Volume 5, No. 1 - January 2016

In The Know

- Keeping you informed is what it's all about

Start The New Year Off Right With A Compliance Check

Similar to checking smoke-detector batteries annually, the new year is a good time for licensees to check their compliance information with the Department. This information includes both demographic and license/appointment information as well as Continuing Education status.

A visit to your MyProfile account allows you to update phone numbers, email addresses, street addresses, etc. You can also review your insurer appointments to make certain all is in order.

Finally, review your Continuing Education status to prevent being surprised that you are short on credits and time!

For agencies - confirm that the officers associated with your agency are not out of date, or otherwise incorrect. If so, you can update this information at the MyProfile portal, and read more about requirements at FAQs #9 and #10 on our website; check your agency branch locations for accuracy through MyProfile. Remember that changes made to a personal MyProfile account do NOT carry over to an Agency account, and the opposite is also true. [See 626.541, F.S.]

Access your demographic information anytime a change occurs as not doing so within 30 days is a violation of 626.551, F.S.

FSLSO Reduces Service Fee

BULLETIN: 2016-01

TO: FLORIDA SURPLUS LINES AGENTS, SURPLUS LINES INSURERS AND INDEPENDENTLY PROCURED COVERAGE (IPC) FILERS

FROM: GARY D. PULLEN, EXECUTIVE DIRECTOR FLORIDA SURPLUS LINES SERVICE OFFICE
DATE: JANUARY 5, 2016

SUBJECT: SERVICE OFFICE FEE DECREASED FROM 0.175% TO 0.15%

The purpose of this bulletin is to notify you that the service fee charged by the Florida Surplus Lines Service Office (FSLSO) will be decreased from 0.175% to 0.15% effective April 1, 2016.

All new and renewal policies/certificates with an effective date on or after April 1, 2016 will incur a service fee of 0.15% of the total gross premium as defined in Florida Statute 626.9325. The service fee percentage charged on the premium is based on the effective date of the policy; the FSLSO service fee is applicable to single state Florida policies only.

The service fee for all endorsements, audits, installments, cancellations or return of premium transactions applicable to policies/certificates effective prior to 04/01/2016 will be the same percentage as the inception date of the policy/certificate being endorsed.

EXAMPLE ONE: The service fee for a policy with an effective date of 01/01/2016 is 0.175% of the total gross premium. An additional premium endorsement to the policy with an endorsement effective date of 06/01/2016 is 0.175%. If a cancellation takes place with an effective date of 08/01/2016, the service fee credit is 0.175%.

EXAMPLE TWO: The service fee for a policy with an effective date of 04/01/2016 is 0.15% of the total gross premium. An additional premium endorsement to the policy with an effective date of 06/01/2016 is 0.15%. If a cancellation takes place with an effective date of 08/01/2016, the service fee credit is 0.15%.

Again, the service fee percentage charged on the premium is based on the effective date of the policy. For an electronic copy of the bulletin, please visit: www.fslso.com/Publications.

Business rules for calculating the correct service fee will be programmed into the FSLSO’s management system. No changes need be made for SLIP or XML batch filing, however, you may need to contact your agency’s information technology vendor or staff regarding needed revisions to your agency management system that may be necessary to calculate the revised service fee.

Citizens Alert - Transition for www.citizensfla.com

While Citizens deploys the newly redesigned www.citizensfla.com on Monday, February 1, website users may experience minor disruptions during the weekend of Saturday, January 30 through Sunday, January 31.

Note: Links to Citizens systems (PolicyCenter, clearinghouse, etc.) will not change when the new website goes live on Monday, February 1. However, any direct shortcuts you have to the Citizens website will redirect to the homepage at www.citizensfla.com.

The 2015 Florida Statutes Now Available Online

The most current Florida Statutes can now be viewed at Online Sunshine - Title XXXVII Insurance.