Make Filing California Surplus Lines Easier
Filing surplus lines in California can feel overwhelming and complex. Fortunately, you can simplify the filing process and find peace of mind. This article discusses several ways that you can make filing California surplus lines easier.
Sign Up For Surplus Lines Newsletters
There are several organizations that publish helpful information related to surplus lines. These can keep you up to date with changing surplus lines requirements. Signing up for these newsletters is a great way to make filing easier. You’ll always be alerted to important information that is essential to filing in California. Some newsletters that we suggest signing up for include:
The California Department of Insurance (CDI) is the consumer protection agency for California’s insurance marketplace. The CDI safeguards all of the state’s consumers by fairly regulating the insurance industry. You can sign up for their newsletter or follow them on social media here.
The Surplus Lines Association of California serves as a statutory surplus line advisory organization to the CDI. You can sign up for their newsletter here.
The Securities and Insurance Licensing Association (SILA) is an organization that connects insurance professionals. It provides education and up-to-date resources to its members. By becoming a member, you have access to many benefits. Some benefits include frequent updates on insurance licensing and securities regulatory changes. You can become a member here. If you are not a member, you can still read their frequent regulatory updates here.
Utilize Technology
California surplus lines are quite complex. However, there are several ways technology can create simplicity for your agency. Technology solutions are a great way to minimize errors and save your agency time and money. Consider utilizing one or more of the following technology solutions:
Free California Surplus Lines Tax Calculator: Calculating your surplus lines transactions in California is a breeze with a tax calculator. That being said, it’s important to use accurate technology with regularly updated tax rates. You can find a free tax calculator that does all that here.
Surplus Lines Management Software: There are so many moving parts involved in surplus lines filing that it can be difficult to keep track of everything. Stay organized and stay compliant by using management software. This technology solution can help you navigate complex regulatory compliance requirements, accurately calculate California surplus lines taxes, and reconcile and validate filings before submission.
License Management Software: Staying on top of your licenses can be very time-consuming. And missed deadlines can be costly mistakes. Track all of your licensing needs with this license management software.
Understand California Compliance Requirements
Doing surplus lines business in California is different than in other states. Spend some time studying and getting to understand the compliance requirements for California. The more in-depth your knowledge, the easier it will be to file. Some documents we suggest referencing include:
California Insurance Code of Regulation
California Recent Surplus Lines Legislation
InsCipher Surplus Lines Compliance Glossary
Conclusion
The surplus lines industry is complex, but it doesn’t have to make your job difficult. You can make filing surplus lines easier by signing up for surplus lines updates, utilizing technology, and understanding California compliance requirements.
InsCipher is an insurtech company providing software and services that are revolutionizing inefficient insurance processes. Save your agency time and money by automating surplus lines compliance, filing, and reporting. Want to learn more? Request a free demo today
