Florida Surplus Lines Filing Requirements

Category:
State:
Florida
Control #:
FL-P086-PKG
Format:
Word; 
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Description

The Florida surplus lines filing requirements guide is designed to assist legal professionals in managing surplus lines insurance transactions within Florida's regulatory framework. Key features include details on required forms, filing procedures, and compliance guidelines for surplus lines brokers and insurers. Important instructions highlight the necessity for brokers to submit annual financial statements and maintain accurate records of surplus lines policies issued. Additionally, the form facilitates the collection of pertinent data regarding the insured's assets and liabilities, which is critical for effective risk assessment and management. Use cases for this form include assisting attorneys in advising clients on compliance issues and helping legal assistants organize documentation for surplus lines insurance applications. Paralegals can utilize this information to streamline the filing process and ensure timely submissions. Overall, the form serves as a vital resource for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in surplus lines insurance operations, supporting their efforts to meet Florida's regulatory standards.
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FAQ

Premium is taxed at 4.94%, regardless of the state in which there is exposure. Any subsequent endorsements would be reported to FSLSO with the Florida and Non-Florida premium breakdown, and the entire premium would be taxed at 4.94%. The tax rate reduction does not apply to independently procured coverage (IPC).

Property Tax Exemptions and Additional Benefits Further benefits are available to property owners with disabilities, senior citizens, veterans and active duty military service members, disabled first responders, and properties with specialized uses.

(1) Any licensed surplus lines agent who neglects to file a report or an affidavit in the form and within the time required or provided for in the Surplus Lines Law may be fined up to $50 per day for each day the neglect continues, beginning the day after the report or affidavit was due until the date the report or ...

In order to be exempt from surplus lines tax, the entity should be a governmental (state, county, municipality) entity. Non-profit 501(c)(3) organizations are typically exempt from sales tax but are not exempt from surplus lines tax unless proven otherwise by the entity and their filing surplus lines agent.

(1) The premiums charged for surplus lines coverages are subject to a premium receipts tax of 4.94 percent of all gross premiums charged for such insurance.

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Florida Surplus Lines Filing Requirements