April 26, 2018
What's Happening This Week
Trends in Compliance Review Scores:
The Devil is in the Details
The FSLSO Compliance Review program is a tool to assist agents and agency staff in staying compliant and educating them on Florida surplus lines laws and regulations. Compliance Reviews are conducted approximately every three years, in which an FSLSO representative reviews the statutory requirements for the placement of surplus lines business in three categories:
1. Data
2. Financial
3. Regulatory
The Regulatory category, which includes questions on the diligent effort requirement and the policy face page (also known as the front page), historically receives the lowest score of the three review categories.
FSLSO developed the Diligent Effort/Disclosure Matrix to assist customers in determining whether a diligent effort form or disclosure form is required for a specific line of coverage. Additionally, FSLSO provides the Statement of Diligent Effort Form and a sample Surplus Lines Disclosure Form for retail agents to use when exporting risks to the surplus lines market. These forms are available on fslso.com under Business Forms. As a reminder, the diligent effort search must be performed and the Statement of Diligent Effort must be completed for all specified lines each time a risk is exported to the surplus lines market.
The most common items consistently missing from the policy face page are:
- The name and the address of the producing (retail) agent;
- The name, license number, and signature of the Florida appointed surplus lines agent; and
- The applicable disclaimer language.
The easiest way to improve your compliance review score is to ensure all of the required information is included on the policy face page by using the FSLSO Sample Face Page located on our website under Business Forms.
The Sample Face Page and the Diligent Effort and Disclosure Forms resources can serve as valuable tools to facilitate compliance with Florida surplus lines laws and regulations. Should you have questions about compliance reviews, please contact Barry Lanier, FSLSO Compliance Manager, at 800-562-4496, ext. 129.
1Q Affidavits
First quarter affidavits can now be filed in your SLIP account.
Final due date is May 15.
Catastrophe Contacts
Updated catastrophe contact information 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.
Do you have questions about SLIP? Do you need help navigating the complexities of staying compliant?
Lunch and Learn is the answer.
The FSLSO team will come to your office and provide hands-on, customized training for you and your staff. This program will be tailored to address the specific needs of your agency.
If you are interested in taking advantage of this service, send an email to outreach@fslso.com.
Facilitating Compliance Through Innovative Solutions
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.
