WASHINGTON--Opposition is growing in Florida and Georgia to federal legislation reforming regulation of surplus lines markets.

Specifically, the Georgia regional brokers say they are concerned they may lose business to companies in larger states and their states may lose revenue to larger states.

At issue is a provision in both House and Senate bills reforming surplus lines regulation that establishes the state regulator of the "principal place of business" of a company as the chief regulator and recipient of taxes on the transaction.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.