October 4, 2018
What's Happening
In October 1998 the first paperless surplus lines stamping office, Florida Surplus Lines Service Office, opened its doors.
This month we are celebrating our 20 year anniversary. Since inception, we have put you — our customers — at the forefront of everything we do.
We are committed to continuing that service by facilitating compliance and using
leading-edge technology into the next 20 years.
Invoices and Affidavits
Third quarter invoices for taxes, fees, and assessments were issued Monday, October 1, for submissions made July 1 – September 30. All invoices and billing reports are available in SLIP inboxes.
Make your payment in SLIP! ACH payments can be made by clicking on Pay Invoices from the Invoicing tab in your SLIP account.
All ACH payments made before 4:00PM are posted the following business day. Payments are due no later than Wednesday, November 14, 2018.
Third quarter affidavits are also due by November 14, and must be filed under the surplus lines agent’s SLIP account.
Are You Making a Diligent Effort?
Before a risk can be exported to the surplus lines market a diligent effort must be performed for certain types of coverage.
A diligent effort is the process by which the producing agent seeks coverage for a risk in the admitted market through insurers that are authorized and actually writing that type, kind, or class of coverage in Florida. If three admitted market insurers decline to cover the risk then it is eligible for exportation to the surplus lines market (for residential coverages with a replacement cost value of $1 million or more, only one declination is required).
It is very important that the surplus lines agent verifies the diligent effort has been conducted by requiring a properly documented Statement of Diligent Effort from the retail or producing agent.
Additionally, to be fully in compliance with the diligent effort requirement, the surplus lines agent must take reasonable steps to ensure the diligent effort was conducted properly. Reasonableness shall be assessed by taking into account factors which include, but are not limited to, a regularly conducted program of verification of the information provided by the retail or producing agent.
Fraudulently completing the Statement of Diligent Effort form is a violation of Florida Law and can be prosecuted by the Department of Financial Services.
However, not every coverage requires a diligent effort. In fact, a number of types of commercial nonresidential coverages require a disclosure form in lieu of the diligent effort.
View the Diligent Effort / Disclosure Matrix to find out more.
Florida Market Data
The Florida Market Data section of FSLSO.com has been updated with third-quarter numbers.
Find real-time industry information under Quick Facts.
Drill down on Surplus Lines Premium and Insurer Financials to view top coverages, top insurers, and more.
Next week the Lunch and Learn team will be conducting training sessions in the Tampa Bay area.
There may still be a spot or two open. If you are interested, send an email to Outreach@fslso.com to sign up.
Lunch and Learn is our training program designed and tailored to the needs of your agency and staff. Our team will come to your office and provide hands-on training that addresses the specific needs of your agency.
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.
Facilitating Compliance Through Innovative Solutions
