In an effort to help struggling businesses deal with the fall-out from the COVID-19 pandemic, legislatures in Florida, Illinois, Maine and Rhode Island have recently proposed legislation to require insurance carriers to cover COVID-19 related business interruption claims. Traditionally, business interruption policies require that a business suffer some sort of physical loss or damage before the carrier will pay-out on a business interruption claim.
Read More Various States Seek to Mandate Insurers Cover COVID-19 Related Business Interruption Claims
Excess and Surplus Lines
LL Surplus Lines Series (Entry 29): Illinois Looks to be Latest State to Streamline Diligent Search Requirements, and to Provide Clarity for Group Policies
By John Emmanuel & Troutman Pepper Locke on
On February 26, 2021, a bill was introduced in the Illinois General Assembly that among other changes would eliminate the diligent effort requirement for commercial business sourced by a surplus lines producer through a retail insurance producer and would also reduce the requirement for master policies and program business.…
Read More LL Surplus Lines Series (Entry 29): Illinois Looks to be Latest State to Streamline Diligent Search Requirements, and to Provide Clarity for Group Policies
LL Surplus Lines Series (Entry 28): Surplus Lines Compliance Reminder Issued by ELANY, Regarding Group Policies and Use of Binding Authority Agreements
By John Emmanuel & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
On February 8, 2021, the Excess Line Association of New York (“ELANY”) issued Bulletin No. 2021-05 reminding surplus line insurers and brokers about some often overlooked compliance requirements. Among the topics was the issuance of group policies and use of binding authority agreements.
Read More LL Surplus Lines Series (Entry 28): Surplus Lines Compliance Reminder Issued by ELANY, Regarding Group Policies and Use of Binding Authority Agreements
The Myth of the ‘Surplus Lines Agent’
By Zachary Lerner & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
Increasingly, the world of insurance distribution has become highly specialized, utilizing technology and a multitude of parties to reach customers worldwide. The surplus lines industry is no exception. Surplus lines brokers are not merely intermediaries between insureds and eligible surplus lines insurers that may be interested in servicing a specialty insurance market.
Read More The Myth of the ‘Surplus Lines Agent’
The Gig Economy’s Auto Insurance Market and Surplus Lines
By Zachary Lerner & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
Automobile insurance looks very different today than it did a generation ago. The means by which people (and goods) travel via motor vehicles continue to expand and evolve, as do businesses and their automobile insurance needs, especially in the gig economy and now with the current COVID-19 pandemic disruptions. No longer do individuals exclusively rely on traditional car rental companies for their temporary travel needs, as fleet-based services have grown exponentially, allowing for utilization of app-based technology to identify local vehicles for immediate use.…
Read More The Gig Economy’s Auto Insurance Market and Surplus Lines
LL Surplus Lines Series (Entry 27): Developments in the Surplus Lines Diligent Search Requirement
By Zachary Lerner & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
Multiple developments occurred in the last few weeks throughout the United States relaxing diligent search standards in the surplus lines marketplace.
Read More LL Surplus Lines Series (Entry 27): Developments in the Surplus Lines Diligent Search Requirement
COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (August 20, 2020)
In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling regulatory updates to provide clients easy access to information during this unprecedented time. If you have any questions on the subject matter below, do not hesitate to reach out. The information below relates to state and federal bulletins, emergency orders, pending/enacted legislation, and other related actions taken in response to the COVID-19 pandemic.
Read More COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (August 20, 2020)
LL Surplus Lines Series (Entry 26): Update: New Blanks Proposal for Home State Direct Premiums Written Again Tabled by NAIC Surplus Lines Task Force
By John Emmanuel & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
At the August 5, 2020, NAIC Summer National Meeting, the NAIC Surplus Lines Task Force again tabled its new Blanks proposal regarding home state direct premium written.
Read More LL Surplus Lines Series (Entry 26): Update: New Blanks Proposal for Home State Direct Premiums Written Again Tabled by NAIC Surplus Lines Task Force
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 & Troutman Pepper Locke on
Posted in 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.”…
Read More 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
By Christopher Martin on
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).
Read More Texas Adopts Amendments to Surplus Lines Stamping Office Plan of Operation with Enhanced Department of Insurance Oversight