LEADING THE WAY FOR INSURERS

Don't Forget!

Important Dates to Remember

Avoid This Common Mistake:

Understanding Home State Determination

Determining the home state of an insurance policy can be tricky! A common mistake is listing the home state as the producer’s location or the mailing address of the insured. Remember, a policy’s home state should be determined by using the definition of home state in the Nonadmitted and Reinsurance Reform Act (NRRA):

1. The state where the insured maintains its principal place of business, or in the case of an individual, the individual’s primary residence; OR
2.  If 100% of the insured risk is located outside of the state of the risk, the state to which the largest percentage of the insured's taxable premium for the contract is allocated.

Ensuring accuracy in your declarations helps maintain compliance and prevents reporting errors. For more information about the NRRA, please visit our website.

Important Reminders:

Understanding Policy & Effective Dates

When reviewing your policy, be sure to pay close attention to the dates. The policy effective date and transaction effective date are not the same.

If you write a policy on August 1 and then add an endorsement on August 15, the endorsement would typically be effective on August 15 (the date it was added). If the endorsement needs to be retroactive or have a different effective date, the endorsement must clearly specify that.

Always double-check your dates to ensure accuracy when reporting to FSLSO.

Avoid Common Submission Mistakes

Accurate and consistent premium data is essential for maintaining compliance and ensuring the efficiency of the Premium Reconciliation process. Recent analysis has revealed disparities in the premium data submitted, including:

Tips on How to Avoid Data Accuracy Issues

• Policy Numbers: Report what is shown on the declarations page and policy documents. Do not add or remove prefixes or suffixes to the policy number.
• Transaction Effective Dates: Use only the transaction effective date for all submissions.
• Premium Reporting: For quota-share policies, report only your company’s share of the premium, not the full amount.
• Florida Home State: Submit premium data only if Florida is the home state. Exclude non-U.S. premium from submissions.

Did You Know?

Reinsurance Doesn’t Need to Be Reported to FSLSO

When submitting policies, there are many requirements to keep in mind—but reinsurance is not one of them. Reinsurance reporting is not required with FSLSO. If you have any questions about reporting requirements, our team is always here to help.

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FSLSO Annual Customer Survey

The FSLSO Annual Customer Survey is here! Your feedback is essential in helping us understand how we’re performing and how we can better serve customers like you. As always, your responses are completely confidential, and no personal information will be shared. Thank you for taking the time to share your thoughts—we look forward to learning how we can improve your experience!

Have questions? Don't hesitate to contact us anytime:
 agent.services@fslso.com or 800.562.4496.