Excess and Surplus Lines

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On March 31, 2014, the New York State Department of Financial Services (“DFS”) issued three separate Circular Letters pursuant to various laws, including Insurance Law Sections 308, 1109, 2130 and 7001, Articles 42, 44 through 47, 52 through 55 and 59, and Financial Services Law Sections 202 and 306, setting forth standards expected of the “addressees” (as defined below) in planning, preparing for and responding to disasters in New York State. …
Read More New York State Department of Financial Services Circular Letters Regarding Disaster Preparedness

The Federal Insurance Office (FIO) report, “How to Modernize and Improve the System of Insurance Regulation in the United States” (the “Report”), was released on December 12, 2013, nearly two years after it was due under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
Read More Highlights From the FIO Report: The Other Shoe Has Dropped

On December 2, 2013, a coalition comprised of The R Street Institute, The American Consumer Institute and the National Taxpayers Union (the “Coalition”) sent a letter to the federal banking regulators at the U.S. Office of the Comptroller of the Currency, FDIC, NCUA, Farm Credit Administration and Federal Reserve Board. …
Read More Industry Groups Lobby Federal Banking Regulators to Revise Proposed Regulations for Private Flood Insurance

On November 6, 2013, the Federal Insurance Office (FIO) released its 2013 Report on the Impact of Part II of the Nonadmitted and Reinsurance Reform Act (NRRA). The purpose of the NRRA, which became effective on July 21, 2011, is to improve the uniformity of state regulation of reinsurance and surplus lines insurance.
Read More FIO Releases Report Regarding Impact of NRRA on Availability of Reinsurers’ Financial Information

On October 4, 2013, the Massachusetts Division of Insurance issued Bulletin 2013-09 (the “Bulletin”). Pursuant to the Bulletin, it is now permissible for producers and surplus lines brokers to charge fees to policyholders in addition to receiving commissions from insurers if:…
Read More Massachusetts Issues Bulletin Permitting Producers to Charge Fees

The New York Department of Financial Services (the “NY DFS”) has released proposed amendments to Insurance Regulation 41 (11 NYCRR Part 27), which governs the standards for excess lines placements.
Read More New York Proposes Changes to Excess line Placements Governing Standards (Regulation 41)

Continuing the controversy first discussed in our earlier article (a copy of which can be accessed here), uncertainty remains over whether the self-procurement tax and regulatory provisions of the Non-admitted and Reinsurance Reform Act, enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, apply to non-admitted insurance procured from a captive insurance company. …
Read More Does NRRA Capture Captives?

On June 18, two entirely different panels of the Fifth Circuit Court of Appeals affirmed judgments in favor of insurance companies on the grounds that the policyholder’s notice was untimely under the policy’s pollution buyback. Starr Indemnify & Liability Co. v. SGS Petroleum Service Corp. and Settoon Towing LLC v. St. Paul Surplus Lines Insurance Co. both involved a form of umbrella insurance known as bumbershoot.
Read More Twice in One Day, the Fifth Circuit Enforces a Pollution Buyback’s Thirty-Day Limit for Giving Notice of an Occurrence

We previously reported on AB 999. This bill revises the premium rate development process for long-term care insurance in order to address the dissatisfaction of policyholders with rate increases on in-force coverage.
Read More California Insurance Commissioner Dave Jones Has Sponsored Seven Bills That Have Been Enacted and Will Become Effective on January 1, 2013