Topic: Excess and Surplus Lines

Locke Lord and InsurTech NY Present CLE Surplus Lines Webinar for InsurTech Distributors

Locke Lord and InsurTech NY will present a one-hour virtual  presentation on June 9 at noon ET addressing current issues facing insurtechs operating in the surplus lines space, including insurers, brokers, distribution partners and other vendors – and their various products – when seeking to access the non-admitted insurance market in today’s increasingly high-tech and digital world.

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LL Surplus Lines Series (Entry 31): ELANY Issues Commentary on NY Cybersecurity Regulation Developments, E&S Diligent Search Modernization, Medical Malpractice E&S Reform, Punitive Damage Advocacy, Group Policy Prohibitions, Binding Authority Filing Requirements and other Topics of Note

The Excess Line Association of New York (“ELANY”) delivered its April 2021 issue of the “E&S Empire Express,” a publication designed to provide an overview of ELANY’s recent activities, including employment changes, regulatory efforts, upcoming events, and general guidance.

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Excess and Surplus Lines Law Manual 2021 Update

We are happy to provide the 2021 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. The website provides you with the ability to click on the states and territories of interest to view the updates.

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LL Surplus Lines Series (Entry 29): Illinois Looks to be Latest State to Streamline Diligent Search Requirements, and to Provide Clarity for Group Policies

On February 26, 2021, a bill was introduced in the Illinois General Assembly that among other ‎changes would eliminate the diligent effort requirement for commercial business sourced by a ‎surplus lines producer through a retail insurance producer and would also reduce the requirement ‎for master policies and program business.‎

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LL Surplus Lines Series (Entry 28): Surplus Lines Compliance Reminder Issued by ‎ELANY, Regarding Group Policies and Use of Binding Authority Agreements

On February 8, 2021, the Excess Line Association of New York (“ELANY”) issued Bulletin No. ‎‎2021-05 reminding surplus line insurers and brokers about some often overlooked compliance ‎requirements. Among the topics was the issuance of group policies and use of binding authority ‎agreements.

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The Myth of the ‘Surplus Lines Agent’

Increasingly, the world of insurance distribution has become highly specialized, utilizing technology and a multitude of parties to reach customers worldwide. The surplus lines industry is no exception. Surplus lines brokers are not merely intermediaries between insureds and eligible surplus lines insurers that may be interested in servicing a specialty insurance market.

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The Gig Economy’s Auto Insurance Market and Surplus Lines

Automobile insurance looks very different today than it did a generation ago. The means by ‎which people (and goods) travel via motor vehicles continue to expand and evolve, as do ‎businesses and their automobile insurance needs, especially in the gig economy and now with the ‎current COVID-19 pandemic disruptions. No longer do individuals exclusively rely on ‎traditional car rental companies for their temporary travel needs, as fleet-based services have ‎grown exponentially, allowing for utilization of app-based technology to identify local vehicles ‎for immediate use.‎

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