The Texas Department Insurance (“TDI”) Commissioner Cassie Brown issued an order decreasing the surplus lines stamping fee from .075% to .04% of gross premium resulting from surplus lines insurance contracts. The decrease will apply to new or renewal surplus lines policies with an effective date on or after January 1, 2024.
Read More Texas Reduces Surplus Lines Stamping Fee
Excess and Surplus Lines
Excess and Surplus Lines Law Manual 2023 Update
By John Emmanuel & Zachary Lerner on
We are happy to provide the 2023 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, and a PDF of the entire manual.
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You’re Invited: InsurTech Legal Academy Webinar Presented by Locke Lord and InsurTechNY
By Zachary Lerner & Brian Casey on
Join Locke Lord and InsurTechNY for their InsurTech Academy webinar series on legal and regulatory issues impacting the InsurTech industry. Each quarter, we’ll tackle a new important topic, starting with a primer on surplus lines insurance for InsurTechs.…
Read More You’re Invited: InsurTech Legal Academy Webinar Presented by Locke Lord and InsurTechNY
Update: LL Surplus Lines Series (Entry 35): Surplus Lines Working Group Exposes Changes to IID Plan of Operation for Alien Insurers
By John Emmanuel & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
At the December National Association of Insurance Commissioners (NAIC) Fall National Meeting, the Surplus Lines Working Group adopted changes to the IID Plan of Operation. The updated Plan of Operation incorporates, among others, the changes noted in our October posting below. The 2023 Plan of Operation is now available at the “Documents” tab of the Surplus Lines Working Group home page.”
On October 19, 2022, the National Association of Insurance Commissioners (NAIC) Surplus Lines Working Group exposed proposed changes to the International Insurers Department (IID) Plan of Operation applicable to insurers domiciled outside the U.S. (alien) participating in the U.S. insurance market.
Read More Update: LL Surplus Lines Series (Entry 35): Surplus Lines Working Group Exposes Changes to IID Plan of Operation for Alien Insurers
LL Surplus Lines Series (Entry 34): Nonadmitted Model Act Moves Closer to Adoption; A Couple of Issues Remain Unresolved
By John Emmanuel & Troutman Pepper Locke on
On October, 17, 2022, the National Association of Insurance Commissioners (NAIC) Surplus Lines Task Force held an interim meeting to discuss, among other agenda items, the draft changes to the Nonadmitted Insurance Model Act (#870). The Drafting Group presented the draft model to the Task Force on May 23 and the Task Force formally exposed the model for a 60-day public comment period that ended on July 21st.
Read More LL Surplus Lines Series (Entry 34): Nonadmitted Model Act Moves Closer to Adoption; A Couple of Issues Remain Unresolved
The Rise of the Domestic Surplus Lines Insurer
By Zachary Lerner & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
Zachary Lerner, Partner in Locke Lord’s New York office, authored an article in the New York Law Journal discussing the rise of the Domestic Surplus Lines Insurer (DSLI), key benefits of pursuing the formation or purchase of a DSLI and the associated challenges.
Read More The Rise of the Domestic Surplus Lines Insurer
Excess and Surplus Lines Law Manual 2022 Update
We are happy to provide the 2022 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.
Read More Excess and Surplus Lines Law Manual 2022 Update
LL Surplus Lines Series (Entry 33): Florida Legislators Consider Surplus Lines Bills
By Zachary Lerner & Troutman Pepper Locke on
Florida lawmakers have recently introduced SB 1402 that could open up additional avenues for the placement of surplus lines business in the state. …
Read More LL Surplus Lines Series (Entry 33): Florida Legislators Consider Surplus Lines Bills
LL Surplus Lines Series (Entry 32): Illinois Legislature Eliminates the Diligent Search Effort for Certain Commercial Transactions and Provides Clarity With Respect to Group Policies
Posted in Excess and Surplus Lines, United States
On May 21, 2021, the Illinois legislature passed SB 1753, which eliminates the surplus lines producers’ diligent search effort with respect to commercial risks when those risks are referred to the surplus lines producer by an unaffiliated Illinois-licensed insurance producer. The legislation is currently awaiting the Governor’s signature.
Read More LL Surplus Lines Series (Entry 32): Illinois Legislature Eliminates the Diligent Search Effort for Certain Commercial Transactions and Provides Clarity With Respect to Group Policies
Complimentary Webinar: Methods of Accessing the Non-Admitted Insurance Market in the U.S. for InsurTech Distributors
By Stephanie Kelly & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, InsurTech
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.
Read More Complimentary Webinar: Methods of Accessing the Non-Admitted Insurance Market in the U.S. for InsurTech Distributors