Tuesday, December 11, 2012

Single-State filers in South Dakota Must Use Clearinghouse as of January 1

The South Dakota Division of Insurance recently released Bulletin 12-06 noting that beginning January 1, 2013 single-state filers must report surplus lines tax information and remit premium tax online via the Surplus Lines Clearinghouse’s website.

Single-state policies with an effective date before January 1, 2013, or endorsements on those policies, will continue to be filed with South Dakota until renewal. Single-state policies issued or renewed on or after January 1, 2013, including policy endorsements, must be filed with the Clearinghouse. Surplus lines filers may begin filing with the Clearinghouse on January 1, 2013.

The Clearinghouse is operated by the Florida Surplus Lines Service Office and South Dakota is one of five states, plus Puerto Rico, using the Clearinghouse as a member of Nonadmitted Insurance Multi-State Agreement (NIMA).

The bulletin noted that surplus lines filers should be aware of the policy data elements required to make the filings with the Clearinghouse as they may differ from the information currently required by the state to be collected for each policy. The data elements, additional information, and an online tax calculator can be found at the Clearinghouse website: www.slclearinghouse.com.

Bulletins 12-06, and an earlier bulletin, 12-03, require all surplus lines filers in South Dakota report information and remit surplus lines premium tax through the Clearinghouse website after January 1, 2013. Because South Dakota regulates surplus lines brokers, rather than agencies, all surplus lines filers must file surplus lines tax information and remit premium tax under the name of the surplus lines broker or individual independently procuring insurance.

Bulletin 12-03 provided guidance to surplus lines brokers and those who independently procure surplus lines insurance (“surplus lines filers”) on multi-state policies where South Dakota is considered the “Home State” under the Nonadmitted and Reinsurance Reform Act (NRRA). Bulletin 12-06 provides guidance to all surplus lines filers, including those who file single-state surplus lines policies where South Dakota is the “Home State” under the NRRA (“single-state filers”).

Additional information is available at the Division’s website: http://dlr.sd.gov/insurance.

Thursday, December 06, 2012

Registration Opens for Mid-Year Leadership Forum

Online registration opens today for the 2013 NAPSLO Mid-Year Leadership Forum, February 25-27 at the Eden Roc Renaissance Miami Beach. NAPSLO members can register for the meeting through the REGISTER page, using the Member ID for their office location.

The registration fee for delegates is $825 and the fee for spouses is $425. Registration fees will increase on January 19 to $925 and $475, respectively. After completing the registration process, there will be a link for attendees to reserve a hotel room at the Eden Roc. Rooms are $304 for a regular room or $354 for an Oceanside view. A limited number of suites are also available to reserve online. NAPSLO's room block will be available until January 18, however NAPSLO cannot guarantee room availability if the room block sells out prior to January 18.

The Mid-Year meeting commences on Monday, February 25 with opportunities for networking and the Opening Reception will be that evening. Tuesday is left open for attendees to network with other members.

On Wednesday morning, February 27, a distinguished panel of industry leaders will discuss how the industry can, and should, use innovative thinking and long-term goals to position P&C brokers to rise to the occasion under the worst of circumstances. The panel features industry presidents and CEOs, and a surprise guest speaker from the military who has dealt with life-and-death consequences of crises every day.

The annual Derek Hughes/NAPSLO Educational Foundation Golf Invitational will be held Wednesday afternoon at the Miami Beach Golf Course. Attendees can register for the tournament online, or by filing out the paper application in the golf brochure and mailing to the NAPSLO office. The Mid-Year programs end on Wednesday night with a cocktail reception at 6:00 p.m. to allow attendees to network with other attendees prior to dinner.