How to Complete a Corrective
Action Form Request

In the last issue of the Wire, we talked about what to expect and how to prepare for a compliance review. Here are the next steps in the process, if you have been asked to complete a Corrective Action Form (CAF).

The CAF summarizes the exceptions/findings from the Compliance Review Exam Summary Report and must be completed within 30 days of receipt.

1. Log in your SLIP+ account.
2. Hover over the Compliance tab and click Corrective Action Form.
3. Review each exception line by line to determine if the issue will require a correction via SLIP+ or a corrective action statement (what will be done going forward to ensure future compliance).
4. If there are Financial or Data exceptions, which require corrections via SLIP+, make the necessary corrections in SLIP+ and include the dates corrections were made or provide confirmation numbers in the Response column. If there are exceptions in the Regulatory category, provide a corrective action statement in the Response column.
5. Once you have completed this form in its entirety, press the Submit button at the bottom of the screen. If you are unable to complete the form, you may save a draft and submit later.
6. After submitting the form, FSLSO staff will review and provide feedback if necessary.

If you have questions, please contact Agent & Insurer Services/Compliance Review at 800.562.4496, ext. 129 or ext. 105.

Insurer Selection in SLIP+

During our efforts to reconcile insurer and agent filings, we have found discrepancies with the insurance company selected in SLIP+ by surplus lines agents and their filers. We discovered the insurance company selected in SLIP+ differed from the insurance company shown on the policy documents. It is important when submitting transactions in SLIP+ that you enter the information correctly, especially the insurance company.

There are a few insurance companies that have similar names, which can cause confusion and incorrect insurer selection in SLIP+. To avoid errors, select the insurance company based on their name and NAIC number.

Incorrect filings have an impact on FSLSO audit programs including Premium Reconciliation and Compliance Review and Insurer Filing Reports.

Remember to key what you see!

Catastrophe Contact Information Due May 31

It is critical to update your information before hurricane season begins on June 1. This information serves as a valuable resource to FSLSO staff and state regulators when assisting policyholders following a natural disaster.

Diligent Effort Requirement Repealed for Surplus Lines Placement in Late Passing Bill

Following negotiations between the House and Senate in the final days of the legislative session, House Bill 1549: Financial Services has been approved and is now headed to the Governor for signature. The bill repeals the requirement for a diligent effort when placing business in the surplus lines market. Other provisions of the eligibility to export law remain unchanged.

Additionally, the bill introduces new language that must be included on the disclosure form, which the insured is required to sign. This language explicitly states: “Surplus lines insurers’ policy rates and forms are not approved by any Florida regulatory agency.” If the insured signs the acknowledgment of this disclosure, it is presumed that the insured has been informed and is aware that alternative coverage options may be available.

Subject to the Governor’s signature, the bill will become law, with an effective date of July 1, 2025.

www.fslso.com

Have questions? Contact us at 800.562.4496, option 1 or email agent.services@fslso.com.