State News

New Jersey - New Reinsurance and Surplus Lines Law, Together With Captives Law, Will Grow the Economy, Create Jobs

April 4, 2011

New Jersey Department of Banking and Insurance Commissioner Tom Considine today cited the Reinsurance and Surplus Lines Stimulus Act, which Governor Chris Christie signed last week, as a growth engine for the economy that will create jobs and expand the insurance market. Considine said that this law, together with the recently enacted Captives law, provides a powerful insurance economic development package.

California - California Proposes to Disable Itself From Taxing 100% of Surplus Lines Premium

March 21, 2011
Insurance Journaal
Richard Brown

A California legislator has proposed a surplus lines bill — one effect of which will reduce California’s surplus lines premium tax revenues.

On Feb. 9, 2011, California Assembly Member Solario introduced Assembly Bill No. 315 (AB 315), the California Department of Insurance’s proposed legislation to implement the Nonadmitted and Reinsurance Reform Act (NRRA), Subtitle B, Part I, Dodd-Frank Wall Street Reform and Consumer Protection Act.

Colorado - Interim Insurance Commissioner Named For Colorado

December 7, 2010
ProQuest Information and Learning Company
John J. Postolowski has been named the state's interim insurance commissioner, taking over for Marcy Morrison whose term ends Dec. 1. Postowlowski is current deputy commissioner of finance and administration at the division of insurance. He will serve until Gov- elect John Hickenlooper appoints a commissioner. Morrison has been commissioner since 2007 and has previously served as an El Paso County Commissioner, mayor of Manitou Springs and a state representative. He has been a strong advocate for consumers, bringing several consumer-oriented bills before the state legislature

Colorado - Colorado Names New Interim Insurance Commissioner

December 1, 2010

The Department of Regulatory Agencies (DORA, which technically oversees the Division of Insurance in Colorado) has announced that Commissioner Morrison is stepping down and Deputy Commissioner John Postolowski will be interim commissioner. Postolowski has worked in the division of many years and has a deep understanding of the industry.

Louisiana - Senator Morrish Appointed to Chair Senate Insurance Committee

December 1, 2010

The Property & Casualty Insurance Association Reports Senator Dan “Blade” Morrish has been appointed to chair the Senate Insurance Committee.  Troy Hebert had recently resigned from the Senate and had been the chair of that committee for the last year or so.  

California - California Court: Don't Tax Surplus Lines as Admitted Insurers Surplus lines insurers should remain exempt from a 2.35% tax paid by admitted insurers, a California Court of Appeal ruled

October 7, 2010
A.M. Best
Sean P. Carr

The second appellate district court ruled in favor of Lexington Insurance and the state Board of Equalization in upholding a lower court decision. A premium tax of 3% assessed on brokers, or policyholders when no brokers are involved, applies to policies written by both admitted and nonadmitted insurers. But a 2.35% premium tax -- known as a Section 28 tax for the portion of the state constitution it falls under -- imposed on admitted insurance companies for doing business in the state has not applied to surplus lines insurers.

Nebraska - Nebraska Insurance Director To Resign

September 3, 2010
NU Online News Service

Ann Frohman, director of the Nebraska Department of Insurance, has announced plans to step down effective Oct. 29, according to Gov. Dave Heineman.
Ms. Frohman has held the post of director of insurance for nearly three years.
Gov. Heineman said Ms. Frohman’s insurance expertise was appreciated, “especially during these last few months as we have sought information on the federal health care law and its impact on individuals, families and businesses in our state.”

California - California Legislature Passes Significant Surplus Lines Reforms

September 3, 2010
By Edwards Angell Palmer & Dodge, Brian Green, Victoria Anderson, Jeanne Kohler and Alexander G. Henlin

On August 19, 2010, the California Legislature passed two bills, AB 1708 and AB 1837, which if signed into law by Governor Arnold Schwarzenegger will have a significant impact on surplus lines insurers.

California - Surplus Lines Bills Await Schwarzenegger's Signature

August 31, 2010
Insurance Journal

The California Legislature has passed two surplus lines insurance bills that have been sent to Calif. Gov. Arnold Schwarzenegger.

New York - Producer, Carrier Groups Unite For N.Y. Surplus Lines Hearing

August 20, 2010
NU Online News Service
Caroline Mcdonald

A public hearing by the New York Department of Insurance on whether to add coverages to the state’s excess and surplus lines “export” list was deemed successful by an agent trade association.

According to the department, the hearing was held pursuant to Section 2118(b)(4) of the state’s Insurance Law, authorizing the superintendent to amend the number of declinations required to be obtained prior to making an excess line placement, with respect to particular coverages.

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