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Potential Regulatory Pushback to P/C Rate Increases Next Year & Lower Surplus Lines Tax Rate for KS Insurers

December 11, 2023 (1 min read)

S&P Analyst Says P/C Insurers to Face Regulatory Resistance to Rate Increases Next Year

At a Standard & Poor’s webinar last week entitled “IN/sights: Outlook and Trends for U.S. Insurers—What to Expect in 2024 and Beyond,” Tim Zawacki, principal insurance analyst, S&P Global Market Intelligence, said the biggest challenge P/C insurers will face next year is resistance from regulators to the continued push for rate increases as underwriting results improve.

“I think we will see results get better,” he said. “I think we will also continue to see rate increases. And I think the juxtaposition of those two things at some point is likely to generate conflict.” (INSURANCE JOURNAL)

KS Insurers to Pay Lower Surplus Lines Tax Rate in 2024

Kansas insurance companies will start paying a lower surplus lines tax rate next year, due to legislation (HB 2090) enacted in April lowering the rate from 6% to 3%. The new rate will apply to policies that take effect on or after January 1, 2024, as well as to any endorsements. (INSURANCE JOURNAL, LEXISNEXIS STATE NET)

—Compiled by SNCJ Managing Editor KOREY CLARK

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