NEVADA AND LOUISIANA AMEND SURPLUS LINES INSURANCE REGULATIONS
Both Nevada and Louisiana have amended their insurance regulations to make it easier for surplus lines brokers to procure insurance from “nonadmitted” or “unauthorized” insurers. Nevada loosened the requirements for determining the financial solvency of a nonadmitted insurer, modernized some of its filing requirements to be consistent with an “electronic age,” and provided straightforward guidelines for determining insurer eligibility. Louisiana’s amendments allow brokers to procure insurance from unauthorized insurers that meet certain eligibility requirements, even if those insurers are not on an approved list, and clarify that surplus lines insurance may be procured without regard to the availability of coverage from authorized insurers. State of Nev. Dep’t. of Bus. & Indus. Div. of Ins., Revisions to NAC Chapter 685A Concerning Nonadmitted Insurance, Bulletin No. 13-004 (Jun. 5, 2013); H.B. 543, 2013 Leg., Reg. Sess., (La. 2013).
This post written by Abigail Kortz.
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