Annual Zero Filing Reports Are Coming Due!
On average, surplus lines premium growth doubled in 2018, and the overall surplus lines industry is up 11.3%. According to the 2019 A.M. Best Market Segment Report, premiums reached $31.4 billion in 2018, up from $28.2 billion in 2017. Furthermore, the number of actual surplus lines filings grew by about 7.5%.
Over the past 10 years, the surplus lines market has nearly doubled in size.
This growth has prompted hundreds of insurance brokers to enter the lucrative world of surplus lines; however, as many are discovering, writing surplus lines comes with complexities that many brokers may not feel equipped to handle.
One such complexity is zero filing reports. In certain states where you may have a surplus lines license, even if you do not write business in that state during a reporting period, you must file a zero report. Every state has its own due dates, and keeping track of various state deadlines is a full-time job on its own. Failure to adhere to rules and due dates may subject brokers to hefty penalties, including putting your surplus lines licenses at risk.
Did You Know Thirty-Two States And The District Of Columbia Require Zero Reports?
Thirty-two states and the District of Columbia require zero reports. If you have an active surplus lines license in a zero-filing state, and you have not written business during the year, your zero-reports are almost due!
Keeping track of where you are licensed, knowing the specific deadlines for each state, and filing the correct reports can be an onerous task, but we at InsCipher have a solution.
Our Service Helps You File Zero Filing Reports On Time
Not only will we manage your zero reporting throughout the year, but we will monitor the ever-changing state rules to keep you in compliance. Once we have your license information in our system, we take care of everything the states require for that license. No more worrying about zero filing deadlines or remembering which states require zero reports. Whether you have only a handful of state surplus lines licenses–or several in all 50 states–we are your go-to solution for zero report filing!
InsCipher is a surplus lines technology company creating innovative products to automate surplus lines tax filing and reporting, significantly reducing costs while improving compliance and efficiency. Want to learn more? Request a free demo today.
Surplus Lines Tax Filing, Simplified by InsCipher.