Cancellation and nonrenewal requirements applicable to insurance policies exist in every state in the nation. These laws and regulations are founded on the principle that insurance customers should be protected against...more
The Surplus Lines Law Group held its spring meeting on Friday, April 5 in Biloxi, Mississippi. A number of presentations were given at the meeting, including updates on the trends around the nation with respect to the...more
One of the hallmarks of surplus lines regulation throughout the United States is the “diligent search” requirement whereby the surplus lines broker (or retail producer) must attempt to place insurance coverage in the admitted...more
Locke Lord is pleased to announce the launch of its newest blog series, the LL Surplus Lines Series!
The LL Surplus Lines Series is designed to help the insurance industry keep up with the newest developments in the area...more
PREFACE THE NRRA TODAY -
The Nonadmitted and Reinsurance Reform Act (“NRRA”) came into effect on July 21, 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The purpose of the NRRA was to create...more
For decades, group insurance coverage has been an attractive vehicle for the placement of certain property and casualty insurance products. On the carrier side, loss experience may be more favorable when aggregating similar...more
Preface States’ Implementation Of NRRA IN 2016 -
The Nonadmitted and Reinsurance Reform Act (“NRRA”) came into effect on July 21, 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The...more
As we recently reported in Law360, the surplus lines industry is increasingly serving as a mechanism to provide evolving and complex coverage to new ideas and products throughout the world. This week, Insurance Business...more
As we previously reported, the Non-Admitted Insurance Multi-State Association (“NIMA”) had announced its intentions to dissolve, with a run-off period until September 30, 2017 to allow for endorsements to be filed through the...more
Last month, New York issued two advisory opinions that could alter the tax obligations for surplus lines insurers. Advisory Opinion TSB-A-16(5)(C) (June 10, 2016, available here) and Advisory Opinion TSB-A-16(4)(C)...more
As we have previously reported, the United States National Flood Insurance Program (“NFIP”) is set to expire in September 2017, at which point surplus lines insurers may find themselves with an opportunity to fill a...more
On June 9, the Excess Lines Association of New York (“ELANY”) issued guidance as to what must information must be submitted to ELANY for stamping. Included in the required information are the following items: the name and...more
Earlier this month we reported that Florida had withdrawn from the Non-Admitted Insurance Multi-State Association (“NIMA”), a compact between various state to distribute surplus lines premium taxes. We can now report that...more
The Florida Surplus Lines Office (“FSLO”) has reported that, effective June 1, Florida will withdraw from the Nonadmitted Insurance Multi-State Agreement (NIMA). Filings after June 1 will now be filed with the FSLO and not...more
Effective August 1, 2015, Louisiana became the 9th state in the United States to adopt legislation permitting the establishment of a domestic surplus lines insurer (“DSLI”). Louisiana now joins Illinois, Oklahoma, Arkansas,...more