Thursday, December 17, 2009

Pennsylvania Offers Tax Amnesty Program

The state of Pennsylvania has approved a Tax Amnesty Program which will run April 26, 2010, to June 18, 2010. All taxes owed to the Commonwealth administered by the Department of Revenue are eligible for Amnesty.

Among the taxes covered are unpaid surplus lines taxes for the 2008 calendar year. To participate, taxpayers will need to file an online Amnesty return, file all delinquent tax returns and make the required payment within the Amnesty Period. All penalties and one-half of the interest due will be waived.

If additional liabilities unknown to the Department are owed by a taxpayer, the taxpayer will need to register and complete an online Amnesty Return which includes a line item summarizing tax owed for each newly-reported or amended period, calculate the applicable interest, and remit payment of the balance due reflected on the Amnesty Return no later than the last day of the Amnesty Period.

Along with the payment for all taxes and one-half of the interest, all missing tax returns or reports must be filed electronically or on paper no later than June 18, 2010.

For complete details, please see the Pennsylavania website.

Friday, December 11, 2009

House Passes H.R. 4173

The Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173), which included language on surplus lines, was approved on Friday by the U.S. House of Representatives.

The language, part of an amendment offered by Rep. Dennis Moore (D-KS) and Scott Garrett (R-NJ), establishes that the tax policies, licensing and other regulatory requirements of the home state of policyholders govern surplus lines transactions. The amendment, and several others, were approved to be included in the bill, which the House approved on Friday by a vote of 223-202.

Thursday, December 10, 2009

Surplus Lines Amendment Included in House Reform Bill

NAPSLO is applauding the inclusion of surplus lines reform language in the Wall Street Reform and Consumer Protection Act of 2009, which is currently under debate by the U.S. House of Representatives

The language, part of an amendment offered by Rep. Dennis Moore (D-KS) and Scott Garrett (R-NJ), establishes that the tax policies, licensing and other regulatory requirements of the home state of policyholders govern surplus lines transactions. The amendment, and several others, were approved to be included in the bill, which the House is expected to approve on Friday.

The bill (H.R. 4173) would reform financial services regulation and create a Federal Insurance Office, a Consumer Financial Protection Agency (CFPA) and Financial Stability Council. Rep. Moore and Garrett’s amendment specifies that surplus lines transactions be governed by the home state of the policyholder.

Recently the Senate Banking Committee also began looking at Financial Services Reform under a bill entitled "American Financial Stability Act of 2009," and Banking Committee Chair Christopher Dodd (D-CT) and Ranking Member Richard Shelby (R-AL) also worked to incorporate similar surplus lines reform language in the Senate financial services modernization legislation.

Tuesday, December 08, 2009

Registration Open for Mid-Year Leadership Forum

Members can now register on-line for the 2010 NAPSLO Mid-Year Leadership Forum, scheduled for March 3-6 at the Fairmont Scottsdale (Ariz.) Resort.

The format of the Mid-Year meeting was overhauled this year in response to members’ requests, with the goal of focusing the meeting on the leadership challenges of our industry and our association.

The meeting format was changed to have the Opening Reception on Wednesday, rather than on Thursday as in the past. In addition, programs are scheduled for early in the day on Thursday and Friday to allow members the rest of the day to meet with others and to take part in activities. Thursday and Friday nights are open for dinners and private parties.

Thursday morning’s program will feature a Town Hall meeting with the NAPSLO Board of Directors following a buffet breakfast. Friday’s program will also follow a buffet breakfast and will feature leaders of several of the top surplus lines insurance carriers in our industry. They will share their vision of leadership and the challenges they face, as well as the accountability they feel in order to achieve superior results in these chaotic times.

Both days’ programs are scheduled to finish before 10:00 a.m. to allow members more time to network and plan other activities. In addition to the programs, several optional activities are planned, including a Hummer Tour, a Spouse Breakfast program on "Caring for the Caregiver," and Spa Treatments.

In addition, the annual Derek Hughes/NAPSLO Educational Foundation Golf Invitational is scheduled for Friday, March 5th and members can register for the tournament on-line or download golf registration materials.

Mid-Year registration fees are $795 for delegates and $425 for spouses until January 25. Members can reserve a hotel room at the Fairmont Scottsdale at the end of the registration process.

Tuesday, December 01, 2009

Connecticut Recinds Several Bulletins Because of Changes

The Connecticut Insurance Department has issued a Bulletin announcing that several bulletins have been rescinded because they have become obsolete as a result of changes in legislation, regulation, or changes in Department procedures.

The Insurance Department noted that they have rescinded Bulletins EL-1 through EL-6 (Affidavits and Tax information) and Bulletins SL-15-96 through SL-15-99 (Exportable Lists).

The Bulletin also provides updated guidance to surplus lines brokers and insurers concerning compliance with affidavit, tax payment and other insurance requirements applicable to surplus lines insurers and brokers. Current information can be found on the Department’s website concerning:
• surplus lines applications and broker licensing fees
• surplus lines premium taxes
• the Exportable List for which coverages are believed to be generally unavailable from licensed insurers
• a listing of surplus lines insurers (the “White List”)

The Department also noted that surplus lines brokers must fully complete and file the affidavit form (Form SL-8) with the Department within 45 days after the policies have been procured.