Topic: Excess and Surplus Lines

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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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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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 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.

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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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