Excess and Surplus Lines Archives - Page 2 of 12

Locke Lord QuickStudy: Excess Lines Association of New York Publishes Guidance on New York Group P&C Policies

by Zachary Lerner | Jun 19, 2019 | Excess and Surplus Lines, Industry Developments, InsurTech, New York Developments | United States

On June 17th, the Excess Lines Association of New York (“ELANY”) published Bulletin No. 2019-19 (the “Bulletin”) detailing New York’s substantial restrictions on group property and casualty insurance policies. The Bulletin echoes some of the remarks at the most recent Surplus Lines Law Group Meeting where this author provided details on the growing regulatory concerns as to group P&C policies.

LL Surplus Lines Series (Entry 11): Vermont authorizes Domestic Surplus Lines Insurers; Standardizes Premium Tax rates; Repeals SLIMPACT

by Stephen Anastasia and Zachary Lerner | Jun 17, 2019 | Excess and Surplus Lines | United States

On June 10, 2019, Governor Phil Scott of Vermont signed Senate Bill 131 (the “Bill”) into law, permitting domestic surplus line insurers to offer and sell surplus lines insurance under a surplus lines certificate of authority in the state. Imitation is the sincerest form of flattery, and as mentioned in our previous post found here, Nevada passed similar legislation earlier this month.

LL Surplus Lines Series (Entry 10): Nevada Joins List of Domestic Surplus Lines Insurer States; Revises Broker Fee Statute; Other Changes

by Zachary Lerner | Jun 11, 2019 | Excess and Surplus Lines | United States

Add Nevada to the growing list of states that have adopted domestic surplus lines legislation. Senate Bill 86 (the “Bill”) was signed into law on June 1, 2019, with most provisions effective October 1, 2019. Of perhaps most significance Is that Nevada will now allow for insurance companies to domesticate in Nevada for the exclusive purpose of writing surplus lines insurance coverage within the state and potentially elsewhere.

LL Surplus Lines Series (Entry 9): Florida and California Make News on Broker and Agent Fees

by Zachary Lerner | May 17, 2019 | California Developments, Excess and Surplus Lines, Florida Developments | United States

Earlier this month, Florida passed House Bill 301 to remove the cap on the amount of fees that may be charged by a surplus lines broker in connection with the procurement of surplus lines insurance for a prospective insured. Instead of the old cap of a maximum of $35 per policy, surplus lines brokers will be able to charge any fee that is “reasonable” and disclosed to the insured in advance.

LL Surplus Lines Series (Entry 8): Surplus Lines Market Update

by John Emmanuel | May 13, 2019 | Excess and Surplus Lines | United States

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.

LL Surplus Lines Series (Entry 7): Applicability of Cancellation and Nonrenewal Requirements to Surplus Lines Insurers and recent updates (Attorney Analysis)

by Zachary Lerner | Apr 26, 2019 | Excess and Surplus Lines | United States

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.

LL Surplus Lines Series (Entry 6): Texas Legislature Considers Bills Clarifying Availability of Wind/Hail Cover from Surplus Lines Carriers

by Aaron Igdalsky | Apr 12, 2019 | Excess and Surplus Lines, Texas Developments | United States

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”).

LL Surplus Lines Series (Entry 5): 2019 WSIA Spring Surplus Lines Law Group Meeting Recap and Summary of Trends

by Zachary Lerner | Apr 8, 2019 | California Developments, Excess and Surplus Lines, Florida Developments, New York Developments, State Legislative Developments | Bermuda, European Union, United Kingdom, United States

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).

LL Surplus Lines Series (Entry 4): Nebraska Becomes Latest State to Adopt Domestic Surplus Lines Legislation

by John Emmanuel | Mar 25, 2019 | Excess and Surplus Lines, State Legislative Developments | United States

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.‎

LL Surplus Lines Series (Entry 3): Revisions to Montana’s Surplus Lines Laws

by Rebecca Hemmings | Mar 22, 2019 | Excess and Surplus Lines | Bermuda, European Union, United Kingdom, United States

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.

Topic: Excess and Surplus Lines

Locke Lord QuickStudy: Excess Lines Association of New York Publishes Guidance on New York Group P&C Policies

LL Surplus Lines Series (Entry 11): Vermont authorizes Domestic Surplus Lines Insurers; Standardizes Premium Tax rates; Repeals SLIMPACT

LL Surplus Lines Series (Entry 10): Nevada Joins List of Domestic Surplus Lines Insurer States; Revises Broker Fee Statute; Other Changes

LL Surplus Lines Series (Entry 9): Florida and California Make News on Broker and Agent Fees

LL Surplus Lines Series (Entry 8): Surplus Lines Market Update

LL Surplus Lines Series (Entry 7): Applicability of Cancellation and Nonrenewal Requirements to Surplus Lines Insurers and recent updates (Attorney Analysis)

LL Surplus Lines Series (Entry 6): Texas Legislature Considers Bills Clarifying Availability of Wind/Hail Cover from Surplus Lines Carriers

LL Surplus Lines Series (Entry 5): 2019 WSIA Spring Surplus Lines Law Group Meeting Recap and Summary of Trends

LL Surplus Lines Series (Entry 4): Nebraska Becomes Latest State to Adopt Domestic Surplus Lines Legislation

LL Surplus Lines Series (Entry 3): Revisions to Montana’s Surplus Lines Laws

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