COVID-19 has majorly disrupted the global economy, and while many business sectors are subjected to temporary shutdowns or bare minimum operations, the insurance industry is racing forward while confronting unprecedented amounts of risk and uncertainty.
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Pandemic Risk Insurance Act and the Future of Business Interruption Insurance
The impact of COVID-19 on the international community cannot be overstated, and as our lives have seemingly come to a halt, so have the operations of many of the world’s businesses.
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Excess and Surplus Lines Law Manual 2020 Update
We are pleased to present this 20th Anniversary 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 click on the states and territories of interest to view the updates.
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Pandemic Risk Insurance Act – A TRIA-Inspired Model to Backstop the Business Interruption Insurance Market in the Wake of COVID-19
The COVID-19 pandemic has rocked the United States and the sense of security of its citizenry in a way not seen since the tragedies of September 11th, 2001. The insurance industry, like the rest of us, is reacting in real time to the rapidly-evolving business climate, from managing the flow of claims to responding to federal and state-level mandates.
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New York, Against COVID-19 Backdrop, Issues Circular Letter Expanding Ability for Insurers to Offer “Cancel for Any Reason” (CFAR) Products
On March 6, 2020, the New York Department of Financial Services (“NYDFS”) issued Insurance Circular Letter No. 4 (the “Circular Letter”) addressing the ability for insurance companies to offer “Cancel for Any Reason” or “CFAR” benefits in the state. The Circular Letter clarifies the ability for both insurance companies as well as insurance agents to offer CFAR benefits in New York and, while not directly overruling prior guidance, the Circular Letter substantially expands opportunities for insurance companies to offer CFAR coverage in the state in light of the Novel Coronavirus pandemic.
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Surplus Lines Insurance: 20 FAQs for 2020
As we embark upon a new decade, the surplus lines insurance market has never been stronger. Growth in specialty products and demand for insurance protection in an increasingly dynamic, technological climate has continued to drive excess and surplus lines business. In many cases, these changes have resulted in a new, “fresh” look at many of the statutory and regulatory standards, restrictions and allowances applicable to surplus lines insureds, brokers and insurers alike.
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Top 10 Insurance Laws And Regulations Of The Decade
The insurance industry experienced significant and varied forms of new legislation and regulation during the last decade. Below, we highlight what we view as the top 10 of these legal and regulatory changes.
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LL Surplus Lines Series (Entry 21): Excess Line Association of New York Publishes “Compliance Advisor” Detailing Applicability of Various Laws to Excess (Surplus) Lines Market
One substantial area of ambiguity that permeates the surplus lines industry throughout the United States relates to the applicability of state law to surplus lines insurance carriers and brokers. This week, the Excess Line Association of New York (“ELANY”) published its “Compliance Advisor” intending, in part, to shed light on applicability of various New York statutes and regulations to the excess (surplus) lines market.
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LL Surplus Lines Series (Entry 19): Bulletin Issued Detailing Robust Surplus Lines Standards in Maine
On November 26th, Maine issued Bulletin 439 (the “Bulletin”) which provides, in granular detail, the criteria for placing insurance through the surplus lines market in the state. The Bulletin has received immediate and substantial attention within the surplus lines industry both for its thoroughness as well as its deviation, in some respects, from the expectations of other states.
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Developments In State Taxation Of Nonadmitted Insurance
All placements of insurance in the United States are generally subject to state premium taxation, but the responsible taxpayer depends on the type of insurance policy issued. Premium tax is usually payable by the insurer on admitted insurance policies (insurance issued by a carrier licensed in the jurisdiction where the policy is delivered).
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