August 3, 2023
July Premium Up Nearly 50%
July shows $1.3 billion in surplus lines premium, which is a record-setting 48.8% increase from July of last year. View the Monthly Premium Report for more details.
Want more stats? Check out Florida Market Data on FSLSO.com.
Invoice and Affidavits Due August 14
Second-quarter invoice payments and affidavits are due Monday, August 14. Both should be done in SLIP.
Pay invoices:
- Invoicing tab
- Pay Invoices
If you have any questions about invoices, please contact accounting@fslso.com or call 800-562-4496, option 4.
File affidavit:
- Reports tab
- File Quarterly Affidavit
If you have questions about affidavits, please contact agent.services@fslso.com or call 800-562-4496, option 1.
Are Your Fees Taxable?
Recent Compliance Reviews have shown some agents are not filing Risk Purchasing Group (RPG) fees in SLIP nor including the fees in their tax and Service Office fee calculations. Per Florida Statutes, any fee charged in consideration for the insurance policy is deemed taxable and should be filed in SLIP.
To determine whether a fee should be filed in SLIP, ask yourself, “Would the insured be able to obtain the insurance policy without paying the fee?” If not, then our guidance is to consider the fee taxable and file it in SLIP.
When calculating the premium receipts tax due pursuant to F.S. 626.932, the term “premium” means the consideration for insurance by whatever name called and includes the following:
- Membership fees
- Insurer policy fees
- Surplus lines agent policy fees authorized by F.S. 626.916(4)
- Survey fees
- Inspection fees
- Similar fees charged in consideration for an insurance contract
See You Soon
Next week, the FSLSO team is attending the Florida Surplus Lines Association (FSLA) Annual Convention in Palm Beach, Florida.
We can’t wait to chat with FSLSO customers and stakeholders.
HEADLINES
The National Association of Insurance Commissioners (NAIC) and the Insurance Institute for Business & Home Safety (IBHS) have entered into a memorandum of understanding (MOU) that provides state insurance regulators access to IBHS member-only content and additional opportunities to collaborate on select topics concerning disaster preparedness.
After UPC Insolvency, Parent Company Rebrands to American Coastal Insurance
Six months after its namesake insurance carrier was deemed insolvent, United Insurance Holdings is rebranding itself in the name of its surviving insurer, as American Coastal Insurance Corp.
How Florida Uses Hurricane Simulator Programs to Prepare for the Next Storm
Planning for a hurricane means high-stakes decisions must be made quickly, especially when you’re the person or organization responsible for people’s lives and preparedness.
Florida Citizens’ Board Approves $36M for New and Improved Clearinghouse Platform
Florida insurance agents will soon be able to access a new online clearinghouse platform designed to make it easier to steer policyholders away from the still-growing, state-created Citizens Property Insurance Corp.
www.fslso.com
Have questions? Contact us at 800.562.4496, option 1 or email Agent.Services@fslso.com.
