Tucked into 2,000-plus pages of federal financial services reform legislation are just 10 relating to the surplus lines industry, but those pages will put an end to decades of broker frustration, legislative experts say.
Most excess and surplus lines brokers understand that their days of complying with a maze of conflicting state rules about diligent search efforts, taxation of multi-state risks and multiple licensing requirements for a single risk will be over on July 21, 2011.
Questions remain, however, about exactly what will happen when Sections 521 through 527 of the Dodd-Frank Wall Street Reform and Consumer Act take hold. What exactly do these sections related to nonadmitted insurance say? What new rules will the E&S brokers have to follow?
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