December 12, 2024
SLIP+ Update
During the SLIP+ beta period, the legacy SLIP platform has been available and running simultaneously to ensure a smooth transition. However, on December 31, 2024, legacy SLIP will be permanently taken offline and all users will be required to use SLIP+.
As this beta period comes to a close, we encourage customers to take advantage of its ease of use and new features:
- On-screen help guides,
- Comprehensive user manuals available in the Help section, and
- Support available via SLIP+ Chat.
We are happy to report that since launch, 85% of users have moved their filing activities to SLIP+!
We appreciate our users and their willingness to embrace change. Your participation is the key to the success of SLIP+.
Layered Policy Filings
When filing a layered policy, remember to allocate the premium to the appropriate insurers and pay close attention to the policy numbers.
Policy Number is the SAME for All Insurers
If the policy number is the same for each insurer, then file the same policy number for the entire risk. However, the appropriate amount of premium allocated to each insurer must be broken out.
Policy Number is DIFFERENT for Each Insurer
If each insurer is assigned different policy numbers for each layer of the policy, filers must submit each policy separately under the appropriate policy number.
Filing the policy number and premium allocation under the correct insurer is an essential step in the filing process. If the premium is reported incorrectly, the FSLSO Premium Reconciliation staff will require the filer to break out the premium to match what the insurer has filed if it is reported incorrectly.
The goal is to have consistency with the transactions being filed by the agents and the insurers. If you have questions about which policy number should be filed in SLIP, we suggest contacting the issuing entity to inquire about the correct policy number.
Remember to pay close attention to the policy number(s) and premium allocation and file it exactly as it appears on the declarations page. If you have questions about filing layered policies, contact FSLSO’s Agent & Insurer Services department at 800-562-4496, option 1, or email agent.services@fslso.com.
The Report on Market Data Reports
In case you missed it, we recently launched a new pilot version of our popular Market Data Reports (MDRs). The new platform features:
- A fresh and clean design,
- Enhanced filtering capabilities,
- More viewing and sorting options,
- Additional export formats, and
- Video tutorials.
This market data reports portal was designed with you — the users — in mind, so we want your feedback. Let us know what you like and what we could improve upon.
ICYMI: November Premium Report
Premium totals in November stayed flat, with a 3% increase over 2023. Notably, this was the first month in 2024 that did not reach $1 billion in premium. Similarly, policy count increased by 1% in November, totaling 108 thousand.
Year-to-date statistics were similar to those in the October report, showing a gradual decline in growth from Q1 to Q4. Current YTD stats provide total premium growth of 11% at nearly $16 billion, while policy count has risen by 6%.
❄️ Holiday Office Hours ❄️
FSLSO will be closed for the holidays on:
December 23 - December 25
🎅🏻 🎄
December 31 - January 1
🎉 🎊
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.
