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.
Excess and Surplus Lines
NJ Supreme Court Finds Umbrella Policy Issued by Excess/Surplus Lines Carrier Not Subject to Automatic Renewal Statute
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NAIC Surplus Lines Task Force Makes Progress Despite Likelihood that the Bill will not Pass this Year
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Chile Considers Legislation To Modernize Its Insurance and Reinsurance Laws
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Agents and Brokers Urge Expansion of New York Excess Lines Export List
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
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
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California Department of Insurance Clarifies New Surplus Broker License Requirements
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House Passes Nonadmitted and Reinsurance Reform Act
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
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