Regulation/Legislation

We entered the 2011 legislative session with high hopes. We believed a pro-business governor and legislature would remove unwarranted restrictions and get the economy on track. Things are not turning out quite as we expected.

Florida lawmakers sauntered into the 2011 session promising to help businesses, end red tape and regulation, and revive the economy. However, it is clear that the insurance industry will not get everything it wants.

The Non-Admitted and Reinsurance Reform Act, which brings change for Floridas surplus lines marketplace with regard to tax allocation, surplus lines insurer eligibility requirements, and more, is set to take effect July 21.

Led by Sen. Mike Johanns, R-Neb, the Senate today passed legislation repealing the much-criticized 1099 reporting provision in the healthcare reform law and sent the bill to President Obama for his signature.

Foreign reinsurers may be permitted to post less collateral when doing business in New Jersey with legislation signed by Gov. Chris Christie that gives regulators the ability to cut previous full-collateral requirements.

A climate nuisance liability case to be heard by the Supreme Court may be the environmental case of the decade, according to William F. Stewart, a coverage attorney, who details the implications of Conn. vs. AEP.