Excess and Surplus Lines Archives - Page 14 of 14

NAIC Surplus Lines Task Force Makes Progress Despite Likelihood that the Bill will not Pass this Year

Sep 24, 2008 | Excess and Surplus Lines, Federal Legislative Developments, Regulatory | United States

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”).

Chile Considers Legislation To Modernize Its Insurance and Reinsurance Laws

Jul 30, 2008 | Arbitration, Coverage & Claims, Excess and Surplus Lines, Extra-Contractual Liability, Latin American Developments, Regulatory, Reinsurance

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.

Agents and Brokers Urge Expansion of New York Excess Lines Export List

Jul 28, 2008 | Excess and Surplus Lines, New York Developments, Regulatory | United States

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.

Florida Supreme Court – Surplus Lines Policies Are Subject to Chapter 627, Florida Statutes

Jul 2, 2008 | Excess and Surplus Lines, Florida Developments | United States

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.

The International Insurance Center of Puerto Rico

Nov 2, 2007 | Excess and Surplus Lines, Industry Developments, Latin American Developments, Regulatory | United States

Several members of Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently attended an interesting meeting with representatives of the Office of the Commissioner of Insurance of the Commonwealth of Puerto Rico.

California Department of Insurance Clarifies New Surplus Broker License Requirements

Sep 27, 2007 | Excess and Surplus Lines, Regulatory | United States

The California Department of Insurance (“DOI”) has issued a bulletin clarifying Assembly Bill 1639, which takes effect January 1, 2008. The new law affects resident and non-resident producers transacting surplus lines business.

House Passes Nonadmitted and Reinsurance Reform Act

Jun 26, 2007 | Excess and Surplus Lines, Federal Legislative Developments, Regulatory, Tax Related Developments | United States

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.

NAIC Begins Drafting of Excess/Surplus Lines Interstate Compact

Jun 7, 2007 | Excess and Surplus Lines, Federal Legislative Developments, Regulatory | United States

In an effort to stay one-step ahead of related federal legislation, an interested parties group within the NAIC has begun drafting an interstate compact that will allow for the uniform regulation of excess/surplus line transactions.

National Insurance Act/Optional Federal Charter Legislation Reintroduced in Senate

Jun 6, 2007 | Excess and Surplus Lines, Federal Legislative Developments, Insolvency, Restructuring and Run-Off, Regulatory | United States

On May 24, 2007, optional federal charter (OFC) legislation was reintroduced into the Senate as the National Insurance Act of 2007 (S. 40) (NIA), co-sponsored by John Sununu (R-NH) and Tim Johnson (D-SD). A similar bill is expected to be reintroduced into the House by Ed Royce (R-CA) in the coming weeks.

Topic: Excess and Surplus Lines

NAIC Surplus Lines Task Force Makes Progress Despite Likelihood that the Bill will not Pass this Year

Chile Considers Legislation To Modernize Its Insurance and Reinsurance Laws

Agents and Brokers Urge Expansion of New York Excess Lines Export List

Florida Supreme Court – Surplus Lines Policies Are Subject to Chapter 627, Florida Statutes

The International Insurance Center of Puerto Rico

California Department of Insurance Clarifies New Surplus Broker License Requirements

NAIC Begins Drafting of Excess/Surplus Lines Interstate Compact

National Insurance Act/Optional Federal Charter Legislation Reintroduced in Senate

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