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On March 16, 2021, the New York Department of Financial Services issued Circular Letter No. 5 “Diversity and Corporate Governance,” which notifies all insurers of the need for increased prioritization of diversity in C-Suite leadership and corporate governance more generally.
Read More The New York Department of Financial Services Seeks to Promote a Culture of Diversity, Equity and Inclusion

In an effort to help struggling businesses deal with the fall-out from the COVID-19 pandemic, ‎legislatures in Florida, Illinois, Maine and Rhode Island have recently proposed legislation to ‎require insurance carriers to cover COVID-19 related business interruption claims. Traditionally, ‎business interruption policies require that a business suffer some sort of physical loss or damage ‎before the carrier will pay-out on a business interruption claim.‎…
Read More Various States Seek to Mandate Insurers Cover COVID-19 Related Business Interruption Claims

On February 26, 2021, a bill was introduced in the Illinois General Assembly that among other ‎changes would eliminate the diligent effort requirement for commercial business sourced by a ‎surplus lines producer through a retail insurance producer and would also reduce the requirement ‎for master policies and program business.‎…
Read More LL Surplus Lines Series (Entry 29): Illinois Looks to be Latest State to Streamline Diligent Search Requirements, and to Provide Clarity for Group Policies

On February 8, 2021, the Excess Line Association of New York (“ELANY”) issued Bulletin No. ‎‎2021-05 reminding surplus line insurers and brokers about some often overlooked compliance ‎requirements. Among the topics was the issuance of group policies and use of binding authority ‎agreements.
Read More LL Surplus Lines Series (Entry 28): Surplus Lines Compliance Reminder Issued by ‎ELANY, Regarding Group Policies and Use of Binding Authority Agreements

Atlanta Partner Brian Casey, Co-Chair of Locke Lord’s Regulatory and Transactional Insurance Practice, and Austin Senior Counsel Jon Gillum co-authored an article for Insurance Journal discussing California’s recently adopted amendments to its financial code, resulting in what is now known as the California Consumer Financial Protection Law (CFPL).
Read More California’s New Mini-CFPB Law Largely Parallels Its Federal Cousin

Increasingly, the world of insurance distribution has become highly specialized, utilizing technology and a multitude of parties to reach customers worldwide. The surplus lines industry is no exception. Surplus lines brokers are not merely intermediaries between insureds and eligible surplus lines insurers that may be interested in servicing a specialty insurance market.
Read More The Myth of the ‘Surplus Lines Agent’

Legislatures in New York, Oregon, Pennsylvania, Rhode Island and Washington have all proposed legislation seeking to curb COVID-19’s impact on businesses in their state. Each state’s proposed legislation essentially prohibits insurers from denying business interruption claims arising from COVID-19 related losses.
Read More State Legislatures Seek to Protect Insureds from COVID-19 Business Interruption