Reminder to Eligible Excess Line Insurers with Policyholders in the State of New York — Minimum Surplus Requirement Increases for Excess Line Insurers

A Twelfth Amendment to New York’s Insurance Regulation 41 was promulgated by the Department of Financial Services after the President signed the Nonadmitted and Reinsurance Reform Act (NRRA), which was Title V, Section I in the Dodd-Frank Wall Street Reform and Consumer Protection Act, 15 U.SC. 8201.

This amendment adopted most of the provisions of the NRRA on or about April 18, 2011. Like New York, most states incorporated, as amendments to their statutes or regulations, the provision in the NRRA that the primary regulator …

Continue Reading