February 28, 2019

Happening This Week

Inside the SLIP Compliance Checkup Dashboard: FILING ACCURACY

The next widget in the dashboard is Filing Accuracy, which is shown in the middle of the top row.

This widget tracks your TIQs (Transactions in Question) using 2 different measures.

1. Outstanding TIQs, which includes all TIQ types. TIQs are broken down into color-coded date ranges by the number of days the TIQ has been outstanding.
    

2. The field at the bottom shows the Percentage of Transactions Filed Accurately. This metric reflects the percentage of transactions reported in the last 90 days that were not TIQed for being an Unbalanced Returned Premium (URP), an Unbalanced Returned Policy Fee (URF), a Standalone Type 2 Transaction (SA2), or an Invalid Coverage Code/Tax Status Combination (CTS) TIQ.

If no filings have been made to this account within the last 90 days, the widget will be gray as there are no results to display.

Filing Accuracy is also color-coded based on the number of days TIQs are outstanding.

Reminder: FHCF Assessment Ends 3/31

Mark your calendars. The Florida Hurricane Catastrophe Fund assessment will stop on March 31, 2019.

Any outstanding endorsements to policies which were effective between January 1, 2007 and December 31, 2014, when the FHCF assessment was applicable, that have not been submitted to our office need to be filed no later than March 31, 2019.

For more information and further accounting instructions, read our latest bulletin.

Headlines

Insurance Association Lauds Surplus Lines Modernization Bill

The Florida Surplus Lines Association (FSLA) on Wednesday cheered the House Banking and Insurance Committee for giving its stamp of approval to a bill that would change the rules surrounding policies covering surplus lines insurance.

“House Bill 387 will modernize the marketplace in a way that helps the surplus lines industry better support and insure Florida’s risk-takers, meaning large and small business owners across Florida,” said Erin O’Leary, president of FSLA.

State Surplus Lines Association Praises Law Overhaul

The Florida Surplus Lines Association (FSLA) is lauding the House Banking and Insurance Committee for approving a new bill that fixes rules regarding the sale of surplus lines insurance.

House Bill 387, sponsored by Lakeland Rep. Colleen Burton (R), does away with some tedious paperwork requirements and keeps options available to flood insurance customers through surplus lines. The bill also removes the $35 cap on insurance agent fees on surplus lines policies, replacing the old rule with language requiring fees to be “reasonable” and clearly listed on the policy.

Senate Works on ‘AOB’ Insurance Proposal

After a bill stalled this month in the Senate Banking and Insurance Committee, Senate leaders are working on a revised proposal to address the controversial insurance practice known as assignment of benefits, Senate President Bill Galvano told reporters Friday.

Assignment of benefits, or AOB, is a decades-old practice that has become highly controversial in recent years. In assignment of benefits, homeowners in need of repairs sign over benefits to contractors, who ultimately pursue payments from insurance companies.

Risk Strategies' Power: MGA Specialization, Tech Driving E&S Innovation

Matthew Power, senior managing director, Risk Strategies, said changing business models tied to advances in technology, data analysis, and science, are forcing insurers and MGAs to choose a specialization.

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Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.

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