DE| The Delaware Department of Insurance has issued Bulletin No. 22 to remind all licensed Surplus Lines Brokers and compliance staff of their statutory obligation to collect and remit annual premium taxes on surplus lines insurance policies for which Delaware is the home state of the insured.
Key points include:
- Surplus Lines Brokers must collect and pay a 3% tax on gross premiums (less returned premiums) on qualifying surplus lines policies, and ensure all tax filings and payments are submitted timely through the correct OPTins portal using their Delaware license number.
- Required filings include the SL-1905 Bi-weekly Report, SL-1903 MS Multistate Report, SL-1925-Q Quarterly Tax Report, and the SL-1925-A Annual Report, with specific report guidelines and deadlines outlined; zero annual filings are mandatory even if no business occurred.
- Failure to comply may trigger regulatory review and enforcement actions, including penalties, and no individual reminders will be sent—brokers are responsible for meeting all requirements independently.