Insurance News

Posts Tagged ‘Surplus

WASHINGTON?Inclusion of a provision to streamline the regulation of surplus lines insurers in a comprehensive financial regulatory reform bill is drawing plaudits from industry observers.

Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd, D-Conn., included the Nonadmitted and Reinsurance Reform Act as part of the 1,136-page discussion draft of the Restoring American Financial Stability Act of 2009, which he Read the rest of this entry »

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A soft market, the recession and underwriting and investment losses took a bite out of the U.S. surplus lines industry?s underwriting and operating results in 2008, according to a recent report from A.M. Best Co. Inc.

Direct written premiums for the industry fell 6% in 2008 to $34.4 billion?the largest percent decline since 1988, said Oldwick, N.J.-based Best. The rating agency attributed the decline to persistent soft market conditions Read the rest of this entry »

TALLAHASSEE, Fla.—Florida Gov. Charlie Crist on Thursday signed into law a measure restoring the surplus lines industry’s traditional exemption from rate and form regulation in the state.The Florida Supreme Court put the exemption into question last year when it ruled in Essex Insurance Co. vs. Mercedes Zota, et al , that surplus lines was only exempt from the rating section of Chapter 627 of Florida’s insurance statute but was subject Read the rest of this entry »

WASHINGTON —The House plans to speed up consideration of a measure to reform regulation of surplus lines insurance and reinsurance, insurance lobbyists said today.

The bill (H.R. 2571) will be taken up under expedited procedures. At the same time the lobbyists said the pace of enacting regulatory reform legislation is slowing down as Congress deals with other priorities.

The lobbyists who commented made their remarks in Read the rest of this entry »

KANSAS CITY, Mo.—Pricing, capacity and terms and conditions in the surplus lines market remained relatively flat in the first quarter of 2009 compared with the same quarter in 2008, according to a National Assn. of Surplus Lines Offices’ membership survey. Of the 178 NAPSLO members responding to the survey, 48% said they see no change in the overall availability of specialty insurance coverage so far this year and 44% said terms are about the Read the rest of this entry »

More insurers under state “permitted practices” rules are requesting relief from requirements concerning their capital surplus.

Approximately 20 companies have applied to the Ohio insurance department for relief in response to bulletins issued on Feb. 3, according to Carly Glick, a department spokesperson. Letters will be sent to the companies next week in response to the requests, she added.

The requests follow a filing by Read the rest of this entry »

More insurers under state “permitted practices” rules are requesting relief from requirements concerning their capital surplus.

Approximately 20 companies have applied to the Ohio insurance department for relief in response to bulletins issued on Feb. 3, according to Carly Glick, a department spokesperson. Letters will be sent to the companies next week in response to the requests, she added.

The requests follow a filing by Read the rest of this entry »