NAPSLO strongly supports the continuation of a state-based regulatory system for insurance and directs significant efforts and resources towards state legislative advocacy.
State Legislation & Regulation Summaries
NAPSLO maintains relevant surplus lines regulatory information for each state. Relevant statutes, recent bulletins, NAPSLO comment letters to individual states and any other documentation may be accessed through the individual state pages.
to review summaries of legislation and regulations passed by each of the states.
Special Update: New York Cybersecurity Requirements
The New York Department of Financial Services (DFS) issued final Cybersecurity Requirements for Financial Services companies that took effect on March 1, 2017 and will impact surplus lines brokers. The Cybersecurity Requirements mandate that each covered entity (including New York surplus lines licensees) must implement an extensive risk-based cybersecurity program to protect information systems and nonpublic information.
To help educate WSIA members on the new requirements, WSIA hosted a webinar on August 1 providing an overview of the regulation and potential compliance issues. You can review the information provided during the webinar at the following links:
To view a recording of the webinar, click here
To download a copy of the PowerPoint slide deck, click here
To download a copy of the FAQs, click here
Special Update: Revisions to Exempt Commercial Purchaser Criteria
Pursuant to section 527(5)(C)(ii) of the NRRA, beginning January 1, 2015 and every five years thereafter, states shall make adjustments to the criteria used to establish qualifications for an Exempt Commercial Purchaser (ECP) for (1) net worth; (2) annual revenues; and (3) nonprofits’ annual expenditures. The NAIC issued guidance to the states and recommended the following adjustments:
||Post 1/1/2015 Minimum
|Annual Budgeted Expenditures
States have begun issuing notices regarding the criteria revisions. NAPSLO posts this information to the individual state pages under the state’s bulletin section; however, you may follow the below links directly for the states that, to our knowledge, have taken action.
View NAPSLO and joint insurance trade associations comments to the NAIC on revisions to the ECP criteria submitted October 22, 2014.
Pending Legislation & Regulations
NAPSLO regularly monitors both federal and state legislation that impacts the surplus lines industry. To receive up-to-date reports about legislative activity in states of interest to you, sign up for StateNet Reports. Members can register or view reports by following the link and prompts below.
If you are already signed up for access to StateNet, access is provided below. Click on the link below to obtain summaries, status reports and full text for pending state legislation and regulations of interest. You may view and print or download these reports, and may select bills from all states and subtopics, or from a specific state or subtopic. You will need to login before accessing the StateNet reports
. If you have any questions, contact John Meetz at 816.401.2789.