San Francisco--Surplus lines insurers could see one of their key market advantages undermined if federal lawmakers decide to authorize an optional federal charter rather than simply set regulatory benchmarks for each state to follow, an industry lobbyist warned here.
With the looming prospect of federal legislation that would severely impact its members, the National Association of Professional Surplus Lines Offices, Ltd., hired a former lobbyist for the Independent Insurance Agents & Brokers of America to represent NAPSLO's interest in Washington earlier this year.
According to that lobbyist--Maria Berthoud, vice president of B&D Sagamore, a subsidiary of the Washington-based law firm Baker & Daniels--one of the first items on the agenda of the Senate Banking Committee in 2006 could significantly change the playing field for the surplus lines industry.
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