Blog Articles

INDUSTRY NEWS: Tennessee Completes the Switch to Clearinghouse

At the beginning of this year, surplus lines filings in Tennessee no longer have to be paid quarterly through OPTins. Though the switch to Surplus Lines Clearinghouse initially caused a lot of confusion, things seem to be operating more smoothly now. Filing in Tennessee is now more streamlined, allowing filers to submit their documentation and quarterly payments using a single system. For more information, you can ...

INDUSTRY NEWS: Oregon Nixes the Diligent Search Form Requirements

A first quarter change that makes things easier for the surplus industry is Oregon's decision to stop requiring filers to submit their diligent search documentation. Though agencies writing surplus lines business in Oregon must still perform a diligent search, they only need to provide a brief broker acknowledgement with their filing submission. For more information, ...

Annual Filings for Surplus Lines Are Looming—HELP!!

For many insurers, filing annual reports for their surplus lines policies is one of the most time consuming, confusing, and frustrating parts of writing surplus lines. But before you throw your hands in the air and promise to never write a surplus lines policy again, take a look at the top 5 things that can help make filing your annual reports a breeze. 1. Due Dates Are Spaced Out Over 3 to 4 Months Ev...

Has the Dissolution of NIMA Impacted You? Let InsCipher Help

In 2010, as part of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress incorporated significant changes to surplus lines regulation. These changes were outlined in the Non-admitted and Reinsurance Reform Act (NRRA), which went into effect in July 2011. The NRRA simplified the regulation and taxation of surplus lines by establishing the insured’s home state as the only jurisdiction to regulate and tax surplus lines. In response to NRRA, two ag...

Seven Frustrations That Only Insurance Agents Who File Surplus Lines Taxes Will Understand

Filing surplus lines is one of those things that those outside of the insurance world don’t appreciate. They don't realize what a complicated and time-consuming process it can be. Here are a few frustrations only those who file surplus lines taxes will truly understand. We hope they make you smile. Keeping track of the requirements of different states may cause your hair to go prematurely gray. Each state requires different, specific wording to be stamped on...

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