Topic: Excess and Surplus Lines

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.

Read More

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.

Read More

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.‎

Read More

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.

Read More

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.

Read More

LL Surplus Lines Series (Entry 20): UPDATE: NAIC Surplus Lines Task Force Tables Blanks Proposal for Home State Direct Premiums Written

Following comments by interested parties, including the American Property Casualty Insurance Association (APCIA) and the Excess Line Association of New York (ELANY), at the National Association of Insurance Commissioners (NAIC) Fall National Meeting in Austin, Texas, the Surplus Lines Task Force tabled its new Blanks proposal regarding home state direct premium written.

Read More

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.

Read More

LL Surplus Lines Series (Entry 18): Surplus Lines Compliance – Does it Apply or Not?

The American Property Casualty Insurance Association (APCIA) published a bulletin on November 8 ‎regarding the California Department of Insurance (“CID”) issued legal opinion, which concluded that ‎the cancellation and non-renewal provisions under California Insurance Code (“CIC”) sections 677 and ‎‎678 apply to insurance policies written on risks located or resident in California by non-admitted ‎‎(surplus line) insurers that insure any of the contingencies specific in CIC section 675 (the “Opinion”).‎

Read More

LL Surplus Lines Series (Entry 17): Idaho Proposes Updating Surplus Lines Laws to Alleviate Diligent Search Requirement

Idaho has seen an impressive surge of surplus lines business over the last year, reporting a 15.7% increase from mid-year 2018 to mid-year 2019, and is now proposing new laws to further drive the growth of its surplus lines market.[1] Pursuant to the Governor’s Executive Order 19-02, (the “Red Tape Reduction Act”), Idaho is rolling out revised regulations for public hearing on October 16, 2019, that provide updated procedures for the placement of surplus lines insurance in the state of Idaho.

Read More

LL Surplus Lines Series (Entry 16): Expert Analysis – Disability Insurance in the Surplus Lines Market and Recent Legislative Updates

The Surplus lines market has traditionally been a method for insurance placement available to property and casualty products only, although states are increasingly opening up other lines of insurance to the nonadmitted market. For example, a growing number of states have either expressly or indirectly allowed for accident and health coverage to be written through the surplus lines market, and the National Association of Insurance Commissioners released guidance earlier this year advising the states on how to effectively legislate for the expansion of insurance lines that may be written on a surplus lines basis.

Read More

InsurTech

Topics

Archives

Email the Editor

Click here to Email the Editor

Locke Lord LLP

For the latest information about our Firm visit lockelord.com