Tuesday, January 03, 2012

Texas Stamping Office Issues Bulletin on Individual State Premium Reporting

The Surplus Lines Stamping Office of Texas issued a bulletin on December 28 noting that even though Texas has not joined an agreement or compact with other states to allocate premium taxes on multi-state policies, the Texas Comptroller of Public Accounts and the Texas Department of Insurance are requiring reporting of allocation of premium for each state covered under the policy, by individual state name, when Texas is the home state on a multi-state policy. This is effective with policies reported to the Stamping Office 01/01/12 and after.

For EFS users filing programmatically, the stamping office said this change is available in version 2.1, as previously notified as referenced in the Programmers Technical Reference Supplement Guide.

The bulletin notes that the change will occur automatically for those EFS users filing by web entry. The Breakdown of States Summary / Other States / Exempt Premium form has been modified to allow entry of individual states and their associated premium for those of you still filing by paper. Please remember that the premium for each individual state must total to the premium entered for the Breakdown of States Summary.

Refer to bulletins SO 2011-11 and SO 2011-12 for detailed information previously provided regarding the reporting of the breakdown of states premium.

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