Surplus Lines Filing overview
Simplifying Surplus Lines Compliance in a Rapidly Growing Market The non-admitted insurance market is experiencing sustained growth, driving increased premium volume—and significantly greater regulatory complexity. As surplus lines business expands, brokers face heightened requirements around policy filings, premium tax calculations, stamping fees, and state-specific reporting deadlines. Managing these obligations manually, or across disconnected systems, introduces […]
Insurance Licensing overview
Insurance Licensing: The Foundation of Compliance and Growth Insurance licensing is fundamental to operating legally and profitably. Without the appropriate individual and agency licenses in place, insurance organizations cannot generate revenue and risk significant penalties from state regulators. As organizations expand into new states, add lines of authority, or onboard new producers, licensing requirements multiply […]
Corporate Compliance overview
ReSource Pro’s corporate compliance solutions provide expert guidance and support for each step of the registration and compliance process – which varies by state and business structure – coordinating with multiple regulators as needed.
Commercial Insurers are Approaching Strategic Initiatives Differently
‘
When analyzing the research from two lenses—trends in small commercial and mid/large commercial— we uncovered several major themes that define how commercial lines insurers are approaching strategic initiatives today.
AI and the Insurance Industry: Concerns and Best Practices
It’s easy to get caught up in the hype and promise of new technologies. But as insurance professionals, we must remember that AI is one tool of many at our disposal. We need to combine our understanding of its benefits with a healthy respect for the potential for damage if it is misused.
What Economic Trends Are Impacting Surplus Lines?
Macroeconomic conditions are challenging for insurance companies in general, but they offer some opportunities for surplus lines companies. With inflation at a 40-year high, insurance rates are likely to remain high, driving more risks to the surplus lines market.
The cost of non-compliance for insurance companies
Most insurance professionals understand that failing to meet their compliance obligations can result in censure by regulation authorities. Often, however, they underestimate the real harm such penalties can do
M&A Keeps the Non-admitted Market Growing
Mergers and acquisitions have reached record heights for brokers in recent years. At the same time, rate increases and tightening in the admitted insurance market are causing more business to flow into excess and surplus (E&S) lines.
Personal Lines Insurers’ Post-Pandemic Transformational Tech Plans
‘
The COVID-19 pandemic was a catalyst for technological change across the insurance industry, especially within personal lines. Although it may not be accurate to classify our current era as post-pandemic, insurers have adjusted their plans to match the needs of society today.
Resident State Change: Compliance Tips
One of the great things about a career in our industry is the ability to pursue it anywhere, especially these days with more companies adopting remote-working strategies. Simply notify state regulators of a new home or business address within the mandated time frame. If a move takes a licensee across state lines, however, the process becomes more complicated.