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WSIA Legislative Committee pinpoints key insurance issues to watch

by Cedric Guzman

The Wholesale & Specialty Insurance Association (WSIA) has been actively involved in advocating for the wholesale, specialty, and surplus lines industry on various legislative issues across different states. In Florida, WSIA worked with the Florida Surplus Lines Association (FSLA) to oppose harmful provisions in Florida SB 7052, which ultimately passed without any negative impact on the surplus lines industry. In Maine, WSIA successfully supported LD 1917, which repealed a retaliatory tax provision on surplus lines business. WSIA also supported LD 1808, which simplified the tax payment process for surplus lines producers in Maine. In Nevada, WSIA was pleased with the emergency regulation issued by Commissioner Kipper, which indicated that a defense within limits law did not apply to the nonadmitted market. WSIA is also working on clarifying the policy fees charged on personal surplus lines policies in Pennsylvania and opposing a bill in Texas that would have prohibited out-of-state arbitration provisions in surplus lines contracts.

In addition to these state-level issues, WSIA is actively involved in advocating for legislative and regulatory interests at the federal level. WSIA supports the long-term reauthorization and reforms of the National Flood Insurance Program (NFIP) and advocates for the SAFE Banking Act, which would provide financial services to legitimate cannabis businesses in states where cannabis is legal. WSIA also supports the operationalization of the National Association of Registered Agents and Brokers (NARAB), which would simplify the non-resident producer licensing process for brokers operating in multiple states.

Overall, WSIA’s Legislative Committee is dedicated to promoting the interests of WSIA members and the wholesale, specialty, and surplus lines industry in various legislative and regulatory matters across different states and at the federal level.

Note: This article is a summary and does not include full details of each legislative issue mentioned.

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