Brokers must submit surplus lines policy filings to state regulators to prove that laws and regulations governing the non-admitted market have been followed. This also allows regulator to collect premium taxes. What regulatory authority they need to notify and when varies by state, as does the documentation required.
ReSource Pro’s Surplus Lines Solution streamlines the process for the full lifecycle of policy filings, including:
- New Business
- Additional Premium Endorsements
- Return Premium Endorsements
Our Surplus Lines Calculator and Tax Tool provides easy access to filing deadlines. You can also access current versions of state-specific forms, such as affidavits, needed to support policy filings.
Preparing to Submit Policy Filings
Once broker hold the appropriate insurance licenses, there are still steps to take before placing policies. Our experts apply for state surplus lines association membership where required. We also create accounts for state-specific portals and create or update SLIP and OPTins accounts in jurisdictions that require their use.
You can also provide access to preferred bank accounts. This allows our processors to pay stamping fees and premium taxes directly to regulatory authorities.
Easier Surplus Lines Policy Filings
You receive access to ReSource Pro Compliance’s Surplus Lines Industry Connection (SLIC). With APIs and customized templates, this secure portal makes it simple to extract policy information and supporting documents from your existing information management systems or formatted reports. Alternatively, you can upload policy information manually or as a batch process via a standardized template.
Both methods allow your brokers to submit policies as they write them, reducing the risk of overlooking policies as premium tax report filing deadlines approach.
Accuracy, Timeliness, and Privacy
Once brokers upload their policies, ReSource Pro Compliance’s surplus lines experts verify licensure. We then reconcile the information provided against insurance contracts to ensure the Home State Rule is applied appropriately and that diligent search requirements are met. We also verify all tax calculations.
After identifying and resolving any discrepancies, our processors file the policy with state regulators or add it to a cumulative tax report for submission at the appropriate time.
SLIC also lets you instantly upload supporting documents such as binders, declaration pages, policy copies and affidavits. Our processors verify that the required documents are available for regulators to review and use the appropriate forms for the date of the filing.
Corporate contacts have 24/7 access via the SLIC portal to view uploaded policies and supporting documents. Individual brokers can view their own policies and documents, but not those submitted by their colleagues.