Premium on policies reported to the Surplus Lines Stamping Office of Texas in 2012 totaled more than $4 billion, a record volume, SLSOT reported. The amount is an increase of $767 million over 2011, a rise of nearly 24 percent.
Premium insuring non-Texas exposures on multi-state policies where Texas was the “home state” was $311 million. Under the federal Nonadmitted & Reinsurance Reform Act, the “home state” may tax premium on exposures located in other states on a multi-state surplus lines transaction. Texas has elected to follow that approach.
The stamping office reported that surplus lines agents submitted 824,798 filings in 2012, a decrease of 1.2 percent from the prior year. Since large increases in both premium and filings typically accompany a true “hard” insurance cycle, the market did not appear to meet that description in 2012, SLSOT noted.
Topics Texas Excess Surplus
Was this article valuable?
Here are more articles you may enjoy.
MMA Alleges Broker Patriot Poached 11 Surety Team Members 
Stellantis Tells Owners of 1.3 Million Jeeps to Park Outside Over Fire Concerns 
Claimants of 23andMe Data Breach to Get $46.75M in Settlement Deal 
Judge Won’t Bend on $256M Defamation/RICO Verdict Against Human Rights Lawyer From This Issue
