The Surplus Lines (C) Task Force met on Monday morning at the 2013 Summer Meeting of the National Association of Insurance Commissioners (NAIC) in Indianapolis, IN. Significant actions taken by the Task Force included:
- Approval of the development of resource materials that will aid regulators in verifying that domestic surplus lines insurers continue to meet the minimum capital and surplus requirements needed for eligibility, and provide instructions on how to access electronic filings on the NAIC Internet-State Interface Technology Enhancement (I-SITE) system to reduce and/or eliminate the need for hard copy filings.
- Formally recommending that insurance departments and surplus lines stamping offices include links on their websites to the NAIC Quarterly Listing of Alien Insurers and the Consumer Information Source (CIS) to provide easy access for surplus lines brokers seeking to identify eligible surplus lines insurers.
- Adoption of the 2014 Proposed Charges, which will be revised to include a survey on how states are treating the collection of premium for multi-state surplus lines policies.
In addition, a representative from the Property Casualty Insurers Association of America (PCI) requested that the Task Force prepare an educational resource for state regulators on the surplus lines insurer eligibility requirements established by the Non-Admitted and Reinsurance Reform Act (NRRA) as some states continue to impose extra eligibility requirements not identified therein. The request was noted with no further discussion by the Task Force.
Materials from the meeting can be found here.