|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Texas Commissioner's Bulletin B-0025-02,
issued May 22nd, discusses the establishment of mandatory anti-money
laundering programs for insurance companies under the federal USA Patriot
Act of 2001. Insurers are currently exempted from these programs while the
U.S. Treasury examines the nature of money-laundering risk inherent in the
insurance industry. This exemption is due to expire by October 24, 2002. • The Texas Department of Insurance (TDI) has available for review on its website an "Informal Working Draft" of amendments to regulations for the licensing of surplus lines agents. The proposals are intended to clarify which employees in a surplus lines agency must hold an individual surplus lines license. The amendments essentially provide that all persons "negotiating, soliciting, effecting, procuring, or binding" surplus lines insurance; persons receiving direct commission or "variance in compensation" based on the volume of surplus lines premium; or persons supervising unlicensed clerical and administrative staff in a surplus lines agency must themselves hold an individual surplus lines license. Also, a surplus lines agency must notify TDI of each individual agent employed by the agency. Visit TDI’s website at www.tdi.state.tx.us to see the proposal. • The 2003 session of the Texas Legislature promises to be a difficult one for the insurance industry. Following the migration of more than 90% of all homeowners coverage to non-rate regulated companies and growing problems in both availability and affordability, the market has become a political lightning rod. Both Texas gubernatorial candidates and many legislators are promising legislation to more tightly regulate homeowners insurance. Also, the state's biennial budget could be facing a shortfall of more than $5 billion. The insurance industry's pockets are often some of the first to be picked when the Legislature looks for additional sources of revenue. • The Stamping Office has processed more than $1.1 billion through June 30th of this year, a 69% increase over 2001. Total Texas surplus lines premium for 2002 will probably approach $2.25 billion. • Nathan Holt has tendered his resignation from the Stamping Office Board of Directors. He served as an industry representative on the Board. • Surplus lines bonds for non-resident agents remain a potential barrier to states' compliance with the agent licensing reciprocity provisions of the Gramm-Leach-Bliley Act. Certain states, notably CA, AK, and WA, insist on retaining these bonds, viewing them as important consumer protection instruments. In the majority of states, the bonds assure payment of outstanding premium taxes owed and are rarely (if ever) called. Texas regulations currently provide the Commissioner the authority to waive the bond. Procedurally, TDI is no longer requiring non-resident applicants to file proof of a surety bond in order to obtain a surplus lines license. However, the bond does remain a requirement for licensing of resident agents. |
From the Lone Star Lines -
July - September Issue 2002
Surplus Lines Stamping Office of Texas
Stamping Fee
Now .15%!!
| As you were notified in a Stamping Office bulletin (SO-2002-07), the Commissioner of Insurance has issued an order lowering the stamping fee rate to .15% (.0015) for all new and renewal surplus lines insurance policies with effective dates on or after July 1, 2002. The new rate also applies to policy date extensions after July 1. Policies effective prior to this date will run to expiration at the prior rate of .25%. |
From the Lone Star Lines -
July - September Issue 2002
Surplus Lines Stamping Office of Texas
Introductory
Meetings Held to Discuss E-Filing System
|
The Stamping Office, in conjunction with our developers
Renaissance Systems, Inc., recently conducted orientation meetings in
Houston and Dallas to provide agents and their technology professionals with
an overview of the designed functionality of the Electronic Filing System (EFS).
The meetings permitted agents to match that functionality to their business
needs and inform us of any shortcomings. We were pleased with the positive
interest and enthusiasm shown by the participants, as well as their
suggestions for improvements. For those unable to attend the meetings, visit
our website at www.slsot.org for a printable PDF version of the
presentation. A summary of the questions and answers is also available. The
project is on schedule, with recent completion of both system requirements
and high-level design. Periodic updates will be accessible on our website. |
From the Lone Star Lines -
July - September Issue 2002
Surplus Lines Stamping Office of Texas
|
We welcome the following new employees to the Stamping
Office this quarter: Diana Estrada and Sonya Manor joined the Document
Processing Department as Record Prep Clerks. Roberta Aldhizer and Yvonne
Flores were employed as Data Entry Clerks in the Data Entry Department. |
From the Lone Star Lines -
July - September Issue 2002
Surplus Lines Stamping Office of Texas
Stamping Office Agent Workshops for 2002
|
The Surplus Lines Stamping Office of Texas presents free
educational filing workshops in September, designed for agency staff
responsible for the reporting of surplus lines policies to the Stamping
Office. We especially invite any staff new to the filing process and all
agencies that receive numerous "tags" from our office. We will cover a broad
range of topics, from the basic fundamentals of how to file to more
advanced, complex problem resolutions. We will also preview the electronic
filing system currently under development. |
No Registration Fees! The SLSOT presents these workshops at no charge to attendees. Continuing Education Credit Attendees will receive a certificate for 2 CE credit hours from TDI and TSBPA for the CPA credit if needed. San Antonio September 5, 2002 Registration: 12:45 p.m. Workshop: 1:30 p.m. - 3:30 p.m. San Antonio Convention Center 200 E. Market Street San Antonio, Texas 78205 Houston September 11, 2002 Registration: 8:45 a.m. Workshop: 9:30 a.m. -11:30 a.m. Adam’s Mark Hotel 2900 Briarpark Drive Houston, Texas 77042 Arlington September 26, 2002 Registation: 8:45 a.m. Workshop: 9:30 a.m. -11:30 a.m. Arlington Convention Center 1200 Ballpark Way Arlington, Texas 76011 |
From the Lone Star Lines -
July - September Issue 2002
Surplus Lines Stamping Office of Texas
| ●
Limit the number of staples on each item, preferably one on the left
hand corner. ● When submitting items with premium, be sure the premium is also listed on the Transmittal and Verification Slip. ● Tax and stamping fee are to be shown separately on each applicable item. Do not add them together. ● Agent of record letters should be typed on your agency letterhead. Please include the name of the previous agent in the letter. |
From the Lone Star Lines -
July - September Issue 2002
Surplus Lines Stamping Office of Texas
Comparison of SLSOT Premium Processed
by Line of Business
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
