LL Surplus Lines Series (Entry 8): Surplus Lines Market Update
The surplus lines market saw plenty of growth in 2018 and one-third of the way through 2019 there is no reason to think that the trend won’t continue.
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LL Surplus Lines Series (Entry 7): Applicability of Cancellation and Nonrenewal Requirements to Surplus Lines Insurers and recent updates (Attorney Analysis)
Cancellation and nonrenewal requirements applicable to insurance policies exist in every state in the nation. These laws and regulations are founded on the principle that insurance customers should be protected against losing insurance coverage without proper notice and without good reason. As such, many states require that mid-term cancellation of an insurance policy only be effectuated for specific statutorily-defined reasons, and that sufficient advance notice must be given to the insured prior to the cancellation or nonrenewal of an insurance policy.
Read MoreLL Surplus Lines Series (Entry 6): Texas Legislature Considers Bills Clarifying Availability of Wind/Hail Cover from Surplus Lines Carriers
Texas’ legislature is considering bills that would amend Texas’ insurance code to clarify that eligible surplus lines insurers may offer windstorm and hail insurance in areas already served by the Texas Windstorm Insurance Association (“TWIA”).
Read MoreLL Surplus Lines Series (Entry 5): 2019 WSIA Spring Surplus Lines Law Group Meeting Recap and Summary of Trends
The Surplus Lines Law Group held its spring meeting on Friday, April 5 in Biloxi, Mississippi. A number of presentations were given at the meeting, including updates on the trends around the nation with respect to the diligence search requirement, international tax and cybersecurity issues, as well as a presentation by this author as to the challenges surrounding placing group insurance coverage on a surplus lines basis (including unique hurdles applicable to risk purchasing groups).
Read MoreLL Surplus Lines Series (Entry 4): Nebraska Becomes Latest State to Adopt Domestic Surplus Lines Legislation
On March 12, 2019, Nebraska joined the small but growing number of states to adopt “domestic” surplus lines legislation. Illinois was the first state to adopt domestic surplus lines legislation in 1998 but the trend only gained traction over the last few years.
Read MoreLL Surplus Lines Series (Entry 3): Revisions to Montana’s Surplus Lines Laws
Montana amended its insurance code to revise certain definitions and update certain provisions relating to surplus lines insurance effective March 7, 2019; the amendments can be found here. Section 33-2-301(3)(t)(i) of the Montana insurance code amended its definition of “surplus lines insurance” to include inland marine insurance.
Read MoreLL Surplus Lines Series (Entry 2): New York to Consider Elimination of Diligent Search Requirement for Certain Commercial Policies
One of the hallmarks of surplus lines regulation throughout the United States is the “diligent search” requirement whereby the surplus lines broker (or retail producer) must attempt to place insurance coverage in the admitted market before exporting such coverage to an eligible, unauthorized surplus lines insurer.
Read MoreExcess and Surplus Lines Law Manual 2019 Update
We are happy to provide the 2019 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during the past year.
Read MoreLL Surplus Lines Series (Entry 1): Blog Series Launch
Locke Lord is pleased to announce the launch of its newest blog series, the LL Surplus Lines Series!
Read MoreTexas Revamps Surplus Lines Regulations
The Texas Commissioner of Insurance has announced the repeal and replacement of provisions Chapter 15 Texas Administrative Code related to the regulation of surplus lines insurance. The proposed new rules were originally published in June, 2018 and have been adopted with modification.
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