The Louisiana House of Representatives has scheduled a floor debate for April 21, 2010 on House Bill 285 (the “Bill”). The Bill clarifies that Louisiana-eligible surplus lines insurers are exempt from rate and form filing and approval requirements. Passage of the Bill is of particular interest to surplus lines insurers as the lack of a clear statutory exemption in Florida led to numerous lawsuits following a Florida Supreme Court ruling in Essex Ins. Co. v. Zota, Case No. SC06-2031 (June 26, 2008), that surplus lines insurers were subject to form filing requirements. As we reported here, similar clarifying legislation was passed almost a year later.
We will continue to follow the Bill and provide further updates on InsureReinsure.com.
Click here for a copy ofBill.