April 10, 2019
Happening This Week
Inside the SLIP Compliance Checkup Dashboard: CATASTROPHE INFORMATION
The Catastrophe Information widget is located on the bottom right of the dashboard.
This widget is designed for agents only. Catastrophe information is supposed to be updated and/or confirmed by every agent annually.
The Catastrophe Information widget monitors if the agent has reported their catastrophe information for the calendar year.
Like other widgets this one is color-coded.
GREEN: If the widget is green and there’s a green checkmark displayed, the catastrophe information is up to date. Catastrophe information must be updated between May 1 and May 31 every year.
GOLD: The widget will display gold when the catastrophe information is coming up as due if the agent has filed any transaction within the last 12 months, the current date is between May 1 and May 31 of the current year, and the last updated date is between June 1 of the previous year and April 30 of the current year.
RED: The widget will be red when the catastrophe information is showing as due, if the agent has filed any transaction within the last 12 months, the current date is after May 31 of the current year, and the last updated date is between June 1 of the previous year and April 30 of the current year.
Like in some other widgets, there will be an “Update Now” button that will take the user directly to the Catastrophe Information screen under the Reports tab.
Don’t Turn One Mistake Into Two!
Sometimes we run across instances where a transaction filing is made in error and the submission contact tries to correct the filing by offsetting the endorsement.
For instance, if you file an incorrect additional premium for $100 you should NEVER file a return premium for $100 to offset it. This looks like an actual endorsement and you may be asked to provide supporting documentation that does not exist.
If a transaction was never meant to be filed or was filed incorrectly, it needs to be backed out and resubmitted if necessary. In SLIP, you have the ability to EDIT any transaction and if you make a financial change to the transaction such as updating the premium or effective date, clicking the Submit button will automatically send a backout and transaction correction to our database.
For more information on this tool and many others please visit SLIP Help under the Help tab in SLIP.
Headlines
House Plan Would Shift AOB Savings to Policyholders
An amendment to the House assignment of benefits reform bill would block Citizens Property Insurance Corp. from raising rates this year unless its filings pass along savings from AOB reform.
“We are consistently told that AOB reform is necessary and will halt skyrocketing insurance costs in some areas and prevent those same forces from taking root elsewhere,” House Speaker Jose Oliva said.
“Florida House Republicans believe that if these reforms are successful, the ratepayers should receive the benefits. I commend Chairman [Chris] Sprowls, Chairman [Paul] Renner, and Chairman [Bob] Rommel for this legislation and hope the Senate will join us in this endeavor.”
2019 Atlantic Hurricane Season: Experts Release Their Predictions
AccuWeather Global Weather Center – After an active Atlantic hurricane season in 2018, AccuWeather forecasters are predicting 2019 to result in a near- to slightly above-normal season with 12 to 14 storms. And, experts at Colorado State University are offering a similar analysis.
Of those storms, five to seven are forecast to become hurricanes and two to four are forecast to become major hurricanes.
AM Best Analysts: Legalized Cannabis Creates Insurance Concerns, Opportunities
Josie Novak, associate analyst, and David Blades and Robert Raber, associate directors, all three of AM Best, discuss how expanding legal use of cannabis is impacting personal and commercial lines of insurance coverage.
Citizens: Hurricanes, Water Losses, AOB Prompt Reinsurance Changes
Citizens Property Insurance Corp., the state-backed insurer of last resort, Wednesday said it will seek approximately $200 million in traditional reinsurance coverage for the 2019 hurricane season.
That’s “to protect surplus exposed to storm risk in areas located away from the coast. This follows mounting losses from hurricanes, non-weather water-loss claims, litigation, and assignment of benefits abuse,” the company said in a statement.
Reinsurance is a kind of insurance for insurers.
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.
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