Friday, January 08, 2010

Texas SLOT to Help with Data Call

The Surplus Lines Stamping Office of Texas announced it can respond on behalf of surplus lines insurers writing policies in the state regarding the Texas Department of Insurance data call on the number of policies in force as of the end of 2009.

The Department is required to provide consumers with complaint ratios and in order to satisfy this requirement the department requires companies to report the number of policies in force.

The Stamping Office will respond to the data call on behalf of any insurers not wishing to directly respond and historically, approximately one third of surplus lines insurers provide their own data directly.

Next week the Stamping Office will send out a report to each insurer indicating the number of Texas policies recorded in force as of Dec. 31, 2009. This will give insurers time to review the data and contact the Stamping Office if there are issues or questions.

The Stamping Office will also send out another run of that report to insurers in March, to account for filings by agents in January and February for 2009 policies. Finally, the Stamping Office will enter the policy information for each insurer into the Texas Department of Insurance’s web portal designed for that purpose. The Stamping Office will not be able to access the portal for any insurer that has decided to report its own data directly.

Questions should be directed to the Stamping Office at (800) 449-6394.

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