The American Association of Managing General Agents said it is putting together a lobbying plan in support of proposed federal legislation to regulate the surplus lines insurance marketplace.
Bernard G. Heinze, executive director of the King of Prussia, Pa.-based AAMGA, said the association's members are campaigning hard for passage of the measure intended to modernize and streamline the regulatory environment for surplus lines wholesalers.
During a June 2 hearing on the measure, Rep. Richard Baker, R-La.–chairman of the Capital Markets Subcommittee and one of the authors of the State Modernization and Regulatory Transparency Act (better known as SMART)–suggested to witnesses that the surplus lines bill might serve as an effective “test case” for a new incremental approach to the more broad-based SMART initiative to establish federal standards for state regulators.
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