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FL Surplus Lines Disclosure And Acknowledgement 2022
Get FL Surplus Lines Disclosure And Acknowledgement 2022-2024
Surplus Lines Disclosure and Acknowledgement At my direction, name of insurance agency has placed my coverage in the surplus lines market. As required by Florida Statute 626.916, I have agreed to.
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Premiums FAQ
In its quest to facilitate compliance, the FSLSO's responsibilities include monitoring the activities and compliance standards of licensed surplus lines agents conducting business in Florida, as well as eligible surplus lines insurers.
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).
Every surplus line broker and special lines surplus line broker must make an annual state tax filing. This filing is due to the Insurance Commissioner on or before March 1st of each year.
FSLSO's chief purposes are to enhance insurance availability to consumers; provide advice and counsel for the benefit of consumers, agents, companies and government agencies; and to protect the revenues of this state. Except for coverages specifically exempt, a service fee is applicable for all surplus lines policies.
Surplus lines insurance is coverage for specific risks that the standard or admitted market is either unable or unwilling to cover. While the admitted market is where most consumers find coverage, the surplus lines market is vital as a supplement for those consumers and businesses that cannot find coverage otherwise.
Surplus lines insurance is a type of secondary coverage. It's available if your business can't get sufficient primary coverage from regular insurance providers. These policies are also known as surplus liability coverage. As they cover the excess amount of risk that other insurers won't take on.
Surplus lines insurance is coverage for specific risks that the standard or admitted market is either unable or unwilling to cover. While the admitted market is where most consumers find coverage, the surplus lines market is vital as a supplement for those consumers and businesses that cannot find coverage otherwise.
ing to Florida law, once you obtain a surplus lines license, you are considered a member of the Florida Surplus Lines Service Office and therefore, must register with FSLSO via the Surplus Lines Information Portal (SLIP) at https://slip.fslso.com.
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