News & Analysis as of

Surplus Lines Insurance

InsureTech Connect 2017 Panel Discussion: Maximizing Profits via Products and Alternative Business Model Innovation

by Mintz Levin on

After being in the insurance industry for several decades in a variety of roles, I frequently get asked which insurtechs I think are going to be successful. In sum, I believe the insurtechs best positioned for success are...more

Texas And Wisconsin Join List Of States Permitting Domestic Surplus Lines Insurance

by Carlton Fields on

On June 15 and 22, 2017, respectively, the Governors of Texas and Wisconsin approved new laws permitting domestic surplus lines insurers in those states (i.e., insurers domiciled in Texas and Wisconsin) to conduct business...more

Wisconsin Adopts Domestic Surplus Lines Insurance Law

by Foley & Lardner LLP on

On June 21, 2017, Governor Scott Walker signed Senate Bill 77 into law as 2017 Wisconsin Act 16, which permits its domestic insurers to become domestic surplus lines insurers (DSLIs) and sell surplus lines insurance in...more

Even Surplus Lines Laws Are Bigger and Better in Texas

by Zelle LLP on

On May 30, 2017, Texas House Bill 2492 made its final ascent to the office of Governor Greg Abbott. The bill passed through the Texas Legislature virtually unopposed. Assuming Governor Abbot signs the legislation, surplus...more

Excess and Surplus Lines Laws in the United States

by Locke Lord LLP on

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 Insurers, Too, Can Rely on the Application to Interpret Policy

Section 627.419 of the Florida Statutes provides that “[e]very insurance contract shall be construed according to the entirety of its terms and conditions as set forth in the policy and as amplified, extended, or modified by...more

Connecticut Issues Bulletins Regarding Financial Reporting Requirements For Surplus Lines Insurers And Accredited Reinsurers

by Carlton Fields on

The Connecticut Insurance Department has issued two bulletins addressing 2016 and 2017 financial reporting requirements for foreign eligible surplus lines insurers and accredited reinsurers. Regarding surplus lines insurers,...more

Tennessee Department Of Commerce And Insurance Issues Bulletin Advising Of Taxation Of Surplus Lines Premiums Post-NIMA...

by Carlton Fields on

In a special focus article in May, we wrote about the future of multi-state allocation of nonadmitted premium tax revenue following the dissolution of the Non-Admitted Insurance Multistate Agreement (NIMA). We followed up on...more

Surplus Lines Expansion: Industry Comments on New Opportunities

by Locke Lord LLP on

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

New Texas Surplus Lines Rules Drafted by Texas Department of Insurance

by Locke Lord LLP on

The Texas Department of Insurance (“TDI”) has posted a 48-page working draft of new surplus lines rules. Specifically, TDI issued an informal notice on July 22, 2016 reflecting several modifications to Title 28, Texas...more

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

by Locke Lord LLP on

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

by Locke Lord LLP on

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 Issues Two Advisory Opinions Regarding Surplus Lines Insurance

The New York State Department of Taxation and Finance (Department) issued two advisory opinions determining that unauthorized non-life insurance corporations (here, surplus lines insurance companies) are subject to insurance...more

Political Risk Coverage Expanding to Life Science Needs; Opportunities for Surplus Lines Insurers Likely to Follow

by Locke Lord LLP on

The insurance industry is beginning to see the emergence of new kinds of coverage to protect life science companies from contingencies traditionally not covered by political risk policies. Political risk coverage is often...more

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

by Locke Lord LLP on

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

by Locke Lord LLP on

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

by Locke Lord LLP on

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

by Locke Lord LLP on

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

Technological and Information Concerns Highlight NAIC Spring 2016 National Meeting

by Foley & Lardner LLP on

The National Association of Insurance Commissioners (NAIC) Spring 2016 National Meeting, which was held from April 3 – 6 in New Orleans, offered insight into numerous issues being considered by state commissioners nationwide....more

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

by Locke Lord LLP on

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

South Carolina Legislative Update

by Moore & Van Allen PLLC on

Infrastructure, workforce development, Sharia Law, and automobile dealer closing fees seemed to dominate last week’s activities of the South Carolina General Assembly. Below are a few highlights...more

Missouri Finance Department Adopts New Rule Regarding Certificates Of Authority For Surplus Lines Insurers

by Carlton Fields on

On December 1, the Missouri Department of Insurance, Financial Institutions and Professional Registration adopted a new rule pertaining to certificates of authority for domestic surplus lines insurers. The rule was proposed...more

Alaska’s Director Of Insurance Lists Eligible Surplus Lines Insurers

by Carlton Fields on

On July 13, 2015, the director of Alaska’s Division of Insurance published a list of surplus lines insurers that are eligible to write non-admitted business within the state. The Non-admitted and Reinsurance Reform Act...more

Louisiana Legislation Repeals Authority To Enter NIMA

by Carlton Fields on

The Louisiana House of Representatives’ Bill 259, effective July 1, 2015 as Act 386, repeals the authority of the state’s insurance commissioner to enter the Non-Admitted Insurance Multi-State Agreement (“NIMA”) or other...more

Louisiana And North Dakota Adopt Amendments Related To Nonadmitted And Reinsurance Reform Act Of 2010

by Carlton Fields on

Louisiana and North Dakota amended their surplus lines statutes in line with the Nonadmitted and Reinsurance Reform Act of 2010 (the “NRRA”), which was included in the Dodd-Frank Wall Street Reform and Consumer Protection Act...more

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