A Senate bill that would offer a national license to insurance players needs modifications to make it fair and acceptable to the excess and surplus lines market, the sector's leading organization contends.
The National Association of Surplus Lines Offices–whose leadership in the past has expressed concern that an optional federal charter could make it easier for general lines insurers to compete in their sector–now supports the concept, at least in theory.
“NAPSLO believes that establishing an optional federal surplus lines license would be beneficial to the marketplace,” said the group's executive director, Richard Bouhan. “Those acquiring the license would not have to secure numerous state surplus lines licenses.”
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