On April 1, 2009, the Florida Senate Judiciary Committee passed an amended Senate Bill 1894 (the “Amended Bill”) by a vote of 5-4. The Amended Bill, while differing in form, incorporated some of the concepts proposed by Senator Jeremy Ring (D) that we reported about here.
Excess and Surplus Lines
UPDATE: Florida Senate Committee Amends Surplus Lines Insurer Exemption Legislation
By Troutman Pepper Locke on
Legislation (Senate Bill 1894) introduced in the Florida Senate to exempt surplus lines insurers from the provisions of Chapter 627 has been amended by the Committee on Banking and Insurance and re-referred to the Judiciary Committee.
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Read More UPDATE: Florida Senate Committee Amends Surplus Lines Insurer Exemption Legislation
UK: Changes Announced to Lloyd’s American Trust Fund (LATF)
By Troutman Pepper Locke on
In a market bulletin published on 5 March 2009, Lloyd’s announced new arrangements for the reporting, funding and settlement of LATF liabilities (excluding long term business). The bulletin states that these changes will take effect at the end of Q1 2009.
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Read More UK: Changes Announced to Lloyd’s American Trust Fund (LATF)
Texas Department of Insurance Recommends Unauthorized Insurance Guaranty Fund
By Troutman Pepper Locke on
In the Biennial report of the Texas Department of Insurance (the “TDI”) to the 81st Texas Legislature, a recommendation was submitted to create an unauthorized insurance guaranty fund. …
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Florida Introduces Legislation to Exempt Surplus Lines Insurers from Form Filing Requirements
By Troutman Pepper Locke on
Companion legislation has been introduced in the Florida House of Representatives and Senate to exempt surplus lines insurers from the provisions of Chapter 627, except when specifically stated otherwise, which contains Florida’s rate and form filing statutes.
House of Representatives to Reintroduce the Nonadmitted and Reinsurance Reform Act
Reps. Dennis Moore (D-Kan.) and Scott Garrett (R-N.J.) recently announced their intention to reintroduce the Nonadmitted and Reinsurance Reform Act (the “NRRA”). As we previously reported here and here, the NRRA would establish national standards on how states may regulate and tax surplus lines insurers and also sets national standards concerning the regulation of reinsurance. …
Read More House of Representatives to Reintroduce the Nonadmitted and Reinsurance Reform Act
NJ Supreme Court Finds Umbrella Policy Issued by Excess/Surplus Lines Carrier Not Subject to Automatic Renewal Statute
By Troutman Pepper Locke on
The New Jersey Supreme Court has held that an umbrella policy issued by an excess/surplus lines insurer was not subject to the state’s automatic renewal statute. New Jersey has a statute which provides that no policy shall be “nonrenewed” on its expiration date unless a valid written notice of nonrenewal has been sent to the insured.
New York Insurance Department Issues Circular Letter Regarding Late Notice Legislation, Which Takes Effect on January 17, 2009
“[A]ll liability policies” issued or delivered in New York on or after January 17, 2009 will be subject to the recent Legislation promulgated under Chapter 388 of the Laws of 2008 (the “Legislation”). The New York Insurance Department (“Department”) has issued Circular Letter No. 26 (2008), dated November 18, 2008, to remind liability insurers writing property/casualty policies of the changes resulting from the new law, and also to clarify certain aspects of the Legislation.
New York Insurance Department Issues Circular Letter Summarizing Late Notice Legislation and Advising Insurers to Promptly Revise and File Policy Forms Conforming With New Requirements
The New York Insurance Department has now issued Circular Letter No. 26 (2008) dated November 18, 2008 to remind liability insurers writing property/casualty policies of the changes resulting from the new law, which takes effect on January 17, 2009, and also to clarify certain aspects of the Legislation.
Fifth Circuit Rejects Excess Insurer’s Temporal and Subject Matter Stacking Arguments
By Troutman Pepper Locke on
The United States Court of Appeals for the Fifth Circuit recently rejected an excess insurer’s arguments in favor of temporal and subject matter stacking and affirmed summary judgment dismissing its subrogation claims against certain primary insurers.
Read More Fifth Circuit Rejects Excess Insurer’s Temporal and Subject Matter Stacking Arguments