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.
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Excess and Surplus Lines
Surplus Lines Reform Approved by House/Senate Conferees
By Troutman Pepper Locke on
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
Rhode Island 2011 Budget – Tax Implications for Surplus Lines Insurers and Medical Malpractice Joint Underwriters Association
By Troutman Pepper Locke on
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. …
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New Jersey Insurance Commissioner Praises Captive Insurance Bill and Unveils Reinsurance and Surplus Lines Initiative
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.”
UPDATE: Louisiana House Passes Surplus Lines Exemption Bill
By Troutman Pepper Locke on
As we previously reported here, the Louisiana House of Representatives scheduled a floor debate for April 21, 2010 on House Bill 285 (the “Bill”). …
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EAPD’s Surplus Lines Manual Annual Update Now Available Online
By Troutman Pepper Locke on
Posted in Excess and Surplus Lines
EAPD is pleased to announce that its Excess and Surplus Lines Manual has been updated to reflect current legislative developments in the United States.
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Read More EAPD’s Surplus Lines Manual Annual Update Now Available Online
Louisiana: Surplus Lines Exemption Bill Scheduled for Floor Debate
By Troutman Pepper Locke on
The Louisiana House of Representatives has scheduled a floor debate for April 21, 2010 on House Bill 285 (the “Bill”). …
Read More Louisiana: Surplus Lines Exemption Bill Scheduled for Floor Debate
NAIC Spring National Meeting Update: Regulatory Modernization (EX) Task Force
By Troutman Pepper Locke on
The Regulatory Modernization (EX) Task Force (the “Task Force”), chaired by Commissioner Kim Holland (Oklahoma) met on Friday, March 26, 2010 during the NAIC Spring National Meeting.
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Read More NAIC Spring National Meeting Update: Regulatory Modernization (EX) Task Force
Connecticut Federal Court Finds that Reinsurer Does Not Have to Follow Cedent’s Fortunes
Employers Reinsurance Company, now known as Westport Insurance Corporation (“Westport”), provided reinsurance coverage for insurance policies issued by Connecticut Specialty Insurance Company (the “Reinsurance Agreement”). Royal Surplus Lines Insurance Company, later known as Arrowood Surplus Lines Insurance Company (“Arrowood”), entered into an agreement by which it assumed Connecticut Specialty’s liabilities under certain policies, including a general liability policy issued to Equity Residential (the “Policy”).
Read More Connecticut Federal Court Finds that Reinsurer Does Not Have to Follow Cedent’s Fortunes
Senate Banking Committee Releases First Draft of American Financial Stability Act of 2009; Includes Nonadmitted and Reinsurance Reform Act and National Insurance Office
On Tuesday, November 10, 2009, the Senate Banking Committee, chaired by Senator Christopher Dodd (D-CT), released a first draft for discussion of the American Financial Stability Act of 2009 (the “Act”).