The Texas Department of Insurance (“TDI”) has posted a 48-page working draft of new surplus lines rules. Specifically, TDI issued an informal notice on July 22, 2016 reflecting several modifications to Title 28, Texas Administrative Code Chapter 15—the regulations which implement Texas’s surplus lines insurance laws found in Texas Insurance…
Read More New Texas Surplus Lines Rules Drafted by Texas Department of Insurance
The explosion of scientific achievement and international interconnectivity over the last decade has provided increased opportunities for businesses worldwide. However, with global reach comes global risk as well. Individuals, corporations and conglomerates face increasing pressure to mitigate risk beyond the walls of their homes and headquarters and to consider all…
Read More Locke Lord’s Zach Lerner, Associate in the New York office, Authors “As Science Evolves, So Must Political Risk Insurance” for Law360 on July 15, 2016
As we previously reported here, the Non-Admitted Insurance Multi-State Association (“NIMA”) had announced its intentions to dissolve, with a run-off period until September 30, 2017 to allow for endorsements to be filed through the Surplus Lines Clearinghouse (the “Clearinghouse”). Yesterday, the Clearinghouse published a bulletin here providing guidance to…
Last month, New York issued two advisory opinions that could alter the tax obligations for surplus lines insurers. Advisory Opinion TSB-A-16(5)(C) (June 10, 2016, available here) and Advisory Opinion TSB-A-16(4)(C) (June 10, 2016, available here) (collectively, the “Opinions”) address how the franchise tax under N.Y. Tax Law §…
The insurance industry is beginning to see the emergence of new kinds of coverage to protect life science companies from contingencies traditionally not covered by political risk policies. Political risk coverage is often underwritten to protect insureds from the nationalizing and confiscating of assets by sovereign nations, or to provide…
As we have previously reported here, the United States National Flood Insurance Program (“NFIP”) is set to expire in September 2017, at which point surplus lines insurers may find themselves with an opportunity to fill a rapidly-evolving market. The NFIP was enacted in 1968 to offer flood insurance to…
On June 9, the Excess Lines Association of New York (“ELANY”) issued guidance as to what must information must be submitted to ELANY for stamping. Included in the required information are the following items: the name and address of the insured, the gross premium charged, the policy term, the name…
Earlier this month we reported here that Florida had withdrawn from the Non-Admitted Insurance Multi-State Association (“NIMA”), a compact between various state to distribute surplus lines premium taxes. We can now report that NIMA has announced its unanimous decision to dissolve. The expectation is that dissolution of the tax compact…
The Florida Surplus Lines Office (“FSLO”) has reported that, effective June 1, Florida will withdraw from the Nonadmitted Insurance Multi-State Agreement (NIMA). Filings after June 1 will now be filed with the FSLO and not through the Surplus Lines Clearinghouse. Premium tax exposures will not be affected and rates where…
Read More Florida to Withdraw from the Nonadmitted Insurance Multi-State Agreement
As we have previously reported here, one of the requirements under the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“TRIPRA”) is that the Department of Treasury must report to Congress on the effectiveness of the legislation. In furtherance of this mandate, the Federal Insurance Office (“FIO”) issued a…
Read More FIO issues voluntary TRIA data call; NAIC to proceed with mandatory separate request
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