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.

Featured Video

Most Recent Videos

Video Library ››

Top Story

15 tips for driving safely on ice and snow

More than 800 people die each year in the U.S. in vehicle crashes caused by snow, sleet and freezing rain.

Top Story

PIA's national president was born to insure

Robert W. Hansen Jr., a fourth-generation insurance professional, reflects on what drives him to keep selling after more than 30 years in the business.

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

Advertisement. Closing in 15 seconds.