Excess and Surplus Lines

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Texas Attorney General Settles Bid-Rigging Charges With Insurance Carrier

By Troutman Pepper Locke on January 31, 2008

Posted in Antitrust, Excess and Surplus Lines, Florida Developments, Massachusetts Developments, United States

In a press release dated January 29, 2008, Texas Attorney General Greg Abbott announced the settlement of a bid-rigging investigation involving American International Group Inc. Click here to review the press release, petition and final judgment with AIG. The press release states that the agreement was spearheaded by Texas Attorney General Abbott’s Antitrust Division.

The International Insurance Center of Puerto Rico

By Troutman Pepper Locke on November 2, 2007

Posted in Excess and Surplus Lines, Industry Developments, Latin American Developments, Regulatory, United States

Several members of Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently attended an interesting meeting with representatives of the Office of the Commissioner of Insurance of the Commonwealth of Puerto Rico.

California Department of Insurance Clarifies New Surplus Broker License Requirements

By Troutman Pepper Locke on September 27, 2007

Posted in Excess and Surplus Lines, Regulatory, United States

The California Department of Insurance (“DOI”) has issued a bulletin clarifying Assembly Bill 1639, which takes effect January 1, 2008. The new law affects resident and non-resident producers transacting surplus lines business.

House Passes Nonadmitted and Reinsurance Reform Act

By Troutman Pepper Locke on June 26, 2007

Posted in Excess and Surplus Lines, Federal Legislative Developments, Regulatory, Tax Related Developments, United States

On June 25 and for the second time in nine months, the House unanimously passed H.R. 1065, the Nonadmitted and Reinsurance Reform Act of 2007. The bill establishes 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 Passes Nonadmitted and Reinsurance Reform Act

The Florida Hurricane Catastrophe Fund

By Troutman Pepper Locke on June 19, 2007

Posted in Excess and Surplus Lines, Florida Developments, United States

In 1992, in the wake of Hurricane Andrew, the Florida Legislature enacted F.S. § 215.555, which created the Florida Hurricane Catastrophe Fund (the “Fund”). The Fund is a trust fund, established to reimburse insurers, who write covered policies under F.S. § 215.555(2)(c), for a portion of their catastrophic hurricane related losses.

NAIC Begins Drafting of Excess/Surplus Lines Interstate Compact

By Troutman Pepper Locke on June 7, 2007

Posted in Excess and Surplus Lines, Federal Legislative Developments, Regulatory, United States

In an effort to stay one-step ahead of related federal legislation, an interested parties group within the NAIC has begun drafting an interstate compact that will allow for the uniform regulation of excess/surplus line transactions.

National Insurance Act/Optional Federal Charter Legislation Reintroduced in Senate

By Troutman Pepper Locke on June 6, 2007

Posted in Excess and Surplus Lines, Federal Legislative Developments, Insolvency, Restructuring and Run-Off, Regulatory, United States

On May 24, 2007, optional federal charter (OFC) legislation was reintroduced into the Senate as the National Insurance Act of 2007 (S. 40) (NIA), co-sponsored by John Sununu (R-NH) and Tim Johnson (D-SD). A similar bill is expected to be reintroduced into the House by Ed Royce (R-CA) in the coming weeks.

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