Filed Under:Agent Broker, Agency Management

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.

Top Story

10 lessons learned from major retailers' cyber breaches

Insurers wrote layers of major retailers at minimum premiums that now look thin, to say the least. What are the takeaways here for all involved?

Top Story

Willis: Ebola virus now a threat to global peace and security

On Thursday September 18, the Ebola outbreak in West Africa officially mutated, in the eyes of the UN and the President of the United States, from being a medical emergency to a threat to global security.

More Resources

Comments

eNewsletter Sign Up

Agent & Broker Insider eNewsletter

Proven success tips and essential information to help agents and brokers grow their practice – FREE. Sign Up Now!

Mobile Phone
         
Close

Advertisement. Closing in 15 seconds.