Make Filing New York Excess Lines Easier

Filing excess lines in New York can feel overwhelming and complex. Fortunately, there are ways you can simplify the filing process. This article outlines several methods you can follow to make filing New York excess lines easier.

Sign Up For Excess Lines Newsletters

Signing up for newsletters is a great way to make filing easier. These newsletters will provide you with important information that is essential to filing in New York.
There are many organizations that publish helpful information related to excess lines. Subscribing to them can keep you up to date with changing excess lines requirements. Some newsletters that we suggest signing up for include:

     The Excess Line Association of New (ELANY) serves as a nonprofit industry advisory association. ELANY facilitates and encourages compliance with the excess line law. You can subscribe to their newsletter or follow them on social media here.

 

     The Insurance Brokers’ Association of the State of New York (IBANY) provides a platform for education, professional development and networking in New York. You can sign up for their newsletter here (scroll to the bottom of the page).

     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

New York excess lines are quite complex. However, you can simplify them by using technology. Technology solutions are a great way to minimize errors. They help save your agency time and money. Consider utilizing one or more of the following technology solutions to simplify excess lines:

     Free New York Excess Lines Tax Calculator: Calculating New York excess lines transactions 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 excess lines filing that it can be difficult to keep track of everything. Stay organized and stay compliant by using a management software. This technology solution can help you navigate complex regulatory compliance requirements. It accurately calculates New York excess lines taxes. It also reconciles and validates 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 New York Compliance Requirements

The excess lines industry in New York is different than in other states. Spend some time studying the compliance requirements for New York. The more in-depth your knowledge, the easier it will be to file. Some documents we suggest referencing include:

New York Insurance Codes, Rules and Regulations

 

Consolidated Laws of New York – Insurance

 

Top 5 Most Challenging States for Filing Surplus Lines Taxes

 

InsCipher Surplus Lines Compliance Glossary

Conclusion

Even though the excess lines industry is complex, it doesn’t have to make your job difficult. You can make filing excess lines easier by signing up for excess lines updates, utilizing technology, and understanding New York 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