Reps. Dennis Moore (D-Kan.) and Scott Garrett (R-N.J.) recently announced their intention to reintroduce the Nonadmitted and Reinsurance Reform Act (the “NRRA”).  As we previously reported here and here, the NRRA would establish national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance. 

The New Jersey Supreme Court has held that an umbrella policy issued by an excess/surplus lines insurer was not subject to the state’s automatic renewal statute.  New Jersey has a statute which provides that no policy shall be “nonrenewed” on its expiration date unless a valid written notice of nonrenewal has been sent to the insured.  

During the National Association of Insurance Commissioners (“NAIC”) Fall Meeting in National Harbor, Maryland, the Surplus Lines Task Force (“Task Force”) chaired by Commissioner James Donelon (LA) received a report on the status of the proposed 2007 Nonadmitted and Reinsurance Reform Act (H.R. 1065/ S. 929) (the “Bill”). 

The Chilean legislature was recently presented with a draft law designed to modernize the insurance and reinsurance provisions contained within Chile’s Code of Commerce.  If enacted, the legislation would replace Chile’s current laws concerning private insurance and reinsurance in their entirety. 

Last month, the New York State Insurance Department (the “Department”) held a public hearing in New York City to explore the possibility of expanding the Excess Lines Export List (the “Export List”).  The Export List is a compilation of risks or coverages that may be placed by surplus lines brokers without compliance with the three declinations rule. 

The Florida Supreme Court has provided an answer to a question important to insurers that have issued policies under Florida’s surplus lines laws.  In Essex Ins. Co. v. Zota, Case No. SC06-2031 (June 26, 2008), the Court considered numerous questions certified from the U.S. Court of Appeals for the 11th Circuit. 

On June 25 and for the second time in nine months, the House  unanimously passed H.R. 1065, the Nonadmitted and Reinsurance Reform Act of 2007.  The bill establishes national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance.