Thursday, May 30, 2013

Louisiana bill aims to increase conformity to the NRRA

Louisiana House Bill 543, a bill to increase conformity between Louisiana state law and the provisions of the NRRA, is on Governor Bobby Jindal’s desk awaiting his signature.  If the governor does not veto the bill in ten days it will become law, though it is anticipated he will sign it into law with the next round of bills.  HB 543 eliminates the diligent search affidavit for personal lines insurance and eliminates the requirement to be on an approved list maintained by the Department of Insurance.  The Department will continue to maintain a voluntary “approved list” of carriers who submit to the Department’s requirements.  NAPSLO members can access the full text of the bill using the StateNet portal on the NAPSLO website.

Washington Eases Requirements for Surplus Lines Broker Licensing

In a recent ruling, Revised WAC 284-15-010, the Washington State Office of the Insurance Commissioner streamlined licensing requirements for surplus lines brokers in that state.    Surplus lines brokers will no longer be required to hold a concurrent Washington insurance producer license in order to receive a surplus lines broker license.  The Commissioner will now be able to license both resident and non-resident surplus lines brokers without the concurrent licensing requirement.  This will make Washington reciprocal with other states.

Wednesday, May 29, 2013

Convention Registration Now Open

Registration for the NAPSLO Annual Convention, set for Sept. 30 - Oct. 3 in San Diego, opened on Wednesday, May 29th, and members can register online using their NAPSLO Member ID.

Convention registration fees are $825 for delegates and $395 for spouses until September 1.  After September 1 fees will increase to $925 and $425. Representatives of member firms may register on-line for the convention or download registration forms from the convention site.

The convention will take place at the Manchester Grand Hyatt San Diego and the San Diego Marriott Marquis & Marina, with the Opening Reception at the Marriott and all other NAPSLO programs at the Hyatt. Hotel rooms will be available at both hotels, and also at the Embassy Suites San Diego Bay.

The convention opens on Monday, Sept. 30. However, to assist delegates with Monday morning meetings, NAPSLO will offer early packet pickup from 6:00 – 8:00 p.m. on Sunday, Sept. 29.
The featured program of the convention will be an address by noted actor, political commentator and economist Ben Stein, on Wednesday, October 2.  Mr. Stein was selected to give the E.G. Lassiter Lecture Series, presented by the Derek Hughes/NAPSLO Educational Foundation.

Other programs include a Happy Hour in the Brokers’ Lounge from 3:00-4:00 p.m. on Monday, followed by the Opening Reception from 5:30-7:30 p.m.

NAPSLO’s Next Generation will host a panel discussion on Tuesday from 3:00-4:00 p.m., followed by a cocktail reception from 4:00-5:30 p.m. The Next Generation is also hosting leadership workshops on Monday.

The traditional awards and recognition programs, and the Association's Annual Business Meeting, will take place on Wednesday morning.

Tuesday, May 21, 2013

In Memory of Eugene J. Eisenmann, NAPSLO Past President

Over the past weekend the NAPSLO family lost one of its past presidents, Eugene J. Eisenmann. Gene served as NAPSLO President from 1994 to 1995 and was on the NAPSLO Board from 1990 to 1996.

After serving in the industry for many years Gene had recently served as a consultant and Vice Chairman at tKg and advisor to AmWINS as well as other wholesalers.

 Previously he served as Chairman Emeritus of Colemont Insurance Brokers prior to its sale to AmWINS. In his early days in the industry he worked for Stewart Smith Southwest, Inc. before founding HEATH Insurance Brokers, Inc. where he served as President and later Chairman following the renaming of the firm to Colemont in 2004.

In addition to serving on the NAPSLO Board, Gene served as President of the Texas Surplus Lines Association and had been a Director and Chairman of the Surplus Lines Stamping Office of Texas.

 He is survived by his wife Denise, three sons, a daughter and many grandchildren. At Gene’s request, services will be limited to family. At the family’s request, donations in Gene’s name can be made to the Prostate Cancer Foundation at:

 Gene was a wonderful human being. To know Gene was to love him. A first class businessman who rose from a humble background to the pinnacle of our industry, he never forgot where he came from. Gene was that rare individual who could get results while never losing sight of the human side of our business.

Thursday, May 16, 2013

Texas Legislation may affect Nonadmitted Captive Insurers

Texas Senate Bill 734, legislation designed to draw back to Texas some of the captive companies affiliated with domestic corporations in the state, may have some effects for nonadmitted captives operating there.  In addition to the potential for additional companies to form captives, the Texas Comptroller has published a draft regulation (34 TAC Sec.3.835) that would provide for an unauthorized insurance premium tax for nonadmitted captive insurers.  NAPSLO members can view the full text of SB 734 through the StateNet portal on the NAPSLO website.

Tuesday, May 14, 2013

Alabama revises bulletin regarding Outline of Coverage and Checklist Forms

The Alabama Department of Insurance has revised Bulletin 2013-02 to remove a requirement that an insured sign Outline of Coverage and Checklist forms required by the original bulletin.  Last year, the Alabama Homeowners Bill of Rights Act was passed to ensure admitted insurers helped their customers to better understand their coverage.  In January 2013, the Department applied the requirements for provision of an Outline of Coverage and Comprehensive Policy Checklist for nonadmitted policies.  NAPSLO opposed the inclusion of nonadmitted carriers in this requirement. The Department will continue to apply this requirement as they believe all policyholders should have the same information. However, they did revise the bulletin by not requiring the insured sign the forms.  Effective date of this bulletin is July 1.

Alabama releases revised bulletin clarifying intent regarding Written Statements by Insured’s

The Alabama Department of Insurance has released Revised Bulletin 2013-03.  The changes come after comments from the surplus lines industry, including NAPSLO, regarding the requirement that the surplus lines broker obtain a signed written statement indicating they understand their policy was issued by a nonadmitted carrier.  The bulletin was clarified regarding the surplus lines brokers responsibilities. The insured’s insurance producer will provide them with a copy of the acknowledgment. They have 30 days to return the acknowledgment to the broker, who must maintain it on file. If the broker does not receive the written statement, they must follow-up once with the producer, asking for the insured to sign the statement. Proof of the original written statement and one follow-up from the broker in their file will satisfy the broker’s responsibility. The statement should not be forwarded to the Department. This bulletin  applies only to personal lines, specifically private passenger automobile, homeowners (owner-occupied), renters/tenants, farm-owner policies, condominium (unit owner), dwelling fire, and mobile home/manufactured housing property.  This Department categorized this Bulletin as a re-issued bulletin since it was originally required since 1992. This version of the Bulletin became effective May 1.

Kentucky Department Issues Guidance on Local Premium Tax Payments for 2013-2014

The Kentucky Department of Insurance has released guidance to assist insurers in paying their 2013-2014 local government premium tax.  In Kentucky, local governments (including cities, counties, etc.) may levy individual taxes for the privilege of selling insurance.  The release includes guidance on payment, special instructions for certain types of insurers and methods for filing.  NAPSLO members can access the full notice through the StateNet portal on the NAPSLO websiteThe information has not yet been posted to the Department’s website.