COL INS issued draft proposed amendments to COL INS 2-4-1, concerning surplus lines insurance issued by nonadmitted (previously nonauthorized) insurers.
Proposed Amendments
Addition of new section 4, Definitions, and new section 13, Incorporated Materials.
Renumbers the remaining sections accordingly and makes other necessary changes.
Amends policy declaration page disclosures and due diligence reporting requirements.
Adds requirements to remit surplus lines premium taxes for all nonadmitted insurance.
Consultation
Comments on the draft amendments are due on or before 5:00 pm on Sep. 10, 2024.
Sep. 2024 COL INS Notice of Hearing
On Sep. 27, 2024, COL INS published hearing notice re Amended Regulation 2-4-1.
The hearing will be held on Oct. 31, 2024, where oral comments can be presented.
Comments are due by Nov. 5. 2024, and regulation becomes effective on Jan. 1, 2025.
