Curtis Anderson
American Association of
Managing General Agents
Curtis Anderson looks at the current legislative picture
for excess and surplus lines carriers in the uS.
during the last several years, the question of who, how, what, when and where insurance is
to be regulated has been an ongoing issue of debate. And that was before the recent financial
issues pertaining to the questions of securitisation and systemic risk were raised. The hallmark
of the excess and surplus (E&S) lines market’s freedom of rate and form has been included
in the modernisation and reform efforts. however, E&S professionals are now left to wonder
to what extent these reforms will impact on the conventional lines of business and procedures
utilised in underwriting risks and bringing what has been referred to as the “hidden hard
market” to bear.
It is against this background that representative Paul Kanjorski, (democrat, Pennsylvania),
chairman of the US house of representatives’ Financial Services Committee’s Capital Markets
Subcommittee, noted on June 16 that: “I will act quickly, yet deliberatively, in developing a new
game plan to involve the federal government in direct oversight of the insurance industry. AIg
taught us that the business of insurance has become complex and no longer fits nicely in the
state regulatory box.”
September 2009 | INTELLIGENT INSURER | 49
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