We are happy to provide the 2023 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, and a PDF of the entire manual.
Read MoreJoin Locke Lord and InsurTechNY for their InsurTech Academy webinar series on legal and regulatory issues impacting the InsurTech industry. Each quarter, we’ll tackle a new important topic, starting with a primer on surplus lines insurance for InsurTechs.
Read MoreAt the December National Association of Insurance Commissioners (NAIC) Fall National Meeting, the Surplus Lines Working Group adopted changes to the IID Plan of Operation. The updated Plan of Operation incorporates, among others, the changes noted in our October posting below. The 2023 Plan of Operation is now available at the “Documents” tab of the Surplus Lines Working Group home page.”
On October 19, 2022, the National Association of Insurance Commissioners (NAIC) Surplus Lines Working Group exposed proposed changes to the International Insurers Department (IID) Plan of Operation applicable to insurers domiciled outside the U.S. (alien) participating in the U.S. insurance market.
Read MoreOn October, 17, 2022, the National Association of Insurance Commissioners (NAIC) Surplus Lines Task Force held an interim meeting to discuss, among other agenda items, the draft changes to the Nonadmitted Insurance Model Act (#870). The Drafting Group presented the draft model to the Task Force on May 23 and the Task Force formally exposed the model for a 60-day public comment period that ended on July 21st.
Read MoreZachary Lerner, Partner in Locke Lord’s New York office, authored an article in the New York Law Journal discussing the rise of the Domestic Surplus Lines Insurer (DSLI), key benefits of pursuing the formation or purchase of a DSLI and the associated challenges.
Read MoreWe are happy to provide the 2022 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.
Read MoreFlorida lawmakers have recently introduced SB 1402 that could open up additional avenues for the placement of surplus lines business in the state.
Read MoreOn May 21, 2021, the Illinois legislature passed SB 1753, which eliminates the surplus lines producers’ diligent search effort with respect to commercial risks when those risks are referred to the surplus lines producer by an unaffiliated Illinois-licensed insurance producer. The legislation is currently awaiting the Governor’s signature.
Read MoreLocke 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 MoreLocke 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.
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