January 21, 2009/For Immediate Release Release No. 01-09
NAPSLO well positioned for new political landscape
“With the inauguration of President Barack Obama a new era in American government begins and NAPSLO, with its D.C. representation and national staff, is well positioned to represent the surplus lines insurance business and wholesale distribution system to both the new administration and Congress in Washington,” said NAPSLO President John Wood, III in congratulating Mr. Obama on becoming the nation’s 44th President.
“The nation faces the worst economic crisis since the Great Depression and the new administration and Congress are considering significant alterations in the current regulation of financial services including property/casualty insurance. These changes could have profound impact on NAPSLO’s membership and NAPSLO is prepared to effectively enter into this important debate,” Mr. Wood stated.
In addition to NAPSLO’s direct action in the legislative process, membership involvement in the legislative scene is essential, if the NAPSLO message is to be heard and Mr. Wood urged all NAPSLO members to keep abreast of the events in Washington and to be proactive in letting their representatives know their views.
“In order for NAPSLO to be effective on a national scale all members should take the initiative to educate themselves on the issues and work with NAPSLO to coordinate contacts with their national representatives,” Mr. Wood stated.
Since 2004 NAPSLO has had a full time presence in the nation’s capital. Late last year the Association entered into an agreement to continue that presence for the 111th Congress by extending its relationship with B & D Consulting of Washington, D.C. for two more years.
The NAPSLO headquarters staff is also preparing material to help educate and inform our national leaders of the important role and essential service NAPSLO members provide those citizens and businesses whose insurance needs can only be fulfilled by the wholesale surplus lines marketplace. “That will be an important part of the message NAPSLO gives when we hold our annual Legislative Day visit with Members of Congress on March 23 & 24,” noted Mr. Wood.
BACKGROUND
NAPSLO is a national trade association representing the surplus lines insurance industry. Surplus lines is a specialized segment of the insurance business that is also referred to as nonadmitted, specialty and/or excess lines. Risks are placed in this market when they cannot be placed in the admitted/licensed market. NAPSLO represents surplus lines insurance agents/brokers and surplus lines insurance companies. NAPSLO has over 1,500 member offices in the United States, Canada, Germany, and England. Acting as a source of information, NAPSLO spends a great deal of time identifying and explaining the vital role surplus lines plays in the insurance industry, including tracking and informing members on current state and federal regulations. NAPSLO also provides networking and educational programs for its members and scholarship and internship programs for qualified students interested in careers in
the insurance industry.
