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SILA Surplus Lines Subgroup (SSLS) Meeting
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SILA Surplus Lines Subgroup (SSLS) Meeting

SILA Surplus Lines Subgroup (SSLS) Meeting - 3rd Quarter 2018

8/14/2018
When: Tuesday, August 14, 2018
2:30 - 3:30 PM
Where: United States

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SILA SURPLUS LINES SUBGROUP MEETING

 

DATE:  Tuesday, August 14, 2018

TIME:  2:30-3:30 PM ET

CONFERENCE CALL:  303-248-0285; Code 3405506#



AGENDA

 

  • Welcome – Julia Van Buren

 

  • Surplus Lines Regulatory Updates – Joe Wurtz

 

  • 2018 Surplus Lines Tax Filing Spreadsheet Update – Julia Van Buren

 

  • SILA National Education Conference & Preconference Classes – Julia Van Buren

 

  • Surplus Lines Steering Committee– Diana Capes

 

  • Open Forum Discussion – Shannon Stoner  (No minutes taken during this section)

 

a. Surplus Lines Tax Filing Questions – Who Files?

I wanted to reach out to see if any of you might have some experience within your company’s with how you handle accounts that you are NOT filing the surplus lines taxes for.  My company is an MGA with binding authority for our carriers.  We give out outside brokers the option to file the taxes on the surplus lines policies that we issue, but require them to complete a form acknowledging they are responsible for the taxes and providing us with their surplus license number.  This verification form goes out on all policies unless we are filing in which case we will obtain the required affidavit forms.

 

Is this a process that any of you are also familiar with?  Do you have similar forms/processes?  We have a couple of brokers asking us to blanket their contract to state that they will always handle the surplus lines filings, but on the flip side our carriers always require from us the name and license number of the filing party.

 

      b.  Residential address change notifications

Does anyone report a change in residential address for a surplus lines licensee to the surplus lines association, surplus lines stamping office or any other agency that may be involved in a surplus lines filing (other than the insurance department(s))? 

 

                 c.  Notification of terminated surplus lines licensees

How does everyone handle notification of terminated surplus lines licensees (again with the surplus lines association, surplus lines stamping office or any other agency that may be involved in a surplus lines filing - other than the insurance department(s))?  Just thinking about any filings that were made under such a license and how that affects future required filings for that license (i.e. quarterly, semi-annual, annual reports, etc.) – if we report the termination, does that cut off our ability to make future required filings for business written for your agency under that license (especially for electronic access)?

 

 

Other questions from callers?

 

 

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