August 30, 2018
What's Happening This Week
We would like to wish you a Happy Labor Day weekend. We hope you have a fun and safe holiday.
FSLSO will be closed Monday, September 3 in observance of Labor Day. Normal business hours will resume on Tuesday, September 4 at 8:30AM (EST).
Tax Estimator Enhancement
Next week we will be launching a new feature in the Tax Estimator tool.
One of the most confusing pieces of the surplus lines insurance puzzle is discerning whether there is a need for a diligent effort. For that reason, we developed the Diligent Effort/Disclosure Matrix.
This matrix provides guidance on the diligent effort or disclosure requirement for each line of coverage, for both residential and nonresidential placements.
What does this have to do with the Tax Estimator tool?
We have added all the information in the Diligent Effort/Disclosure Matrix to the Tax Estimator tool! Now, when you are trying to figure out tax costs based on the type of coverage, the Tax Estimator tool will also tell you whether the coverage will require a diligent effort, a disclosure form, or is exempt altogether.
This new feature will be implemented on the Tax Estimator mobile app, as well as in SLIP and on FSLSO.com.
Compliance Tips
Agency Assignment
When submitting a new policy in SLIP, one of the required data fields is Agency.
Select the agency name and license number the surplus lines agent is associated with. If the surplus lines agent is only associated with one agency, the Agency field should remain the same for every policy submitted in SLIP.
Contact Agent Services at agent.services@fslso.com if you have any questions.
Self-Appointment
After becoming licensed, surplus lines agents must appoint themselves prior to transacting business.
Self-appointments are completed online on the Florida Department of Financial Services website in MyProfile. Self-appointments must be renewed during the agent’s birth month every 24 months following the effective date of the initial appointment.
Failure to maintain an active appointment will result in suspension of the agent’s surplus lines license.
PalmCast: New Episode
Today, we published the latest episode of the FSLSO PalmCast featuring Kevin McCarty, former Insurance Commissioner.
He shared with us his many stories about all things insurance and what it was like during those volatile hurricane seasons in 2004 and 2005.
McCarty spent 13 years as Insurance Commissioner for Florida and has since founded Celtic Global Consulting.
Find the FSLSO PalmCast on iTunes and Stitcher.
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.
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