Topic: Excess and Surplus Lines

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. 

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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. 

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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. 

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National Insurance Act/Optional Federal Charter Legislation Reintroduced in Senate

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. 

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