The New Jersey Assembly is currently considering legislation that would authorize property ‎insurers offering coverage for loss of use and occupancy and business interruption to provide ‎their insureds a rider covering global virus transmission or pandemic. The bill provides that the ‎Commissioner of Banking and Insurance must review and approve, on an expedited basis, any ‎such rider offered by an insurer. ‎…
Read More New Jersey Considering Legislation That Would Authorize Insurers to Provide Policy Riders Covering Global Virus Transmission or Pandemic

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

On May 12, 2021, New Jersey Governor Phil Murphy signed into law a bill requiring insurers issuing policies covering loss or damage to property, including the loss of use and occupancy and business interruption, to disclose to policyholders whether their policy provides coverage for “global virus transmission or pandemic.”…
Read More New Jersey Enacts New Law Requiring Business Interruption Insurers to Disclose Coverage Parameters

Locke Lord and InsurTech NY will present a one-hour virtual  presentation on June 9 at noon ET addressing current issues facing insurtechs operating in the surplus lines space, including insurers, brokers, distribution partners and other vendors – and their various products – when seeking to access the non-admitted insurance market in today’s increasingly high-tech and digital world.
Read More Locke Lord and InsurTech NY Present CLE Surplus Lines Webinar for InsurTech Distributors

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

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

We are happy to provide the 2021 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.
Read More Excess and Surplus Lines Law Manual 2021 Update

The New York Department of Financial Services (NYDFS) has now released a pair of alerts on the increase in cyberattacks on public facing insurance websites that provide instant quoting services to customers.  If you provide instant online quoting through your website, it is imperative that you review your system’s security and the methods you use to provide instant quotes.
Read More NYDFS Alerts Insurance Industry on Cyber Threats to Auto Quote Functions

Join us for a discussion of hot topics addressed at the Spring 2021 Virtual NAIC Meeting and other 2021 trends, including big data and AI, climate and resiliency, long-term care, delegated entities and annuity best interest model.
Read More NAIC Spring Meeting – Discussion of Hot Topics and Insurance Regulatory Trends in 2021

Both the New Jersey Assembly and Senate recently passed identical legislation that would ‎require insurers offering commercial coverage for loss or damage to property, including business ‎interruption, to provide insureds with a general summary of common insurance clauses in policies ‎for loss of use and occupancy of a commercial property, along with a disclosure relating to ‎pandemic and virus losses.‎…
Read More New Jersey Passes Legislation Requiring Insurers to Apprise Insureds of Particular Aspects of Their Business Interruption Coverage