What is the primary goal of implementing the Market Assistance Plan (MAPS)?

The primary goal of implementing the Market Assistance Plan (MAPS) is to aid businesses that struggle to secure insurance. MAPS was created to address the challenges that certain businesses face in obtaining necessary insurance coverage, particularly in markets where standard insurance may be unavailable or insufficient. By connecting these businesses with surplus lines insurers that can provide specialized coverage, MAPS helps ensure that they can find the protection they need.

This initiative is particularly important for industries or activities that are considered higher risk and might not find coverage through traditional carriers. The ultimate aim is to enhance access to insurance for those who are at risk of being uninsured, thereby supporting their operations and, by extension, the economy.

While increasing competition among surplus lines insurers is a relevant aspect, the focus of MAPS is more about accessibility and support for businesses in need of insurance rather than just competition among insurers. Simplifying regulatory requirements and standardizing insurance policies are broader governance issues that, while important, do not reflect the immediate objective of assisting specific businesses struggling to find insurance.