We recently adjusted our policy application submission procedures to help members and brokers comply with the new Home State regulations in effect as a result of the Nonadmitted Reinsurance and Reform Act (NRRA) within the Dodd-Frank Wall Street Reform & Consumer Protection Act.
Prior to any underwriting negotiations for all new or renewal business, we will now request designation of the Home State by the risk manager for business placed directly, or by the broker for broker-placed business. In addition, for broker-placed business, we will ask the broker to supply the producer license number for the surplus lines producer in the Home State designated in the submission. In the future, our policy applications will include a request for a certification for this information.
If you have any questions regarding this change in procedures, please contact your AEGIS underwriter.