Surplus Lines Association of Minnesota
Active dates:2008-
Function: The association processes surplus lines insurance documents, educates its members regarding the surplus lines law of this state, and recommends to the Commissioner of Commerce revisions to Minnesota law relating to the regulation of surplus lines insurance in order to improve the efficiency and effectiveness of that regulation.
History:
The Surplus Lines Association is a non-profit association of surplus lines insurance brokers created by the legislature during the 2008 session in order to create a "stamping office" for insurance placed with companies that are not licensed in Minnesota.
Surplus lines insurance contracts deal almost exclusively with business customers and are used to place insurance with companies that are not licensed in Minnesota. Surplus lines insurance brokers are licensed and regulated by the Department of Commerce.
In Minnesota, all premium bearing surplus line placements will be filed with the association. The association will notify surplus line brokers of any filings that are determined to be incomplete or inaccurate and will request that the broker file a correction.
The Surplus Lines Association of Minnesota will inform its members of proper surplus lines procedures, cooperate with the Minnesota Department of Commerce in providing effective regulation and will act as a liaison between the Minnesota Departments of Commerce and Revenue and the surplus line brokerage community. The association is funded by a processing fee, called a "stamping fee."
(The above 4 paragraphs were taken from the Association's website on Aug. 5, 2011)
Advisory to:
Commissioner of Commerce
Entries for this agency in the Annual Compilation and Statistical Report of Multi-Member Agencies Report:
2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011.
Note: This report provides membership details as well as meeting information and a summary of the group's activities.
Record last updated:
08/05/2011
All information on this group from the Library’s collection of agency notebooks has been digitized. These
materials are incorporated into the “documents/articles” section of the record. Please contact a librarian with any questions. The Minnesota Agencies database is a work in progress.