Excess and Surplus Lines

Subscribe to Excess and Surplus Lines via RSS
The Virginia State Corporation Commission Bureau of Insurance (the “Bureau”) recently issued a bulletin to provide guidance on the development and implementation of privacy safeguards to all insurers, health service plans, health maintenance organizations, surplus lines brokers and other interested parties.

…
Read More Virginia Issues Guidance on Information Security Program Requirement

On August 28, 2009, Delta Financial Corp. (“Delta”) filed a Notice of Appeal to the United States Court of Appeals for the Third Circuit seeking to overturn the dismissal of its coverage action against Westchester Surplus Lines Insurance Co. (“Westchester”) and United States Fire Insurance Co. (“USFI”).
Read More Delta Financial Appeals Denial of D&O Coverage Based on Inadequate Consideration (“Bump Up”) Exclusion

This updates our June 30, 2009 blog post.  The recently proposed Eleventh Amendment (the “Amendment”) to Regulation 41 (11 NYCRR 27), which governs the standards for excess lines placement, became effective on September 2, 2009.  The Amendment placed several additional categories of risks insured by excess lines carriers on the New York Export List. 

…
Read More New York Expands Export List

The New Jersey Department of Banking and Insurance recently issued Bulletin 09-21, which advises that amendments to N.J.S.A. § 17:22-6.59 and 17:22-6.64 were enacted on June 29, 2009.  The amendments change the surplus lines premium tax rate from three percent to five percent. 

…
Read More New Jersey Increases Surplus Lines Premium Tax Rates

On June 25, 2009, the Non-Admitted and Reinsurance Reform Act of 2009 (S. 1363) was reintroduced into the Senate by Senators Evan Bayh (D-Ind.) and Mel Martinez (R-Fla.).  S. 1363 is a companion bill to H.R. 2571, discussed here, which was introduced into the House on May 21, 2009.

…
Read More Non-Admitted and Reinsurance Reform Act Reintroduced into the Senate

Eric R. Dinallo, Superintendent of the New York Insurance Department, recently proposed an amendment to Regulation 41 (11 NYCRR 27) that governs the standards for excess lines placement (the “Proposed Regulation).  The Proposed Regulation seeks to include additional risks to be insured by excess lines carriers on the New York Export List. …

Read More New York Export List Proposed Regulation

Last week, Florida Governor Charlie Christ signed into law House Bill 853, previously discussed here, which exempts surplus lines insurers entirely from the provisions of Chapter 627, except where specifically stated otherwise.  Chapter 627 contains Florida’s rate and form filing statutes. …

Read More UPDATE: Surplus Lines Insurer Exemption Legislation Signed Into Law

Argentina: According to the national regulator, total premiums in the Argentinean insurance market increased 7.4% when comparing the twelve months ended April 30, 2009 with the prior twelve month period.  The fastest growing line of insurance for the period was workers compensation insurance, where total premiums increased 22.1%.  Automobile insurance remains the largest sector in the Argentinean insurance market, accounting for nearly half of the market’s total premiums.
Read More Latin American Update: Argentina, Chile, Cuba, Mexico, Nicaragua, Venezuela