The Carrier: Third-Quarter Reports Due December 31

LEADING THE WAY FOR INSURERS

December 12, 2024

Third-Quarter Reports Due December 31

Tuesday, December 31 is the final due date for third-quarter premium reports. Reports can be filed via SLIP+ or Batch.

When preparing your report, keep the following tips in mind.

Florida must be the home state for the policies filed with FSLSO. If Florida is not the home state, do not report the premium to FSLSO. Premium for non-U.S. territories should be excluded from the premium amount submitted in SLIP+.

Only the percentage of the premium your company is responsible for must be included in your file. In cases where the risk is divided between several different carriers, be sure to file the percentage of the premium your company is at risk for, not the entire policy premium.

NOTE: If your company is listed as a syndicate on a Lloyd’s policy, you do not need to report it. Lloyd’s is responsible for submitting their syndicate policies.

The transaction must occur within the reporting period. Use transaction effective dates for your submissions and ensure that the transaction dates you submit are within the reporting period.

Premium Deficiency Notices

A Premium Deficiency Notice from FSLSO indicates that:

Premium submissions from your company have either not been received or
Premium totals are significantly less than what has been reported by Agent or IPC filers for the stated quarter.

Under Sections 626.931(3) & (4), Florida Statutes, insurers are required to report all surplus lines insurance transacted for insurance risks located within the state. Reporting is quarterly for foreign insurers and annually for alien insurers.

It is critical that you resolve all deficiencies before the next filing deadline. Failure to report all premium-bearing transactions within the required reporting period may result in a referral to the Florida Office of Insurance Regulation.

Data Accuracy

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

Mismatched policy numbers,
Incorrect effective dates, and
Inaccurate premium amounts.

These issues affect system matching through our Premium Reconciliation program.

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.

Holiday Office Hours

FSLSO will be closed for the holidays on:

December 23 - December 25
🎅🏻 🎄

December 31 - January 1
🎉 🎊

SLIP+ Update

It has been several weeks since SLIP+ migrated from beta to permanent production, and we are thrilled with the progress so far. 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+.

During the beta period and initial rollout, the original SLIP has been available and running simultaneously to ensure a smooth transition. However, this period of running both SLIP and SLIP+ is coming to an end. On December 31, 2024, the original version of SLIP will be permanently taken offline in preference to SLIP+.

In the meantime, continue to take advantage of SLIP+’s ease of use and new features.

On-screen help guides
Comprehensive user manuals available in the Help section
Support available via SLIP+ Chat

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