Insurtech Briefly Podcast: Surplus Lines Market
The excess and surplus lines insurance market is a rapidly-growing avenue for the placement of insurance policies in the United States. Many alien (non-U.S.) insurance carriers write surplus lines insurance coverage via...more
We are happy to provide the 2021 edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S. territories during...more
On June 16, 2020, the Excess Line Association of New York (“ELANY”) issued Bulletin No. 2020-35, promulgating ELANY’s new issue of “ELANY Elaborates” (the “EE”). This issue of EE (available here) focuses primarily on the...more
COVID-19 has majorly disrupted the global economy, and while many business sectors are subjected to temporary shutdowns or bare minimum operations, the insurance industry is racing forward while confronting unprecedented...more
We are pleased to present this 20th Anniversary edition of our Excess and Surplus Lines Law Manual. This edition reflects all of the pertinent changes in the surplus lines laws and regulations of the 50 states and U.S....more
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...more
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...more
The Minnesota Department of Revenue recently published a revenue notice to clarify how brokers of surplus lines insurance policies should calculate the total amount of insurance premiums that are subject to taxation,...more
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...more
The Surplus lines market has traditionally been a method for insurance placement available to property and casualty products only, although states are increasingly opening up other lines of insurance to the nonadmitted...more
New York Senate Bill S769A (the “Bill”) has failed to move in the New York Assembly despite its passage by the Senate and therefore is unlikely to become law in 2019. We had recently reported on the Bill’s potential impact...more
Governor Greg Abbott has signed into law two bills recently passed by the Texas Legislature. House Bills 1306 and 1940 provide new opportunities for surplus lines agents and insurers in Texas. HB 1306 - Reacting to the...more
Add Nevada to the growing list of states that have adopted domestic surplus lines legislation. Senate Bill 86 (the “Bill”) was signed into law on June 1, 2019, with most provisions effective October 1, 2019. Of perhaps most...more
Earlier this month, Florida passed House Bill 301 to remove the cap on the amount of fees that may be charged by a surplus lines broker in connection with the procurement of surplus lines insurance for a prospective insured. ...more
The surplus lines market saw plenty of growth in 2018 and one-third of the way through 2019 there is no reason to think that the trend won’t continue. As reported by the Surplus Lines Stamping Office of Texas (SLTX), from...more