Topic: Excess and Surplus Lines

New York State Department of Financial Services Circular Letters Regarding Disaster Preparedness

On March 31, 2014, the New York State Department of Financial Services (“DFS”) issued three separate Circular Letters pursuant to various laws, including Insurance Law Sections 308, 1109, 2130 and 7001, Articles 42, 44 through 47, 52 through 55 and 59, and Financial Services Law Sections 202 and 306, setting forth standards expected of the “addressees” (as defined below) in planning, preparing for and responding to disasters in New York State. 

Read More

Industry Groups Lobby Federal Banking Regulators to Revise Proposed Regulations for Private Flood Insurance

On December 2, 2013, a coalition comprised of The R Street Institute, The American Consumer Institute and the National Taxpayers Union (the “Coalition”) sent a letter to the federal banking regulators at the U.S. Office of the Comptroller of the Currency, FDIC, NCUA, Farm Credit Administration and Federal Reserve Board. 

Read More

Does NRRA Capture Captives?

Continuing the controversy first discussed in our earlier article (a copy of which can be accessed here), uncertainty remains over whether the self-procurement tax and regulatory provisions of the Non-admitted and Reinsurance Reform Act, enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, apply to non-admitted insurance procured from a captive insurance company. 

Read More

Florida House Approves Bill for Assumption of Citizens Policies by Surplus Lines Insurers

In connection with Florida’s transition of the state-run Citizens Property Insurance Corporation (“Citizens”) back to an insurer of last resort, the Florida House of Representatives recently approved by a 66-48 vote a bill (HB 245 [PDF]) that would allow surplus lines insurers to assume certain policies from Citizens. 

Read More

Surplus Lines Market Reports Increase in Business

At the annual National Association of Professional Surplus Lines Offices, Ltd. (“NAPSLO”) convention, the surplus lines industry recently reported that it has seen an increase of 10-15 percent in submission volume over the last year.  Although the price of most insurance written by surplus lines insurers has not increased (other than for insurance written on catastrophe exposed accounts), the industry reported that terms and conditions of such insurance is improving. 

Read More

New Tax Form for Insurance Independently Procured From Unauthorized Insurer in New York

The New York State Department of Taxation and Finance issued a memorandum regarding changes to the New York tax laws affecting insurance independently procured from unauthorized insurers in order to conform New York law to the requirements of the Nonadmitted and Reinsurance Reform Act of 2010. 

Read More

InsurTech

Topics

Archives

Email the Editor

Click here to Email the Editor

Locke Lord LLP

For the latest information about our Firm visit lockelord.com