Regulation/Legislation

Shareholder plaintiffs bringing derivative actions typically sue the directors and officers “in the name and for the benefit of” the company in which they hold shares, alleging harm done to the company through breaches of various duties.

NAPSLO has provided brokers with a primer on what they need to know comply with NRRA when the July effective date rolls around.

The combination of corporate bankruptcies, high-dollar shareholder derivative lawsuit settlements and declines in Side-A pricing may soon turn a profitable niche of the directors and officers liability insurance market into a money loser, carrier executives say.

With a deadline looming for states to adopt regulations over the collection and disbursement of surplus lines taxes to comply with provisions of the Nonadmitted and Reinsurance Reform Act, two competing proposals have developed, but inaction might be the best news MGAs and brokers could hear.

With an eye toward jump-starting national momentum for reform, a North Dakota committee became the country’s first legislative body to approve a Surplus Lines Insurance Multistate Compliance Compact (SLIMPACT) this month, with Kentucky close behind.

The insurance industry is applauding the introduction of a bill that could corral costs related to fraud and abuse of New York’s no-fault automobile insurance system.