Excess and Surplus Lines Archives - Page 3 of 15

LL Surplus Lines Series (Entry 25): Lloyd’s of London to Relinquish U.S. Licenses; Will Focus on Expanding Surplus Lines and Reinsurance Operations

by Zachary Lerner | Jul 13, 2020 | Excess and Surplus Lines | United States

On July 10, 2020, Lloyd’s of London (“Lloyd’s”) issued Market Bulletin Ref: Y5299 (the “Bulletin”) announcing that it will seek to relinquish its admitted licenses in Kentucky, Illinois and the U.S. Virgin Islands. The Bulletin states that the decision “was a recognition that the E&S business is a better fit for our underwriters given the market’s innovative nature and expertise in emerging risks.”

Texas Adopts Amendments to Surplus Lines Stamping Office Plan of Operation with Enhanced Department of Insurance Oversight

by Christopher Martin | Jul 7, 2020 | Excess and Surplus Lines, Regulatory, Texas Developments | United States

Kent C. Sullivan, Commissioner of the Texas Department of Insurance (TDI) issued Order No. 2020-6384 on July 3, 2020, approving an amended Plan of Operation of the Surplus Lines Stamping Office of Texas (SLSOT).

LL Surplus Lines Series (Entry 24): Excess Line Association of New York Weighs in on “Surplus Lines Agents”

by Zachary Lerner | Jun 24, 2020 | California Developments, Excess and Surplus Lines, New York Developments | United States

On June 16, 2020, the Excess Line Association of New York (“ELANY”) issued Bulletin No. 2020-35, promulgating ELANY’s new issue of “ELANY Elaborates” (the “EE”). This issue of EE (available here) focuses primarily on the classification of “surplus lines agents” in New York and elsewhere.

Pandemic Risk Insurance Act (PRIA) Introduced in Congress With Revisions from Initial Drafts; Business Continuity Protection Program Floated as well

by Zachary Lerner | May 29, 2020 | COVID-19, Excess and Surplus Lines, Federal Legislative Developments | United States

After weeks of deliberation, the Pandemic Risk Insurance Act, or “PRIA” has been introduced into the U.S. Congress. On May 26th, Rep. Carolyn Maloney, a member of the House Financial Services Committee, introduced H.R. 7011, the “Pandemic Risk Insurance Act of 2020” (the “Current PRIA Bill”).

LL Surplus Lines Series (Entry 23): Sampling of COVID-19 State and NAIC Insurance Updates Applicable to the Surplus Lines Industry

by Zachary Lerner | May 18, 2020 | California Developments, COVID-19, Excess and Surplus Lines, Federal Legislative Developments, New Jersey Developments, New York Developments | United States

COVID-19 is impacting all facets of the insurance industry, and while the surplus lines market is somewhat inoculated from the impact of various state orders and emergency regulations, many states as well as the National Association of Insurance Commissioners (“NAIC”) are subjecting surplus lines insurers and brokers to their mandates. This article provides a sample of various state and NAIC requests and orders in recent weeks with applicability to the surplus lines industry, including but not limited to moratoriums on cancellation/nonrenewal, orders to return premium with respect to insurance policies where COVID-19 has altered the nature of the underlying risk, and various data calls.

Excess and Surplus Lines Law Manual 2020 Update

by John Emmanuel and Zachary Lerner | Apr 6, 2020 | Excess and Surplus Lines, Regulatory | United States

We are pleased to present this 20th Anniversary 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.

Pandemic Risk Insurance Act – A TRIA-Inspired Model to Backstop the Business Interruption Insurance Market in the Wake of COVID-19

by Zachary Lerner | Mar 27, 2020 | COVID-19, Excess and Surplus Lines, Federal Legislative Developments, Terrorism Risk and Insurance | United States

The COVID-19 pandemic has rocked the United States and the sense of security of its citizenry in a way not seen since the tragedies of September 11th, 2001. The insurance industry, like the rest of us, is reacting in real time to the rapidly-evolving business climate, from managing the flow of claims to responding to federal and state-level mandates.

LL Surplus Lines Series (Entry 22): Illinois Introduces Changes to Surplus Lines Laws Regarding Declinations and Group Policies

by John Emmanuel | Feb 24, 2020 | Excess and Surplus Lines, Illinois Developments | United States

On February 14, 2020, Illinois introduced legislation (SB3783) that would make significant ‎changes in the manner certain surplus lines placements are made in Illinois. Illinois would be the ‎latest state to amend their surplus lines laws and improve efficiency in the placement of surplus ‎lines risks.‎

Surplus Lines Insurance: 20 FAQs for 2020

by Zachary Lerner | Feb 10, 2020 | Excess and Surplus Lines

As we embark upon a new decade, the surplus lines insurance market has never been stronger. Growth in specialty products and demand for insurance protection in an increasingly dynamic, technological climate has continued to drive excess and surplus lines business. In many cases, these changes have resulted in a new, “fresh” look at many of the statutory and regulatory standards, restrictions and allowances applicable to surplus lines insureds, brokers and insurers alike.

LL Surplus Lines Series (Entry 21): Excess Line Association of New York Publishes “Compliance Advisor” Detailing Applicability of Various Laws to Excess (Surplus) Lines Market

by Zachary Lerner | Dec 31, 2019 | Excess and Surplus Lines | United States

One substantial area of ambiguity that permeates the surplus lines industry throughout the United States relates to the applicability of state law to surplus lines insurance carriers and brokers. This week, the Excess Line Association of New York (“ELANY”) published its “Compliance Advisor” intending, in part, to shed light on applicability of various New York statutes and regulations to the excess (surplus) lines market.

Topic: Excess and Surplus Lines

LL Surplus Lines Series (Entry 25): Lloyd’s of London to Relinquish U.S. Licenses; Will Focus on Expanding Surplus Lines and Reinsurance Operations

Texas Adopts Amendments to Surplus Lines Stamping Office Plan of Operation with Enhanced Department of Insurance Oversight

LL Surplus Lines Series (Entry 24): Excess Line Association of New York Weighs in on “Surplus Lines Agents”

Pandemic Risk Insurance Act (PRIA) Introduced in Congress With Revisions from Initial Drafts; Business Continuity Protection Program Floated as well

LL Surplus Lines Series (Entry 23): Sampling of COVID-19 State and NAIC Insurance Updates Applicable to the Surplus Lines Industry

Excess and Surplus Lines Law Manual 2020 Update

Pandemic Risk Insurance Act – A TRIA-Inspired Model to Backstop the Business Interruption Insurance Market in the Wake of COVID-19

LL Surplus Lines Series (Entry 22): Illinois Introduces Changes to Surplus Lines Laws Regarding Declinations and Group Policies

Surplus Lines Insurance: 20 FAQs for 2020

LL Surplus Lines Series (Entry 21): Excess Line Association of New York Publishes “Compliance Advisor” Detailing Applicability of Various Laws to Excess (Surplus) Lines Market

Search

InsurTech

Jurisdictions

Topics

Archives

Email the Editor

Share

Locke Lord LLP

Follow Us