to examine the increasing role of private equity and alternative investment classes in the life insurance market as well as offshore reinsurance.
Read More Senate Banking Committee Chair Urges FIO And the NAIC To Monitor Private Equity and Affiliated Offshore Reinsurance in the Life Insurance Industry
Excess and Surplus Lines Law Manual 2022 Update
We are happy to provide the 2022 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 2022 Update
LL Surplus Lines Series (Entry 33): Florida Legislators Consider Surplus Lines Bills
Florida lawmakers have recently introduced SB 1402 that could open up additional avenues for the placement of surplus lines business in the state.
Read More LL Surplus Lines Series (Entry 33): Florida Legislators Consider Surplus Lines Bills
10 Things to Consider When Buying, Selling or Operating a Reinsurance Intermediary
The global reinsurance landscape is an interconnected, intertwined marketplace that continues to grow and evolve. As insurance companies, agencies, program administrators and other industry actors continue to expand their creative horizons and develop innovative insurance products, the need for reinsurance coverage has accelerated as well.
Read More 10 Things to Consider When Buying, Selling or Operating a Reinsurance Intermediary
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
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.
Read More 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
Complimentary Webinar: The Path of an InsurTech – Launching a Technological Insurance Platform and Associated Insurance Distribution and Risk Assumption Considerations: Thursday, July 1
As part of the IBA Global Influencer Forum, join Locke Lord for “The Path of an InsurTech” when seeking to enter the insurance marketing in the United States.
Read More Complimentary Webinar: The Path of an InsurTech – Launching a Technological Insurance Platform and Associated Insurance Distribution and Risk Assumption Considerations: Thursday, July 1
Washington State Implements Registration and Tax Requirement on Eligible Captive Insurers Operating in the State
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.
Read More Washington State Implements Registration and Tax Requirement on Eligible Captive Insurers Operating in the State
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
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.
Read More 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
LL Surplus Lines Series (Entry 30): Maine Issues Bulletin Explaining the Conditions for Surplus Lines Placement
On April 14, 2021, the Maine’s Bureau of Insurance issued Bulletin 457 to explain the general conditions and requirements for surplus lines placements, and to reaffirm to producers their obligations and responsibilities under Maine law.
Read More LL Surplus Lines Series (Entry 30): Maine Issues Bulletin Explaining the Conditions for Surplus Lines Placement