Excess and Surplus Lines

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The Massachusetts Division of Insurance (“MDOI”) recently amended its surplus lines laws to allow for the approval of alien unauthorized insurers in the state. Previously, Massachusetts required that alien surplus lines insurers maintain a trusteed surplus in the US of $20 million and file financial information on an annual basis following US accounting principles which effectively made obtaining surplus lines eligibility in the state prohibitive for alien insurers. …
Read More Massachusetts Amends Laws to Permit Alien Surplus Lines Insurers

Earlier this month, New Jersey Department of Bank and Insurance Commissioner Thomas Considine issued Bulletin No. 10-19 reminding surplus lines brokers that the $50 limitation remains in effect for fees charged by surplus lines brokers to originating brokers.  P.L. 2010, Chapter 42, which was enacted on July 6, 2010, amends N.J. Stat. Ann. § 17:22A-38b to allow for the Commissioner to set the fee limitation by regulation, however, it is not effective until October 1, 2010. …
Read More New Jersey Issues Reminder to Surplus Lines Brokers that the $50 Limitation for Fees Charged to Originating Brokers is Still in Effect

A public hearing on August 20, 2010 will explore the possibility of increasing insurance capacity in New York by easing access to unauthorized insurers. The New York State Insurance Department (“NYID”) is soliciting input from the public as it determines whether to revise eligible coverages on the Export List, as set forth in Insurance Department Regulation 41 (11 NYCRR 27). …
Read More New York Insurance Department to Hold Hearing on August 20, 2010 on Whether to Expand the Export List Under Regulation 41

The Minnesota Department of Commerce will lower the surplus lines stamping fee from 0.0025 to 0.0008, effective January 1, 2011.  The new stamping fee will apply to all surplus lines policies written or renewed after the effective date, and includes all premium bearing transactions on such policies. …
Read More Minnesota to Lower Surplus Lines Stamping Fee

Representatives of the United States House of Representatives and Senate attending the reconciliation conference on H.R. 4173, the Wall Street Reform and Consumer Protection Act, have come to an agreement on the streamlined regulation of multistate surplus lines insurance policies. …
Read More Surplus Lines Reform Approved by House/Senate Conferees

The 2011 Rhode Island state budget, which was enacted as HB 7397A and signed into law June 2, 2010, amends the taxation statutes applicable to surplus lines insurers and the Medical Malpractice Joint Underwriters Association.  Article 9 of HB 7397A contains both amendments. …
Read More Rhode Island 2011 Budget – Tax Implications for Surplus Lines Insurers and Medical Malpractice Joint Underwriters Association

In a news release issued by the State of New Jersey Department of Banking and Insurance (“DOBI”) on May 7, 2010 (the “News Release”), DOBI Commissioner Tom Considine applauded two pieces of proposed legislation which, he said, “would make some common sense changes to regulation and allow captive insurers, and carriers of reinsurance and surplus lines to operate more expansively in New Jersey.” 

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Read More New Jersey Insurance Commissioner Praises Captive Insurance Bill and Unveils Reinsurance and Surplus Lines Initiative