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
Excess and Surplus Lines
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
LL Surplus Lines Series (Entry 24): Excess Line Association of New York Weighs in on “Surplus Lines Agents”
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.
Read More 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
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”).
Read More 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
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.
Read More LL Surplus Lines Series (Entry 23): Sampling of COVID-19 State and NAIC Insurance Updates Applicable to the Surplus Lines Industry
COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (May 13, 2020)
By Benjamin Sykes & John Emmanuel on
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 (May 13, 2020)
COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (May 12, 2020)
By Benjamin Sykes & John Emmanuel on
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 (May 12, 2020)