NY | The Excess Line Association of New York (ELANY) today issued Bulletin No. 2018-18 which discusses the use of the term “carrier fee” on surplus lines binders and declarations pages. The bulletin also suggests alternative wording to describe such fees. Inaccurate terminology results in confusion about whether the fee is/is not subject to premium taxation. Consequently, these misunderstandings create transaction processing delays and may even result in administrative actions.
Learn More About Best Practices for Surplus Lines Fees & Filings
Contact ELANY for more information about best practices and proper terminology for excess lines in New York. Additionally, for information about best practices nationwide, contact ILSA’s Surplus Lines Tax Filings Team.