SILA SURPLUS LINES SUBGROUP MEETING
DATE: Tuesday, May 15, 2018
TIME: 2:30-3:30 PM ET
CONFERENCE CALL: 303-248-0285; Code 3405506#
Surplus Lines Steering Committee Members:
· Steve Stephan, Ryan Specialty
· Paul Willis, AXIS
· Shannon Stoner, Ryan Specialty
· Tina Wirtz, IMA Financial
· Julia Van Buren, MarketScout
· Kay Miller, USI
· Lorenzo Houston, US Risk
· Joe Wurtz, All Risks
1. Welcome – Joe Wurtz
2. WSIA – NAPSLO and AAMGA merged association update – John Meetz
3. Surplus Lines Regulatory Updates – Paul Willis
4. 2018 Surplus Lines Task Group Update
- Surplus Lines Chapter in Best Practices Handbook Update (Julia)
- Surplus Lines Tax Filing Spreadsheet (Tina)
5. SILA National Education Conference & Preconference Classes (Julia)
6. Open Forum Discussion: No minutes taken during this section
Surplus Lines Tax Filing Questions - Entity or Individual License?
· If a state licenses business entities for Surplus Lines, then do the taxes need to be filed under the business entity's license if the business entity receives the premium payment and the commission?
· Carriers - Do you collect E&O when setting up a new agency? Do you require a new copy for your files when the agency renews the E&O? Or do you have the E&O requirements outlined in your agreement and leave it up to the agency to abide by the requirements mentioned in the agreement/contract.
· Agencies-do you send a current copy of the agencies E&O to your carriers every year?
Other questions from callers?