SCOTTSDALE, ARIZ.--The president of the American Association of Managing General Agents said the association is vigorously lobbying state and federal lawmakers to fend off rate and form regulations for the surplus lines market.
Speaking to members here yesterday during the 82nd annual AAMGA meeting, Thomas A. Albrecht noted news reports that "elected officials and regulators are becoming increasingly interested in the prospect of imposing regulations on a market that has enjoyed free market competition in freedom from rate and form."
Currently the rates for surplus lines are not regulated by state insurance departments. Typically the surplus lines market handles business that is seen as highly risky, unusual and in short supply in the standard regulated market.
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