Texas SL Premium Up in 2019 Q1
SLTX has reported record-high premium totals for the first three months of 2019, continuing favorable upward trends. For the first quarter of the year, $1.45 billion in Texas surplus lines premium has been recorded, up from $1.31 billion in the first quarter of 2018. This represents an 11.2% premium increase.
In January, premium totals came in at $499.5 million, with February at $410.1 million and March at $545.1 million. Over this time, filings increased 3.6% from 251,977 to 261,056.
In addition, SLTX has also recorded more than 35,000 total policy limits in compliance with new regulations that require surplus lines agents to submit policy limit data, based on SLTX records as of April 4, 2019. Since the rule took effect on December 30, 2018, 60.2% of surplus lines agents have provided policy limit information.
SLTX has created a Working Group representative of the industry to establish parameters in defining policy limits, while complying with new regulations. SLTX will continue to meet with agency firms to review technology platforms and required changes as development evolves. As previously reported, SLTX will not report brokers/agents on the “monthly late filers report,” nor will they receive system errors for not including such limit data if their current business processes prevent compliance. Eventually, the expectation of compliance for all will remain the same, as SLTX continues to provide assistance and onsite evaluation on various system platforms/processes.