Registration forms and the brochure for the 2007 Mid-Year Educational Workshop, March 1-3 at the Renaissance Esmeralda Resort in Indian Wells, California, may be download from the NAPSLO web site by going to the Registration page on the NAPSLO web site.
Member ID and password are required to access the materials. The registration materials are in Adobe Acrobat format and Adobe Acrobat Reader is required to view the documents.
Completed materials must include the firm's Member ID or Login ID in order to be processed. All correspondence will be sent to the firm's address on file. The registration deadline is December 27.
Wednesday, November 22, 2006
Monday, October 16, 2006
Missouri clarifies surplus lines tax issue
The Missouri Department of Insurance recently clarified its view that surplus lines taxes apply to policy fees as well as premium taxes.
The change appears in Missouri's Reguation, section 20 CSR 200-6.300 Surplus Lines Insurance Fees and Taxes.
The department’s explanation of the amendments to sections (1), (2) and (3) of this rule is as follows:
"This amendment clarifies that any fee charged in connection with the placement of surplus lines insurance is subject to the surplus lines insurance premium tax, regardless of whether the fee is charged by the surplus lines insurer or the surplus lines licensee. As such the amendment is consistent with current practice of the department and is intended to halt the avoidance of tax by merely shifting the stated source of fees from the insurer to the licensee."
The change appears in Missouri's Reguation, section 20 CSR 200-6.300 Surplus Lines Insurance Fees and Taxes.
The department’s explanation of the amendments to sections (1), (2) and (3) of this rule is as follows:
"This amendment clarifies that any fee charged in connection with the placement of surplus lines insurance is subject to the surplus lines insurance premium tax, regardless of whether the fee is charged by the surplus lines insurer or the surplus lines licensee. As such the amendment is consistent with current practice of the department and is intended to halt the avoidance of tax by merely shifting the stated source of fees from the insurer to the licensee."
Monday, October 09, 2006
California Approves Changes to Insurance Law
California recently signed into law a bill making numerous changes in the law regulating insurance, including a small change to surplus lines.
The change for the surplus lines industry is a requirement requiring surplus lines brokers who make late monthly payments of premium taxes to pay interest. Under the law, surplus lines brokers granted an extension of the time in which to remit the 3% payment must pay a fee of 1% per month, or fraction thereof.
Also, the bill would revise provisions relating to cancellation and reinstatement of financed insurance, codify current policy of the Department of Insurance regarding agents of nonresident licensees, as specified, modify insurer liquidation procedure, and change the definition of "commercially domiciled insurer" for purposes of regulating insurance holding companies. There are also provisions allowing the merger of foreign and domestic mutual holding companies.
The bill also makes numerous changes to the State Compensation Insurance Fund The bill revises provisions relating to the authority of the Insurance Commissioner to revoke or suspend the State Compensation Insurance Fund's authority to transact workers' compensation insurance.
Additional information on the bill can be found through the NAPSLO Legislation Bill Tracking Service.
The change for the surplus lines industry is a requirement requiring surplus lines brokers who make late monthly payments of premium taxes to pay interest. Under the law, surplus lines brokers granted an extension of the time in which to remit the 3% payment must pay a fee of 1% per month, or fraction thereof.
Also, the bill would revise provisions relating to cancellation and reinstatement of financed insurance, codify current policy of the Department of Insurance regarding agents of nonresident licensees, as specified, modify insurer liquidation procedure, and change the definition of "commercially domiciled insurer" for purposes of regulating insurance holding companies. There are also provisions allowing the merger of foreign and domestic mutual holding companies.
The bill also makes numerous changes to the State Compensation Insurance Fund The bill revises provisions relating to the authority of the Insurance Commissioner to revoke or suspend the State Compensation Insurance Fund's authority to transact workers' compensation insurance.
Additional information on the bill can be found through the NAPSLO Legislation Bill Tracking Service.
Subscribe to:
Posts (Atom)