Registration for the 2010 NAPSLO E&S School, June 22-25 at the Eric P. Newman Education Center in St. Louis, is underway and there is still space remaining available in the school.
The cost of the school is $1,200 and the registration deadline is May 14. Brochures and registration forms are available to download from the NAPSLO website.
The curriculum focuses on seven segments: Risk Takers - and various markets; Distribution System - purpose & variations; MGA's and Brokers - managing the business; Market Dynamics - changing environments; Cops - regulatory agencies, Where's The Money? - financial statements and accounting procedures; and a new topic this year, Marketing.
This year’s Executive Panel will feature David Norris, Senior VP and Property Department Manager, RSUI Group, Inc.; James Drinkwater, President-Brokerage Division, AmWins Group, Inc., Glen Curley, CPCU, ARe, President, Markel, Northeast Region and Loti C. Woods, CPCU, Co-CEO, McAuley Woods & Associates.
The school will open with the Perspectives From the Top presentation, given by Matt Nichols, President, All Risks, Ltd.
The NAPSLO E&S School is designed for insurance professionals with less than five years experience in the surplus lines industry. Persons with more than five years surplus lines experience are encouraged to attend the NAPSLO Advanced School, offered each Fall.
Thursday, April 29, 2010
Thursday, April 22, 2010
Louisiana House passes bill exempting surpus lines from rates and forms
Louisiana House Bill 285 by Rep. J. Kevin Pearson, which exempts surplus lines from filing rates and forms, has passed the state's House of Representatives.
The bill passed the House 83-0 and was forwarded to the Senate. The bill would exempt surplus lines insurance delivered by approved unauthorized insurers from laws regarding form and rate filing and approval.
HB 285 attempts to clarify the role of surplus lines insurance as complimentary to the "admitted market," while at the same time conserving the full regulatory authority of the Commissioner of Insurance over the surplus lines industry as granted by the Louisiana Insurance Code.
Surplus lines companies must meet strict eligibility and financial requirements of the insurance department before they can be approved to write in Louisiana. Once approved, they are placed on a list known as the "white list." Companies may be removed from the white list at any time, if they fail to meet the eligibility requirements, or the department feels they are not acting in the best interest of the insured, according to the LSLA.
David Tatman, a representative for the Louisiana Surplus Lines Association that between 2004 and 2006, in response to withdrawal from the market by admitted insurers, the surplus lines industry increased writings in Louisiana by 40 percent, according to tax figures provided by the insurance department.
The bill passed the House 83-0 and was forwarded to the Senate. The bill would exempt surplus lines insurance delivered by approved unauthorized insurers from laws regarding form and rate filing and approval.
HB 285 attempts to clarify the role of surplus lines insurance as complimentary to the "admitted market," while at the same time conserving the full regulatory authority of the Commissioner of Insurance over the surplus lines industry as granted by the Louisiana Insurance Code.
Surplus lines companies must meet strict eligibility and financial requirements of the insurance department before they can be approved to write in Louisiana. Once approved, they are placed on a list known as the "white list." Companies may be removed from the white list at any time, if they fail to meet the eligibility requirements, or the department feels they are not acting in the best interest of the insured, according to the LSLA.
David Tatman, a representative for the Louisiana Surplus Lines Association that between 2004 and 2006, in response to withdrawal from the market by admitted insurers, the surplus lines industry increased writings in Louisiana by 40 percent, according to tax figures provided by the insurance department.
Thursday, April 15, 2010
Pennsylvania issues bulletin on surplus lines filing responsibility
Because of confusion over some new developments, the Pennsylvania Surplus Lines Association has issued a bulletin regarding who is responsible for surplus lines filings to repeat that the party who represents the insured is still responsible for the Producer Affidavit, and the party who negotiated and bound the placement in the surplus lines market is still responsible for the Surplus Lines Affidavit.
A copy of the bulletin is available to download and anyone with questions is encouraged to review it.
The bulletin notes that surplus lines filings require 1) a producer who represents the insured AND 2) a surplus lines licensee who is empowered to enter the non-admitted, surplus lines market. This can be two different parties or one party functioning as both licensees.
Operating in the surplus lines market differs from the standard or admitted market where the producer represents both the insured and is also empowered to enter the ADMITTED or LICENSED marketplace. The difference is the Surplus Lines Law and its Regulations shifts responsibility from that of the carrier (which is non-admitted) to the licensee.
What is required is an electronic filing for each placement made, a monthly report stating all surplus lines transactions during the month, and an annual surplus lines premium tax report to the Department of Revenue at the end of each calendar year with a copy submitted electronically to PSLA.
A copy of the bulletin is available to download and anyone with questions is encouraged to review it.
The bulletin notes that surplus lines filings require 1) a producer who represents the insured AND 2) a surplus lines licensee who is empowered to enter the non-admitted, surplus lines market. This can be two different parties or one party functioning as both licensees.
Operating in the surplus lines market differs from the standard or admitted market where the producer represents both the insured and is also empowered to enter the ADMITTED or LICENSED marketplace. The difference is the Surplus Lines Law and its Regulations shifts responsibility from that of the carrier (which is non-admitted) to the licensee.
What is required is an electronic filing for each placement made, a monthly report stating all surplus lines transactions during the month, and an annual surplus lines premium tax report to the Department of Revenue at the end of each calendar year with a copy submitted electronically to PSLA.
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