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| by Phil Ballinger, CPCU, ASLI General Manager, Surplus Lines Stamping Office of Texas Average premium charged on surplus lines
policies reported to the Stamping Office during 2003 strongly supports the
notion that the hard market has flattened. As seen in the table, overall
average premium per policy increased a meager 1.4% in 2003, after increases
of more than 30% in both 2001 and 2002. However, last year's slowdown is
variable by line of business, with some lines actually showing drops in
average premium per policy from 2002, while others still reflect
double-digit increases. |
From the Lone Star Lines -
January - March Issue 2004
Surplus Lines Stamping Office of Texas
Training Workshop
Scheduled
for Central and South Texas Agents
| The Stamping Office is offering free Electronic
Filing System (EFS) training for agents in the Central and South Texas area
with an additional workshop that will be held in San Antonio. There will be
a detailed demonstration of the EFS during which you will view live data
input and correction of errors, observe reports that are available to your
agency, learn about coverage mapping, and have your questions answered
regarding EFS specifics for your agency. Although filing on the EFS is voluntary, using it could save you and your staff hours of additional work and mailing cost normally associated with paper submissions of policies. If interested, please join us for the free 2-hour workshop. San Antonio, Texas |
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| In November, 2003 all original project specifications for the EFS were completed. Pictured at the “acceptance ceremony” are Cheyenne Norment, EFS Help Desk; Elaine White, Director of Data Services; Phil Ballinger, General Manager, SLSOT; John Jackson, President, Renaissance Systems, Inc.; David McAlister Project Manager, Renaissance Systems, Inc. |
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From the Lone Star Lines -
January - March Issue 2004
Surplus Lines Stamping Office of Texas
Commissioner Appoints New SLSOT
Directors
|
Commissioner Montemayor recently made several appointments to SLSOT's Board
of Directors. New directors are Gregory S. Baker, Crump Insurance Services,
Inc.; Norma C. Essary, CPCU, ARM, Dallas/Fort Worth International Airport;
and Robert W. Grace, CPCU, CIC, Russell Grace, Inc. Bill Fink was also
reappointed for a 3-year term after completing the unexpired term of a
previous member. Mr. Baker and Ms. Essary will serve 3-year terms replacing George Adkins, John L. Worth & Son, L.L.P. and Jimmy Garcia, City Public Service of San Antonio, whose terms expired at the end of 2003. Mr. Grace will serve the unexpired term of a previous member until the end of 2004. The Stamping Office extends its appreciation to Mr. Adkins and Mr. Garcia for their dedication and commitment while serving on the Board. As required by the Insurance Code, the Board of Directors consists of nine members appointed by the Commissioner of Insurance to three- year staggered terms. There are five industry and four public members. Public members are required to have at least three years of experience in the purchase of commercial insurance. |
From the Lone Star Lines -
January - March Issue 2004
Surplus Lines Stamping Office of Texas
 “I enjoy taking on tasks that challenge me to think in new ways, develop new skills, and learn about technology. I also enjoy interacting with people -- including the ones that guide my developmental efforts, and the ones that I teach.” - Cheyenne Norment |
Cheyenne Norment was announced as SLSOT Employee of the Year during the annual holiday luncheon held in December. This is the second time she has received this honor since she began employment with the Stamping Office in 1998. Ms. Norment was originally hired as a Data Entry Clerk, where she was soon promoted to Data Entry Examiner. With the creation of the Electronic Filing System Help Desk in 2003, Cheyenne was promoted to EFS Help Desk Specialist. She now provides surplus lines agents with application support and technical assistance as needed. During 2003, she assisted Elaine White, Director of Data Services, with various demonstrations of the EFS system at our annual SLSOT agent seminars and EFS training workshops. Congratulations to Cheyenne - a “star” at the Stamping Office. |
From the Lone Star Lines -
January - March Issue 2004
Surplus Lines Stamping Office of Texas
Surplus Lines Company Filing Requirements - 2004
| The annual evidence filing requirements letter
for surplus lines companies for 2004 should soon be released by the Texas
Department of Insurance (TDI). When received, the Stamping Office will
distribute it via SLSOT bulletin. These filing requirements are in
accordance with the Texas Insurance Code and related provisions of the Texas
Administrative Code. These require the Texas Department of Insurance to
maintain the “Surplus Lines Insurers List” compiled from the information
submitted to meet the eligibility requirements. The minimum capital and
surplus requirement remains at $15 million. All surplus lines insurers
wishing to retain or gain Texas surplus lines eligibility must file complete
and legible evidence by the due dates contained in the TDI letter. The first
filing deadline for foreign (US) insurers is March 31, 2004. Whern available, we will place a copy of these requirements on our web site at www.slsot.org. You can also request a copy by calling the Financial Analysis Department, (512) 346-3274, ext. 220. |
From the Lone Star Lines -
January - March Issue 2004
Surplus Lines Stamping Office of Texas
Surplus Lines Taxes Due March 1, 2004
|
Premium taxes for all 2003 surplus lines business are due to
the Texas Comptroller of Public Accounts by March 1, 2004. If you held a
surplus lines agent's license at any point during 2003, you are required to
file a tax report, even if no tax is due. Tax forms were mailed to each
surplus lines agent by the Comptroller's Office during the month of January.
