Industry Issues | Surplus Lines Reform

Federal Updates & Legislation

FDA Updates Guidance for Cannabis Products, New Warning Letters, and Announcement of Public Hearing
Press release reinforces FDA position that it is unlawful to introduce food with added CBD or THC into interstate commerce, or to market CBD and THC dietary supplements.

NAIC Exposes Private Flood MCAS Blank for Comment
Private flood insurance line of business to be added to the NAIC Market Conduct Annual Statement, initial collection of data would begin in 2021 for 2020 data.

House Financial Services Committee Passes Marijuana Safe Harbor Bill, Including for Insurers
H.R. 1595 to include an amendment expanding to insurers a safe harbor to provide financial services directly to cannabis-related legal businesses in states that have legalized marijuana in some form.

US Treasury Opens Reporting Portal for Terrorism Data Calls
The portal for the 2019 federal terrorism data call will open on April 1. Treasury will conduct instructional webinars on responding to the data call in early April.

2019 State Terrorism Data Call Exposed for Comment
Proposed new property supplement is scaled back in scope from the 2018 Property Supplement. Comments are due to the states via the NAIC on March 14, 2019.

Marijuana Banking Safe Harbor Discussed By House Financial Services Committee
APCIA working with legislation sponsors to provide for a similar safe harbor for insurers.

Federal Agencies Release Final Rule on Private Flood Insurance
The five federal agencies that oversee lenders have jointly released the final rule implementing Section 100239 of BW-12 related to lender acceptance of private flood insurance.

Congress Passes Farm Bill, Includes Re-Classification of Hemp as Legal Agricultural Commodity
Passage of conference report of the Agriculture Improvement Act of 2018 (H.R. 2), the Farm Bill, removes hemp from the federal list of controlled substances and permits hemp farmers to apply for crop insurance.

FDA issues statement on signing of the Agriculture Improvement Act and the agency's regulation of products containing cannabis and cannabis-derived compounds
See also FDA and Marijuana: Questions and Answers.

PCI Signs Joint Letter to Banking Regulators on Private Flood
PCI signed a joint trade association letter to the banking regulatory agencies to urge action to address uncertainties stemming from banking rules related to the "Private Flood Insurance."

New Federal Discussion Draft of AV Start Act Released
A Senate staff discussion draft of the AV Start Act (S 1885) makes several changes including provisions from the SELF DRIVE Act (HR 3888) that passed the House by voice vote last year. A legislative summary is provided along with comment on specific insurance-related matters of interest.

U.S. Treasury issues Request for Comment on 2019 Federal Terrorism Data Call
The Treasury Department published a Request for Comments on its proposed terrorism data call for 2019. The data call is identical in most respects to the 2018 data call. 

NY DFS issues Request for Comment on 2019 State Terrorism Data Call
On behalf of all states, the NY DFS has issued a Request for Comment on the 2019 state terrorism data call. The proposed state data call is identical in most respects to the federal terrorism data call. The proposed state data call makes no mention of the state Property Supplement that the states collected last year, raising the possibility that the states may not require completion of the Supplement in 2019.

NAIC Market Conduct Annual Statement (MCAS) on Private Flood
NAIC proposes “interrogatories” for more information about premiums written under statutory line of business private flood 2.5, particularly from surplus lines insurers.

Federal Insurance Office of the Treasury publishes its 2018 "Report on the Overall Effectiveness of the Terrorism Risk Insurance Program."

Federal Bipartisan Bill Introduced to Remove Threat of Federal Intervention and Prosecution in States with Legalized Marijuana
The Strengthening the Tenth Amendment Through Entrusting States (STATES) Act of 2018 would affirm that compliant marijuana transactions are not considered trafficking and would remove industrial hemp from the list of substances prohibited under the Controlled Substances Act of 1971. (See Sen. Schumer Press Statement)

National Association of Registered Agents and Brokers UPDATE

2018 Federal and State Terrorism Data Calls.

U.S. Treasury Department releases terrorism data call forms and instructions; reporting portal open to receive registrations from reporting companies

Preliminary and Draft Federal and State Terrorism Data Calls Released

U.S. Attorney General issues memo ending lenient-federal-enforcement policy (Cole Memo) in states that legalize marijuana activities

Rohrabacher-Blumenauer amendment extended - Federal funds cannot be used to prevent states from implementing their own state laws on medical marijuana

FIO and state insurance regulators expose a 2018 consolidated terrorism insurance data call proposal for comment

U.S. House Passes NFIP Reform and Reauthorization Package, including PCI supported Private Flood Language

2018 Proposed TRIA Data Calls – Reconciliation Between State and Federal

U.S. Dept of Transportation announce new pilot program to expedite the integration of drones into the national airspace system

House Passes Legislative Package Including PCI Supported Private Flood Language

FAA Reauthorization Bill Containing Private Flood Legislation Fails; Possible Reconsideration Later in Session

FAA Reauthorization Bill to Include Private Flood Legislation, Clarifying Acceptance of Surplus Lines

State Regulator Terrorism Risk Insurance Data Call - Update

House Concludes NFIP Reform and Reauthorization Markup, H.R. 2875, H.R. 1558, H.R. 1422, H.R. 2565, H.R. 2246

House Begins NFIP Reform and Reauthorization Markup, H.R. 2868, H.R. 2874

Treasury Issues Guidance Concerning Stand-Alone Cyber Liability Insurance Under TRIA

PCI Reminder: 2017 FIO TRIA Data Call Due on May 15th

2017 Federal TRIA Data Call (Templates Approved)

FIO Sets 2017 TRIA Data Collection (Federal) Bifurcated Deadlines

FIO Opens Registration for 2017 TRIA Data Collection

Flood Insurance Bill to Expand Consumers' Options Reintroduced

PCI Submits Comments on 2017 TRIA Data Collection

Federal Medical Liability Bill Passed by House Committee

Pennsylvania Insurance Commissioner Highlights Surplus Lines Role in Private Flood Insurance Market

PCI Files Joint Trade Comments on Lender Acceptance of Private Flood Policies 

Guidance Concerning Stand-Alone Cyber Liability Insurance Policies Under TRIA

2015 TRIA Reauthorization Implementation Final Rule

NARAB Update: Board Nominees

FIO Releases Reporting Requirements for Voluntary TRIA Data Call

U.S. House Committee Update on Private Flood Insurance Bill

PCI Reports on FIO Meeting About TRIA Industry Data Call

U.S. Senate Letter on Status of NARAB Board Appointment

NARAB II Update - August 2015

Captive Insurers Clarification Act Reintroduced

GAO Report - Effects of the Nonadmitted and Reinsurance Reform Act of 2010

Nonadmitted and Reinsurance Reform Act (NRRA) - Summary

US Code - Title15-chapter108-subchapterI - Nonadmitted Insurance (NRRA)

Nonadmitted and Reinsurance Reform Act(NRRA)

U.S. Rep. Garrett Reaffirms Federal Act Not Intended to Apply to Captives

U.S. Rep. Biggert Affirms Dodd-Frank Act Not Applicable to Captives

Rep. Moore Addresses Uniform Surplus Lines Regulatory Requirements

Rep. Moore Clarifies Intent of Title V Subtitle