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*ALERT* Be advised that the 2008
Licensing & Surplus Lines Laws book published by The National Underwriter Company lists the The correct stamping fee rate for The National Underwriter Company
has corrected this information for their online customer access.
In May of 1982, the Pennsylvania Surplus Lines
Association (PSLA) was formed by a small group of surplus lines licensees.
The surplus lines market provides insurance coverage for nonstandard or
unique risks that do not fit the underwriting guidelines of insurers licensed
to transact business in the market for standard or traditional insurance
coverages. It was felt that, notwithstanding the fact that surplus lines
placements represent a small portion of the overall market, this segment of
the market is quite important and needed some meaningful representation.
By
1986, PSLA had developed a meaningful membership interest and in cooperation
with the PID, was well underway with the development of a new, more up to
date Surplus Lines Law. In addition, as a further service to our
members, eligible surplus lines insurance carriers and the PID, PSLA began
taking over the duties as sponsoring surplus lines licensee for the
qualification and requalification process as required for a carrier’s ability
to be placed and remain on the Department’s Eligible List of Surplus Lines Carriers. By the end of 1992, our new,
updated Surplus Lines Law was
passed by the Pennsylvania Legislature and went into effect in April of
1993. Although there were a number of
improvements within this new law, the main feature that involved PSLA was the
option for the PID
to allow for the creation of an advisory organization (also known as a
stamping office). By April of 1996,
plans and contractual details were agreed to for PSLA to create a separate
division to function as a stamping office to perform a variety of duties for
and on the behalf of the PID. Actual
stamping office operations began with production year 1997. Today there are 15 stamping offices in operation that represent nearly
70% of the surplus lines production placed in the At the same time,
PSLA offers formal membership
in our association on a voluntary basis.
The only requirement for full membership is to hold a valid surplus
lines license and the payment of a nominal membership fee. Associate memberships are also available
for unlicensed, but interested parties in the surplus lines market here in As a surplus lines
licensee, please consider your agency becoming a full member.
To serve
For more information
regarding licensing and how to apply, click here. This link will take you to the Insurance
Department website for License Applications. Home | Board of Governors
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