FL| The May 16, 2025 issue of FSLSO’s “The Wire” highlights several important updates for Florida surplus lines agents and insurers. The newsletter outlines the step-by-step process for completing a Corrective Action Form (CAF) after a compliance review, emphasizes the importance of selecting the correct insurer and NAIC number in SLIP+ to avoid filing discrepancies, and reminds all parties to update catastrophe contact information by May 31 ahead of hurricane season. It also announces the passage of House Bill 1549, which repeals the diligent effort requirement for surplus lines placements, effective July 1, 2025, and introduces a new disclosure statement for insureds.
Key Points:
- Agents must complete and submit a Corrective Action Form within 30 days of receiving a Compliance Review Exam Summary Report, addressing each exception and providing necessary corrections or statements through SLIP+.
- Accurate insurer selection in SLIP+ is critical, as mismatches between policy documents and electronic filings impact compliance and audit programs.
- Catastrophe contact information must be updated or confirmed annually in SLIP+ by May 31, ensuring readiness for hurricane season and aiding post-disaster response.
- House Bill 1549 eliminates the diligent effort requirement for surplus lines placements and requires a new disclosure statement, with the law expected to take effect July 1, 2025.