Wednesday, December 03, 2008

California SLA marks 70th Anniversary

The Surplus Line Association of California (SLA) is marking the 70th anniversary of the organization’s stamping office this week, according to Ted Pierce, Executive Director of the SLA. On Dec. 1, 1938, California Insurance Commissioner Rex B. Goodcell and Assistant Commissioner, Harold B. Haas authorized a plan in which the Commissioner would allow the surplus line brokers to make filings with a new “Stamping Office” within the Surplus Line Association of California.

Today the SLA is an organization of 3,874 surplus line brokers licensed by the State of California to negotiate and place insurance with nonadmitted insurers. The Association serves as the official surplus line advisory organization to the California Department of Insurance. With few exceptions, all California surplus line insurance policies must be filed with the Surplus Line Association of California for analysis of regulatory compliance, record keeping, and statistical reporting.

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