What is InsCipher?
InsCipher is a software and services company that automates surplus lines filing and reporting as well as insurance license management. InsCipher’s surplus lines filing services significantly reduce costs while improving both compliance and efficiency.
What is Surplus Lines Tax?
Individuals and businesses with surplus lines insurance require coverage for a unique risk that would not be accepted by a typical insurance agency in the admitted market. Surplus lines taxes are a state tax associated with surplus lines insurance premiums. Insurance agencies must file surplus lines tax by state.
Surplus lines regulations can vary from state to state. When insurance companies do surplus lines business in multiple states, managing multiple deadlines and filing requirements can get complicated. Missing important deadlines or filing incorrectly can lead to hefty fines and penalties. InsCipher keeps insurance companies compliant through its expert knowledge and centralized management of deadlines and filing requirements.
Additionally, agencies have several producer licenses to manage in all the states they write insurance in. InsCipher’s services automates this process for insurance companies.
We were insurance professionals, just like you, looking to grow our surplus lines business. We created InsCipher to address the pain points we were experiencing with surplus lines filing and reporting. Read More.
Trying to keep track of changing surplus lines tax rates, regulatory requirements, and deadlines for all 50 states is time-consuming and stressful. Our surplus lines tax calculator removes this burden, aggregating up-to-date information for all 50 states into a single database! Read More.
No more cumbersome Excel spreadsheets or elaborate, manual systems. InsCipher Connect® provides an intuitive system allowing you to centralize the management of your surplus lines filings. Read More.