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
Excess and Surplus Lines
Surplus Lines Procedures Update: New York Excess Lines Association Issues Guidance re Lloyd’s Syndicates
By Zachary Lerner & Troutman Pepper Locke on
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…
NIMA Formally Dissolves as Participatory States weigh in on Future Tax Treatment of Multi-State Risks
By Zachary Lerner & Troutman Pepper Locke on
Earlier this month we reported here that Florida had withdrawn from the Non-Admitted Insurance Multi-State Association (“NIMA”), a compact between various state to distribute surplus lines premium taxes.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…
Florida to Withdraw from the Nonadmitted Insurance Multi-State Agreement
By Zachary Lerner & Troutman Pepper Locke on
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…
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FIO issues voluntary TRIA data call; NAIC to proceed with mandatory separate request
By Zachary Lerner & Troutman Pepper Locke on
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
Excess and Surplus Lines Law Manual 2016 Update
By Troutman Pepper Locke on
Posted in Excess and Surplus Lines
We are happy to provide the 2016 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…
Louisiana Adopts Domestic Surplus Lines Legislation – More States On The Way
By Zachary Lerner & Troutman Pepper Locke on
Posted in Excess and Surplus Lines
Effective August 1, 2015, Louisiana became the 9th state in the United States to adopt legislation permitting the establishment of a domestic surplus lines insurer (“DSLI”). Louisiana now joins Illinois, Oklahoma, Arkansas, Delaware, New Hampshire, New Jersey, North Dakota and Missouri as the states that permit a DSLI to write…
Read More Louisiana Adopts Domestic Surplus Lines Legislation – More States On The Way
ELANY Hires Former New York Regulator as Financial Director
By Troutman Pepper Locke on
The Excess Line Association of New York (ELANY) has hired James Davis as financial director. Davis is responsible for the financial review and analysis of all eligible listed excess line insurers to verify their financial strength.
Davis recently retired from the New York State Department of Financial Services (“the Department”)…
Read More ELANY Hires Former New York Regulator as Financial Director
Louisiana Cuts Surplus Lines Tax Rate
By Troutman Pepper Locke on
Posted in Excess and Surplus Lines
Louisiana’s legislature recently enacted House Bill 259, which cuts the surplus lines tax rate from 5 percent to 4.85 percent. The law, which also eliminates the insurance commissioner’s authority to enter into the Nonadmitted Insurance Multi-State Agreement (NIMA) or other cooperative compacts or agreements with other states, was approved by…
Read More Louisiana Cuts Surplus Lines Tax Rate
Excess and Surplus Lines Law Manual 2015 Update
By Troutman Pepper Locke on
Posted in Excess and Surplus Lines
We are happy to provide the 2015 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…