The effort to modernize regulations on surplus lines found success earlier this year as Maryland is set to update broker fee caps. Through a series of negotiations, legislation was passed that will raise the cap on the personal line side from $100 to $200, and the commercial fee cap will move up from $250 to $500 or 7%, whichever is greater. (Credit: create jobs 51)
Uniformity in regulations among the states is among the most pressing issues on the 2022 agenda for the Wholesale & Specialty Insurance Association (WSIA) Legislative Committee, which is also closely watching lawmakers' moves around flood insurance and coverage issues for cannabis–touching entities.
"Overall, our priority is always trying to increase uniformity among states on regulations for surplus lines," says Phillip McCrorie, CEO of RSUI and WSIA Legislative Committee Co-Chair. McCrorie explains the association advocates particularly hard for the adoption of its uniformity and regulatory principles, which stress the importance of freedom of rate and form for surplus lines.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]