Wednesday, May 28, 2008

NAPSLO Convention registration tentatively to start June 9

Online registration for the 2008 NAPSLO Annual Convention is tentatively set to begin June 9. Members will receive information via e-mail and postal mail regarding how to access the registration system.

Members will be able to register for the convention through NAPSLO's online registration system and also reserve a hotel room.

The convention is set for September 10-13 in San Diego at the Manchester Grand Hyatt and hotel rooms will also be available at the San Diego Marriott Hotel & Marina. Convention programs begin on Wednesday, September 10 with the Opening Reception and the Brokers' Lounge opens at Noon on Wednesday.

There are a limited number of rooms available on Tuesday night for people wishing to arrive prior to the start of the convention.

Thursday, May 01, 2008

California Suit Questions Tax Payments

A lawsuit has been filed in the Superior Court of California in Los Angeles against the state Board of Equalization, Lexington Insurance Company and 500 unnamed firms regarding the nonpayment an annual tax traditionally imposed on admitted insurers.

In the case, Stephen F. Silvers and Steven J. Gold vs. State Board of Equalization, Ramon J. Hirsig, Lexington Insurance Company, and Does 1 through 500, the plaintiffs seek a judgment that Lexington and the other nonadmitted insurers included on California's List of Eligible Surplus Line Insurers are obligated to pay an annual tax that is imposed upon insurers doing business in the state.

The State Board of Equalization in California is responsible for assessing certain taxes against insurers doing business in California. In the court filing the plaintiffs allege that Lexington has owes more than $88 million in Section 28 taxes for the period 2003-2007.

A surplus lines tax applies to all surplus lines transactions and as a result surplus lines insurers have not had to pay the annual tax in question. The suit would require nonadmitted insurers to also pay the Section 28 tax, notwithstanding the fact that a surplus lines tax has already been paid.