Topic: Excess and Surplus Lines

LL Surplus Lines Series (Entry 25): Lloyd’s of London to Relinquish U.S. Licenses; Will Focus on Expanding Surplus Lines and Reinsurance Operations

On July 10, 2020, Lloyd’s of London (“Lloyd’s”) issued Market Bulletin Ref: Y5299 (the “Bulletin”) announcing that it will seek to relinquish its admitted licenses in Kentucky, Illinois and the U.S. Virgin Islands. The Bulletin states that the decision “was a recognition that the E&S business is a better fit for our underwriters given the market’s innovative nature and expertise in emerging risks.”

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LL Surplus Lines Series (Entry 24): Excess Line Association of New York Weighs in on “Surplus Lines Agents”

On June 16, 2020, the Excess Line Association of New York (“ELANY”) issued Bulletin No. 2020-35, promulgating ELANY’s new issue of “ELANY Elaborates” (the “EE”). This issue of EE (available here) focuses primarily on the classification of “surplus lines agents” in New York and elsewhere.

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Pandemic Risk Insurance Act (PRIA) Introduced in Congress With Revisions from Initial Drafts; Business Continuity Protection Program Floated as well

After weeks of deliberation, the Pandemic Risk Insurance Act, or “PRIA” has been introduced into the U.S. Congress. On May 26th, Rep. Carolyn Maloney, a member of the House Financial Services Committee, introduced H.R. 7011, the “Pandemic Risk Insurance Act of 2020” (the “Current PRIA Bill”).

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LL Surplus Lines Series (Entry 23): Sampling of COVID-19 State and NAIC Insurance Updates Applicable to the Surplus Lines Industry

COVID-19 is impacting all facets of the insurance industry, and while the surplus lines market is somewhat inoculated from the impact of various state orders and emergency regulations, many states as well as the National Association of Insurance Commissioners (“NAIC”) are subjecting surplus lines insurers and brokers to their mandates.  This article provides a sample of various state and NAIC requests and orders in recent weeks with applicability to the surplus lines industry, including but not limited to moratoriums on cancellation/nonrenewal, orders to return premium with respect to insurance policies where COVID-19 has altered the nature of the underlying risk, and various data calls.

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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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LL Surplus Lines Series (Entry 22): Illinois Introduces Changes to Surplus Lines Laws Regarding Declinations and Group Policies

On February 14, 2020, Illinois introduced legislation (SB3783) that would make significant ‎changes in the manner certain surplus lines placements are made in Illinois. Illinois would be the ‎latest state to amend their surplus lines laws and improve efficiency in the placement of surplus ‎lines risks.‎

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