April 18, 2018
What's Happening This Week
PalmCast is here!
Launching today is the new FSLSO podcast: PalmCast.
With a new episode each month, PalmCast will bring you industry news, special guests, and more.
Tune in to the first episode on iTunes, Spotify, Stitcher, or on our website at FSLSO.com.
Compliance Review Rewind
The Compliance Review Program was created to ensure that Florida licensed agents comply with Florida law.
The compliance review process includes a basic verification of information such as the agent’s license and appointment status, mailing and physical addresses, accounts payable records (production ledgers), policy premiums, tax, fee and assessment calculations, statutorily required disclaimers, Diligent Effort Forms, etc.
Below are key indicators of agents’ compliance performance January 1, 2018 through March 31, 2018.
RESIDENT
NON-RESIDENT
Basic Agent Reviews: Review of an agent who is currently writing or has written surplus lines business within the past 30-42 months.
Target Reviews: Review conducted outside of the normal 30-42 month review cycle, targeting a specific compliance issue.
Data Requirements: Accuracy of non-financial data such as policy number, insured’s name, insurer’s name, etc.
Regulatory Requirements: Accuracy of non-financial statutory requirements such as the information required on the face/front page of each Florida surplus lines policy and policy endorsement, diligent effort forms, undocumented fees, and excessive fees.
Financial Requirements: Accuracy of financial data such as tax, fee, and assessment charges.
Unfiled Premium: Premium for unfiled policies identified during the course of an agent’s compliance review.
Should you have questions about compliance reviews, contact Felicia Meredith, Compliance Review Analyst at 800-562-4496, ext. 105.
1Q Affidavits
First quarter affidavits can now be filed in your SLIP account.
Final due date is May 15.
1Q Invoices
First quarter invoices for service fees and taxes can now be paid.
Final due date is May 15.
Facilitating Compliance Through Innovative Solutions
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.
