Filed Under:Agent Broker, Personal Insurance Business

Florida OIR Approves Decrease in Citizens’ Emergency Assessment for Surplus Lines Policies

The Florida Surplus Lines Service Office (FSLSO) has received notification from the Florida Office of Insurance Regulation that it has approved a decrease in the emergency assessment fee levied by Citizens Property Insurance Corp. The decrease is from 1.4 percent to 1 percent on applicable surplus lines policies issued or renewed and any subsequent endorsements to those policies with an effective date on or after July 1, 2011. The assessment period will continue until further notice. For policies issued or renewed (and subsequent endorsements) with an effective date between Dec. 15, 2008, and June 30, 2011, the emergency assessment will remain at 1.4 percent.

While agents and Independently Procured Coverage (IPC) filers will not need to make any changes in regard to the FTP submission software, internal changes to agency policy issuance and accounting software may be necessary.

The assessment will be calculated as a percentage of the transaction’s premium as defined by Section 626.932(6) Florida Statutes, (excluding the premium receipts tax, the FSLSO service fee, the $2.00/$4.00 Emergency Management Preparedness and Assistance surcharge and the Florida Hurricane Catastrophe Fund assessment) and will be handled in a manner similar to the collection and payment of the premium receipts tax. The assessment is refundable on a proportional basis for return premium endorsements and cancellations.

FSLSO will collect the assessment by generating an invoice specific to the Citizens’ Emergency Assessment that will be sent on a quarterly basis along with the premium receipts tax invoice (with the exception of IPC filers who are invoiced at the time of submission). Payments will be remitted to Citizens at the current lockbox address found on FSLSO’s website www.fslso.com/contact/addresses.aspx?o=act. A list of applicable coverage codes is available at www.fslso.com/faq/index.aspx?id=325. Additional information is available at www.fslso.com.

Featured Video

Most Recent Videos

Video Library ››

Top Story

Animal house: 4 insurance issues that arise when kids go to college

College students bring expensive laptops, televisions, bicycles, musical instruments, cell phones and other digital devices into their new dorm rooms. Do your clients have adequate insurance coverage?

Top Story

8 ways to attract millennials to insurance

Attracting young professionals to a career in insurance is not as hard as it may sound.

More Resources

Comments

eNewsletter Sign Up

Personal Lines Pro eNewsletter

Critical insights into the personal auto, homeowners, and other consumer insurance markets to help P&C professionals stay informed – FREE! Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.