Critical Deadline on May 24,1993
While I could give you the results of what transpired in the 1st quarter of 1993 regarding filed premiums, card count and other issues, there are far more important subjects to bring to your attention.
May 24, 1993 is a critical date for each and every one of you. It is the last day an "ongoing" non-admitted company can re-qualify under Department of Insurance financial regulation 2174. Everyone has received numerous bulletins on this issue, the latest #571 was dated April 6, 1993 and included the latest Submission List and List of Filings.
If the companies being used in your office have not re-filed the necessary financial information described in Regulation 2174, nor appear on the appropriate list, they will not be eligible for use effective May 25, 1993. Do not wait for someone else to make the financial filing with the Department of Insurance. Also, make sure you have submitted a Form "A" and $35.00 for each company you wish to use. Remember, the company must appear on the List of Filings.
for all of us, however, if I were 20
years younger I would become a
surplus line broker today."
You will recall the SLA conducted two seminars in February 1993. One in San Francisco, the other in Los Angeles. The combined attendance for both seminars was well over 800. The major items reviewed were AB 2608, SB 1145 and Regulation 2174. In addition, our general counsel, LeBoeuf, Lamb, Leiby & MacRae conducted separate seminars on Unfair Claims Practices. This was well attended in both Northern and Southern California.
Daily we receive both positive and negative calls regarding the two new laws AB 2608, SB 1145 and Regulation 2174. Rumor indicates some companies may decide to cease writing in California. I don't understand the frightened or negative reaction. Sure, more work has been created for all of us, however, if I were 20 years younger, I would become a surplus line broker today. In total, however, the positive comments are well ahead of the negative. If you leave a piece of business on the table, someone else is going to pick it up. Don't let this happen to you!
- Remember the deadline-
May 24, 1993. - Send all financial documents directly to the Department of Insurance