ALASKA ISSUES BULLETIN ON REGULATIONS MODIFYING SURPLUS LINES REQUIREMENTS
Alaska’s Division of Insurance has released a bulletin notifying licensees, surplus lines insurance companies in the State of Alaska, and other interested parties that it has adopted regulations modifying surplus lines requirements to conform to Alaska statutory changes due to the federal Nonadmitted and Reinsurance Reform Act of 2010. The regulations include modifications to diligent search requirements, additional requirements for the notice of nonrenewal and premium increases, and additional fees for certain licenses. All affected parties must comply with the new requirements as of September 4, 2014, the effective date of the regulations. Alaska Ins. Bulletin No. 14-05 (Aug. 13, 2014).
This post written by Renee Schimkat.
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