Topic: Excess and Surplus Lines
EAPD’s Surplus Lines Manual Annual Update Now Available Online
EAPD is pleased to announce that its Excess and Surplus Lines Manual has been updated to reflect current legislative developments in the United States.
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Louisiana: Surplus Lines Exemption Bill Scheduled for Floor Debate
The Louisiana House of Representatives has scheduled a floor debate for April 21, 2010 on House Bill 285 (the “Bill”).
Read MoreSenate Banking Committee Releases First Draft of American Financial Stability Act of 2009; Includes Nonadmitted and Reinsurance Reform Act and National Insurance Office
On Tuesday, November 10, 2009, the Senate Banking Committee, chaired by Senator Christopher Dodd (D-CT), released a first draft for discussion of the American Financial Stability Act of 2009 (the “Act”).
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House Passes Surplus Lines and Reinsurance Reform Bill
On September 9, 2009, the U.S. House of Representatives passed the Non-admitted and Reinsurance Reform Act of 2009, H.R. 2571 (the “NRRA”), marking the third time the House has passed a version of the NRRA.
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New York Expands Export List
This updates our June 30, 2009 blog post. The recently proposed Eleventh Amendment (the “Amendment”) to Regulation 41 (11 NYCRR 27), which governs the standards for excess lines placement, became effective on September 2, 2009. The Amendment placed several additional categories of risks insured by excess lines carriers on the New York Export List.
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New Jersey Increases Surplus Lines Premium Tax Rates
The New Jersey Department of Banking and Insurance recently issued Bulletin 09-21, which advises that amendments to N.J.S.A. § 17:22-6.59 and 17:22-6.64 were enacted on June 29, 2009. The amendments change the surplus lines premium tax rate from three percent to five percent.
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New York Export List Proposed Regulation
Eric R. Dinallo, Superintendent of the New York Insurance Department, recently proposed an amendment to Regulation 41 (11 NYCRR 27) that governs the standards for excess lines placement (the “Proposed Regulation). The Proposed Regulation seeks to include additional risks to be insured by excess lines carriers on the New York Export List.
Read MoreUPDATE: Surplus Lines Insurer Exemption Legislation Signed Into Law
Last week, Florida Governor Charlie Christ signed into law House Bill 853, previously discussed here, which exempts surplus lines insurers entirely from the provisions of Chapter 627, except where specifically stated otherwise. Chapter 627 contains Florida’s rate and form filing statutes.
Read MoreCongress Reintroduces Legislation Affecting the Insurance Industry
On May 21, 2009, three important pieces of insurance industry legislation, which failed to pass in previous years, were reintroduced in the United States House of Representatives.
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