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)
Does NRRA Capture Captives?
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?
Twice in One Day, the Fifth Circuit Enforces a Pollution Buyback’s Thirty-Day Limit for Giving Notice of an Occurrence
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
California Insurance Commissioner Dave Jones Has Sponsored Seven Bills That Have Been Enacted and Will Become Effective on January 1, 2013
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
Insurance and Reinsurance Review – June 2012
In This Issue:
EL Insurance Trigger: Supreme Court Brings the Issue to a Conclusion
By Mark Everiss and Richard Hopley
Read More Insurance and Reinsurance Review – June 2012
Florida House Approves Bill for Assumption of Citizens Policies by Surplus Lines Insurers
In connection with Florida’s transition of the state-run Citizens Property Insurance Corporation (“Citizens”) back to an insurer of last resort, the Florida House of Representatives recently approved by a 66-48 vote a bill (HB 245 [PDF]) that would allow surplus lines insurers to assume certain policies from Citizens.
Read More Florida House Approves Bill for Assumption of Citizens Policies by Surplus Lines Insurers
Surplus Lines Market Reports Increase in Business
At the annual National Association of Professional Surplus Lines Offices, Ltd. (“NAPSLO”) convention, the surplus lines industry recently reported that it has seen an increase of 10-15 percent in submission volume over the last year. Although the price of most insurance written by surplus lines insurers has not increased (other than for insurance written on catastrophe exposed accounts), the industry reported that terms and conditions of such insurance is improving.
Read More Surplus Lines Market Reports Increase in Business
House Committee Holds Hearing: “Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs”
On July 28, 2011, the U.S. House of Representatives Subcommittee on Insurance, Housing and Community Opportunity (subcommittee of the Committee on Financial Services) held a hearing entitled “Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs.” Committee members heard from state regulators, as well as various industry executives, a consumer advocate and others, regarding topics spanning from systemic risk in the insurance sector to reform in the producer licensing system.
Read More House Committee Holds Hearing: “Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs”
New Tax Form for Insurance Independently Procured From Unauthorized Insurer in New York
The New York State Department of Taxation and Finance issued a memorandum regarding changes to the New York tax laws affecting insurance independently procured from unauthorized insurers in order to conform New York law to the requirements of the Nonadmitted and Reinsurance Reform Act of 2010.
Read More New Tax Form for Insurance Independently Procured From Unauthorized Insurer in New York
California Enacts Legislation Implementing Provisions of NRRA
Earlier this week, California enacted Assembly Bill 315 which allows California to implement provisions of the federal Nonadmitted and Reinsurance Reform Act of 2010 (the “NRRA”).
Read More California Enacts Legislation Implementing Provisions of NRRA