The Surplus Line Association of California Stamping Office announced premiums processed for the first quarter of 2011 of $953.7 million, a decrease of 4.34 percent from the total premiums processed in the same period in 2010. However, the item count that comprises the premium volume is 110,033, a small increase from the previous year, according to Joy Erven, Stamping Office director.
“We are 0ptimistic that the market has started to turn and that we will continue to see improvement,” she said. “Many brokers have questions regarding new regulations, licensing, how to submit filings or state taxes, in a hint to be aware of the July 21, 2011 date the Nonadmitted and Reinsurance Reform Act takes effect.
Erven noted the SLA will keep eligible surplus line insurers aware of important information as California readies its response to the federal preemption.
Source: SLA
For additional information on the effects of the NRRA, see videos by insurance regulatory attorney Richard Brown on www.insurancejournal.tv.
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