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.
Read More Pandemic Risk Insurance Act – A TRIA-Inspired Model to Backstop the Business Interruption Insurance Market in the Wake of COVID-19
Excess and Surplus Lines
COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (March 26th, 2020)
By Troutman Pepper Locke on
In conjunction with the Locke Lord COVID-19 task force, we are reviewing, analyzing, and compiling information from state and federal resources, including insurance trade associations, 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.
Read More COVID-19 Daily Insurance Regulatory Updates To Keep You Informed During The Lockdown (March 26th, 2020)
LL Surplus Lines Series (Entry 22): Illinois Introduces Changes to Surplus Lines Laws Regarding Declinations and Group Policies
By John Emmanuel & Troutman Pepper Locke on
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.…
Read More 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
By Zachary Lerner & Troutman Pepper Locke on
Posted in 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.
Read More Surplus Lines Insurance: 20 FAQs for 2020
Top 10 Insurance Laws And Regulations Of The Decade
The insurance industry experienced significant and varied forms of new legislation and regulation during the last decade. Below, we highlight what we view as the top 10 of these legal and regulatory changes.
Read More Top 10 Insurance Laws And Regulations Of The Decade
NextGen Q&A Series – Zachary Lerner
By Stephanie Kelly & Troutman Pepper Locke on
Posted in Excess and Surplus Lines
New York Regulatory and Transactional Insurance Partner Zachary Lerner primarily focuses on helping insurance companies and intermediaries (increasingly in the nonadmitted or “surplus lines” market) buy and sell each other and develop legally compliant business practices.
Read More NextGen Q&A Series – Zachary Lerner
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 & Troutman Pepper Locke on
Posted in 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.
Read More 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
LL Surplus Lines Series (Entry 20): UPDATE: NAIC Surplus Lines Task Force Tables Blanks Proposal for Home State Direct Premiums Written
By John Emmanuel & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
Following comments by interested parties, including the American Property Casualty Insurance Association (APCIA) and the Excess Line Association of New York (ELANY), at the National Association of Insurance Commissioners (NAIC) Fall National Meeting in Austin, Texas, the Surplus Lines Task Force tabled its new Blanks proposal regarding home state direct premium written.
Read More LL Surplus Lines Series (Entry 20): UPDATE: NAIC Surplus Lines Task Force Tables Blanks Proposal for Home State Direct Premiums Written
LL Surplus Lines Series (Entry 19): Bulletin Issued Detailing Robust Surplus Lines Standards in Maine
By Zachary Lerner & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
On November 26th, Maine issued Bulletin 439 (the “Bulletin”) which provides, in granular detail, the criteria for placing insurance through the surplus lines market in the state. The Bulletin has received immediate and substantial attention within the surplus lines industry both for its thoroughness as well as its deviation, in some respects, from the expectations of other states.
Read More LL Surplus Lines Series (Entry 19): Bulletin Issued Detailing Robust Surplus Lines Standards in Maine
LL Surplus Lines Series (Entry 18): Surplus Lines Compliance – Does it Apply or Not?
By John Emmanuel & Troutman Pepper Locke on
Posted in Excess and Surplus Lines, United States
The American Property Casualty Insurance Association (APCIA) published a bulletin on November 8 regarding the California Department of Insurance (“CID”) issued legal opinion, which concluded that the cancellation and non-renewal provisions under California Insurance Code (“CIC”) sections 677 and 678 apply to insurance policies written on risks located or resident in California by non-admitted (surplus line) insurers that insure any of the contingencies specific in CIC section 675 (the “Opinion”).…
Read More LL Surplus Lines Series (Entry 18): Surplus Lines Compliance – Does it Apply or Not?