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surplus lines insurance

Legislature Considers Surplus Lines Insurers for Citizens Depopulation

Legislature Considers Surplus Lines Insurers for Citizens Depopulation

| Written By: Travis Miller | Insurance

 Both chambers of the Florida legislature are advancing bills that would surplus lines insurers to remove policies from Citizens Property Insurance Corporation.  As Citizens’ policy count continues to skyrocket, the legislature is looking for opportunities to attract insurers that might be interested in its policies. Opponents of the bill have questioned whethere it contains enough protections for […]

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NRRA Implemented

NRRA Implemented

| Written By: Travis Miller | Insurance

The Florida Surplus Lines Office and the Department of Financial Services (collectively “Florida”) moved forward on July 1, to implement the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA) enacted by Congress and chapter 2011-46, Laws of Florida, enacted by the Florida Legislature.  Florida selected July 1 as the date the surplus lines risks for […]

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Florida Surplus Lines Office (FSLO) Ready to Implement Nonadmitted and Reinsurance Reform Act (NRRA)

Florida Surplus Lines Office (FSLO) Ready to Implement Nonadmitted and Reinsurance Reform Act (NRRA)

| Written By: Travis Miller | Insurance

The Florida legislature passed Senate Bill 1816 authorizing the Florida Surplus Lines Office to implement NRRA, a Federal law designed to simplify surplus lines regulation by delegating most of the responsibility to the “home state” of the insured.  How much taxation is actually simplified remains to be seen as a myriad of state laws and […]

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