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Westmont Wire

Florida Passes Surplus Lines Modernization Package

On June 18, 2019, Florida Governor Ron DeSantis signed House Bill 301 into law, implementing two major changes to Florida’s surplus lines regulations. First, HB 301 lifts the $35 cap on surplus lines agent policy fees, instead only requiring the fee to be reasonable. The agent fees must be disclosed to the consumer before purchase and separately stated in the policy. Next, the bill revises the types of residential property that require only one declination instead of the standard three declinations to obtain surplus lines insurance from properties valued at $1,000,000 or more to properties valued at $700,000 or more. This will allow more homeowners to access the surplus lines market. HB 301 takes effect on July 1, 2019.
For any questions regarding House Bill 301, or for surplus lines regulatory inquiries, please contact Westmont Associates, Inc.

DELAWARE INSURANCE DEPARTMENT: FORM FILING FEE CAP LEGISLATION INTRODUCED

At the request of industry representatives and with feedback provided by the staff at Westmont Associates, the Delaware Department of Insurance had House Bill 242 introduced in the General Assembly on June 20, 2019, which if enacted will cap form filing fees at $2000 per insurer in the filing. There are four legislative days left in the 2019 session, so the bill likely will not make it to the Senate floor until the last day, Sunday, June 30th. Delaware domiciled insurers had requested relief from high retaliatory fee expenses incurred in other states.

HB 242 may be viewed at the link below:

http://legis.delaware.gov/Search?searchTerm=hb%20242&assemblyId=150

Wyoming Insurance Department: New Business Entity License Requirements

Wyoming Insurance Department recently changed their requirements for business entity producer licenses. The licenses used to be perpetual, but now expiration dates will be applied and renewals will be required.
Here is the original note from Wyoming Insurance Department:
***Due to law change WY business entity licenses will no longer be perpetual.  Expiration dates will be applied and renewals will be required.***
  • Expiration dates will be applied in the system and available to view mid-July.
  • Renewals will be based on license issue month and will start in October. (Verify your renewal/expiration date through any license look-up tool starting mid-July)
Westmont can help track, renew, and maintain all of your insurance licenses. Contact us today for a quote.

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Cherry Hill, NJ 08003
Phone: 856-216-0220
Email: nancy@westmontlaw.com