AAMGA Statement on Passage of the Surplus Lines Modernization and Reform

Jul 16, 2010

The following statement was released by the American Association of Managing General Agents (“AAMGA”) on July 16, 2010 following the U.S. Senate’s passage of the Wall Street Financial Services Reform legislation, that included the Surplus Lines Modernization Bill:

AAMGA Statement on Passage of the Surplus Lines Modernization and Reform:

The Non-Admitted & Reinsurance Reform Act

“The AAMGA is privileged to have worked side by side with our industry colleagues at the IIABA, CIAB, NAPSLO, PCI, RAA and RIMS to accomplish this effort. It was a collaborative effort of the highest caliber. We have this morning conveyed our appreciation to both Senator Christopher Dodd and Congressman Barney Frank and the members of their respective Committees for the leadership and opportunity to work with the wholesale industry to effect surplus lines reform and modernization,” said AAMGA President Mark Rothert of Ron Rothert Insurance Services or Portland OR.

“We now continue with the second phase of moving this from legislation to implementation through the Surplus Lines Insurance Multistate Compliance Compact which industry has been working on with our regulators and the AAMGA member surplus line and stamping offices. We have a year to get the job done and will continue to move this forward with the same mutual energies that allowed us to persevere with this effort,” Rothert added.