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Group P&C Insurance: Admitted and Surplus Lines Issues

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

New York Issues Regulation Aimed at Curtailing Life Insurance Premium Hikes

Last week, the New York Department of Financial Services (“NYDFS”) promulgated a new regulation 11 NYCRR 48, aimed at limiting the amount by which life insurance premiums can be raised as to policies issued in the state. In...more

The ILS Market and its Future in the wake of the 2017 Hurricane Havoc

Not since Katrina in 2005 have the mainland United States and U.S. Territory islands been witness to a Category 5 storm that resulted in widespread and costly devastation. Now, first Harvey, then Irma and Maria. What does...more

ILS Market: A Deep Dive into the Harvey and Irma Waters

On September 11, 2017, Locke Lord touched on the general implications of the recent devastation caused by Hurricanes Harvey and Irma on the Insurance-Linked Securities (“ILS”) market. With Irma having now left the Florida...more

New York Proposes Regulation to Amend Form A Process

Last month, the New York Department of Financial Services (“NYDFS”) proposed an amendment to 11 NYCRR 80-1.6 (the “Regulation”), which would augment the application process to acquire a domestic insurer by potentially...more

Harvey Shining Limelight on Business Interruption Insurance Industry

As victims of Hurricane Harvey try to assess their (often catastrophic) damages, many business owners are finding that their traditional coverages do not adequately cover the scope of their losses. The National Flood...more

Excess and Surplus Lines Laws in the United States

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

Surplus Lines Expansion: Industry Comments on New Opportunities

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

TRIA Update: NAIC Data Call Imminent

Last week, the National Association of Insurance Commissioners (“NAIC”) provided an update on its TRIA data call initiative (the “Data Call”). As we previously reported, the NAIC has been in discussions, separate and apart...more

TRIA Update: Insurers May Be Asked to Segregate TRIA Premium

This month, the Federal Insurance Office (“FIO”) issued its “Report on the Overall Effectiveness of the Terrorism Risk Insurance Program” (the “Report”, found here), required by the latest reauthorization of the Terrorism...more

Surplus Lines Tax Filing Update: Surplus Lines Clearinghouse Issues Bulletin Discontinuing Multistate Platform

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

New York Life Industry Update: Principle-Based Reserving for Life Insurers coming in 2018

This week, the New York Department of Financial Services (the “Department”) announced that it will adopt a principle-based reserving (“PBR”) approach for life insurers beginning in 2018. The Department has also established a...more

New York Surplus Lines Tax Update: New York Clarifies Franchise Tax Position on Surplus Lines Insurers under Backdrop of NRRA

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

New York Insurance Legislative Update: Bills Passed to Promote E-Filings; Established Board May Affect NYDFS Prosecutory Actions

The New York State Legislature’s 2016 Legislative Session on June 18, 2016 enacted new pieces of legislation affecting the New York insurance industry and also saw proposed pieces of legislation die in the process. In...more

Surplus Lines Developments: Potential Legislation May Open U.S. Flood Market to Surplus Lines Insurers

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

Surplus Lines Procedures Update: New York Excess Lines Association Issues Guidance re Lloyd’s Syndicates

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

NIMA Formally Dissolves as Participatory States weigh in on Future Tax Treatment of Multi-State Risks

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

Florida to Withdraw from the Nonadmitted Insurance Multi-State Agreement

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

Louisiana Adopts Domestic Surplus Lines Legislation - More States On The Way

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

TRIA Data Call In Development for 2016

In light of the reauthorization of the Terrorism Risk Insurance Act (“TRIA”) earlier this year, a growing focus within the industry has been on the collection of data on terrorism risk exposure from insurers to help assess...more

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