August 28, 2024
LAAIA Convention Recap
Last week, the FSLSO team attended the Latin American Association of Insurance Agencies (LAAIA) Annual Convention in Marco Island, Florida.
FSLSO Executive Director Mark Shealy provided commentary during the Legislative Update panel. He shared thoughtful insights on the state of the E&S market in Florida alongside several other insurance experts.
Staff manned the FSLSO booth in the exhibit hall, where guests had coffee and chatted about E&S compliance. The hall was bustling with insurance professionals and fun exhibit booths.
Congratulations, LAAIA, on such an informative and interactive convention. We can’t wait for next year.
Eligible Surplus Lines Insurers
It is imperative that surplus lines business only be placed with companies eligible to do business in Florida.
Please note the official list of Florida eligible, federally authorized, and aviation/wet marine surplus lines insurers should be obtained directly from the Florida Office of Insurance Regulation (OIR).
Per the Nonadmitted and Reinsurance Reform Act (NRRA), surplus lines agents are also permitted to place coverage with insurers listed on the NAIC Quarterly Listing of Alien Insurers.
For more information, please visit the Eligible Insurers page on our website.
Should you have any questions, please contact our office at 800.562.4496, option 1 for Agent and Insurer Services.
HEADLINES
Due to recent legislative changes (HB 1503), effective as of July 1, 2024, approved surplus lines insurers – that meet specified criteria and are approved by the Office of Insurance Regulation (OIR) – may now participate in depopulation.
Homeowners association fees in Florida have surged over the past year, driven by rising insurance costs and new safety regulations, leading to financial pressures on condo owners and declining condo market prices.
Experts tell ABC Action News that people living in low-risk flood zones might have a false sense of security about flooding. That complacency can leave families in dire financial straits.
New research indicates that what used to be the 100-year hurricane will now happen every 25 years.
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.
