It will really hurt surplus lines brokers to leave Florida, there is no doubt. Unfortunately, it will hurt the citizens of Florida even more, not only from the income loss at the state level, but also in their search for insurance coverage.
FL S/L regulation is a joke. Many retail agents routinely go around existing regulations as do many out of state brokers, and the state does nothing!! They should not worry about filings and in force the regulations. Prime example, self procurement by insureds. Do you really think that most if nay insureds really know how to self procure surplus lines coverage without any assistance from a broker?? Yet the state freely takes self procurement filings on line and never checks anything. This is exactly how out of state and some in state retail agents and brokers get around the licensing rules. Why doesn’t the FL SL Association go after those agents and brokers??? It is a joke and they know it.
It will really hurt surplus lines brokers to leave Florida, there is no doubt. Unfortunately, it will hurt the citizens of Florida even more, not only from the income loss at the state level, but also in their search for insurance coverage.
is it just me, or does the state of florida have no freaking clue what they are doing with insurance?
as a surplus broker, i’m not going to bother with the state anymore. it’s just not worth the hassle.
JP. The answer is no. Look at the disaster waiting to happen called “Citizens”
FL S/L regulation is a joke. Many retail agents routinely go around existing regulations as do many out of state brokers, and the state does nothing!! They should not worry about filings and in force the regulations. Prime example, self procurement by insureds. Do you really think that most if nay insureds really know how to self procure surplus lines coverage without any assistance from a broker?? Yet the state freely takes self procurement filings on line and never checks anything. This is exactly how out of state and some in state retail agents and brokers get around the licensing rules. Why doesn’t the FL SL Association go after those agents and brokers??? It is a joke and they know it.