An ad-hoc group of Surplus Lines interested parties held their semi-annual meeting on March 27, 2015 in Scottsdale, AZ.
NARAB II, TRIA reauthorization, cyberinsurance, Dodd-Frank and Ride Sharing insurance related matters were among the many issues discussed on several panels.
There were also discussions relating to:
- Experiences related to Domestic Surplus Lines Insurers
- Broker liability impact on wholesale broker
- Taxation of fees v. commissions and fee agreements
- Premium tax on risks residing outside of the U.S.
- Emerging markets, risks and trends, including cybersecurity
- New York Lender Placed Insurance
As usual, lack of uniformity in the states and the lack of full understanding of the surplus lines market are the main issues of concern.
Also, of interest, is the apparent demise of Slimpact, which the surplus lines industry hoped was the answer to multi-state premium tax issues. Many states have now moved to taxing 100% of the premium (U.S. portion only) and no longer allocate based on a formula.