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Goliad native appointed to Stamping Office board
Apr 15, 2013 | 2077 views | 0 0 comments | 9 9 recommendations | email to a friend | print
Texas Department of Insurance Commissioner Eleanor Kitzman appointed Jennifer Hoff Hall to the Board of Directors of the Surplus Lines Stamping Office of Texas.

A native of Goliad County, Hall is currently the Deputy Director of Risk Management Services at the Texas Association of Counties. The Stamping Office is a non-profit unincorporated organization created by the legislature in 1987. Its mission is to assist the Texas Department of Insurance in the oversight of the surplus lines insurance market and to encourage compliance by agents and insurers with the surplus lines laws and regulations.

Insurance companies licensed by the Texas Department of Insurance write most of the insurance in Texas. The state regulates these companies in a variety of ways, including requiring their participation in the state guaranty association (which pays claims in the event of insurer insolvency) and controlling the premiums they charge and policy forms they use. However, these licensed companies will not or cannot provide all the insurance needed by Texas citizens.

When insurance cannot be purchased from licensed insurers, it can be obtained in the surplus lines market, but only from the unlicensed companies appearing on the state’s Surplus Lines Insurers List. Unlike licensed companies, the rates and forms used by surplus lines insurers are not directly regulated by the Texas Department of Insurance. This freedom provides the flexibility required when insuring the hard-to-place risks found in the surplus lines market. Another distinguishing fact is that surplus lines policies are not backed by the protection of the state guaranty association.

The Stamping Office receives, records and reviews surplus lines insurance policies issued in the state of Texas. The SLSOT also evaluates the financial condition of insurance companies desiring to write surplus lines insurance in the state. SLSOT is not a state agency, it does not obtain funding from the general revenues of the State of Texas. Rather, it is funded by a processing fee, called a “stamping fee,” charged on each Texas surplus lines insurance policy issued through licensed surplus lines agents. Hall was appointed to fill a board term through Dec. 31, 2014.
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