Nicholas Schroeder is the first executive director of the new Surplus Lines Association of Minnesota (SLAM), a non-profit organization of brokers of insurance that is placed with companies that are not licensed in Minnesota.
Schroeder previously worked as a commercial lines insurance agent for both an independent agency and a direct writer agency.
Schroeder graduated from the University of Minnesota Duluth in 2005 with a degree in Business Management Information Systems.
Surplus lines insurance brokers are licensed and regulated by the Department of Commerce.
The association was created by legislation in 2008 to serve as a “stamping office” for surplus lines insurance policies. The phone number for the stamping office is (320) 679-4244. The association has set the stamping fee at .0025 of the premium, which will include all premium bearing endorsements. Stamping fees will be payable semi-annually to the state.
In Minnesota, all surplus line placements must now be filed for review with the association, which will notify surplus line brokers of any filings that are incomplete or inaccurate and will request that the broker file a correction.
The association will also inform its members of proper surplus lines procedures, cooperate with the Minnesota Department of Commerce in providing effective regulation, and will act as a liaison between the Minnesota Department of Commerce and the surplus line brokerage community.
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