The Florida Department of Financial Services, Office of Insurance Regulation has approved a reduction in the service fee charged by the Florida Surplus Lines Service Office from 0.2 percent to 0.1 percent effective April 1, 2007.
All new and renewal policies/certificates with an effective date on or after April 1, 2007 will incur a service fee of 0.1 percent of the total gross premium. All new and renewal policies/certificates with an effective date prior to April 1, 2007 will incur a service fee of 0.2 percent of the total gross premium. The service-fee percentage charged on the premium is based on the effective date of the policy.
The service fee for all endorsements, audits, installments, cancellations, or return of premium transactions applicable to policies/certificates effective prior to April 1, 2007 will be the same percentage as the inception date of the policy/certificate being endorsed.
Business rules for calculating the correct service fee have been programmed into the FSLSO's management system. Agents using FSLSO Reporting Software or Surplus Lines Information Portal (SLIP) do not have to make any changes. Agents should contact their agency information technology vendor or staff regarding needed revisions to their agency management system necessary to calculate the revised service fee.
For further information contact FSLSO at 800-562-4496 or visit www.fslso.com.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