If you did not receive a form, please call their office at (512) 463-4074.
If your tax liability last year exceeded $100,000 you are now required to
file taxes electronically. |
From the Lone Star Lines -
January - March Issue 2004
Surplus Lines Stamping Office of Texas
SLSOT Address Change Reminder
|
December 13, 2003 marked the 1-year anniversary at our new location. Make note that our forwarding order with the U.S. Post Office has expired and mail will be returned to your office if impropetly addressed. Please forward this information to any person in your office that files policies, submits stamping fee payments, or other correspondence. Make sure any SLSOT records are updated to reflect the following information: P.O. Box 160170 Austin, TX. 78716-0170 805 Las Cimas Parkway Suite 150 Austin, TX 78746-5493 (800) 449-6394 General Info (512) 346-3274 Local in Austin (512) 346-3422 Fax EFS Help Desk Only Toll Free (800) 681-5848 Local in Austin (512) 346-0685 |
From the Lone Star Lines -
January - March Issue 2004
Surplus Lines Stamping Office of Texas
Have You Missed Any SLSOT Bulletins...
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...via U.S. Postal Service? ...electronically to your e-mail address? |
From the Lone Star Lines -
January - March Issue 2004
Surplus Lines Stamping Office of Texas
| Please verify that the name of the
agency and the license number shown on your Transmittal and Verification
Slip are the same as shown on your Surplus Lines license. If you are registered to use the Electronic Filing System, please be sure your password stays current. You will be notified to change it for 14 days prior to expiration, but only when you sign in to the system. We recommend that you set your own reminder through your calendar system as an additional backup. |
From the Lone Star Lines -
January - March Issue 2004
Surplus Lines Stamping Office of Texas
  |
The Stamping Office welcomes Michelle Benites (top) and Kelly Nine (bottom) to the Stamping Office. Both are employed as Data Entry Clerks with the Data Services Department. |
From the Lone Star Lines -
January - March Issue 2004
Surplus Lines Stamping Office of Texas
Comparison of SLSOT Premium Processed
by Line of Business
|
Annual Statement Line of Business |
Premium through 12/03 |
Premium through 12/02 |
Percent Change |
| 1 Fire (incl. allied lines) | $84,448,080 | $59,287,768 | 42.4% |
| 2 Allied lines | $3,737,566 | $1,508,482 | 147.8% |
| 3 Farmowners multiple peril | $218,800 | $122,355 | 78.8% |
| 4 Homeowners multiple peril | $13,250,620 | $17,041,092 | -22.2% |
| 5 Commercial multiple peril | $7,647,220 | $5,587,389 | 36.9% |
| 8 Ocean marine | $208,905 | $155,915 | 34.0% |
| 9 Inland marine | $8,557,094 | $4,652,860 | 83.9% |
| 11 Medical malpractice | $10,076,060 | $1,056,581 | 853.7% |
| 12 Earthquake | $0 | $1,850 | -100.0% |
| 13 Group accident & health | $7,851,905 | $9,683,644 | -18.9% |
| 15 All other A&H | $11,399 | $10,411 | 9.5% |
| 17 Other liability | $163,031,280 | $113,096,609 | 44.2% |
| 18 Products liability | $5,108,309 | $4,053,037 | 26.0% |
| 19.2 Other priv pass auto lia | $741 | $0 | 0.0% |
| 19.4 Other comm. auto liab | $16,103,703 | $8,474,266 | 90.0% |
| 21.1 Priv pass auto physical | $136,937 | $34,522 | 296.7% |
| 21.2 Comm auto phys.damage | $8,379,530 | $5,786,218 | 44.8% |
| 22 Aircraft (all perils) | $315,765 | $75,000 | 321.0% |
| 23 Fidelity | $701,138 | $183,384 | 282.3% |
| 26 Burglary & theft | $250,463 | $68,795 | 264.1% |
| 27 Boiler & machinery | $48,455 | $2,292 | 2014.1% |
| 28 Credit | $9,487,897 | $6,676,813 | 42.1% |
| 31 Aggregate/other business | $3,592 | $0 | 0.0% |
| TOTAL | $339,575,459 | $237,559,283 | 42.9% |
| Note: Due to rounding figures may not total | |||
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