2010 Insurer Eligibility Filing Requirements
January 1, 2010
The following are the requirements and due dates for filing documentation for 2010 eligibility for surplus lines insurers. Each insurer wanting to maintain eligibility or to become eligible must meet the listed filing requirements.
These filing requirements are in accordance with the Texas Insurance Code, Chapter 981 and related provisions of the Texas Administrative Code, 28 TAC §15.8. Texas Administrative Code, 28 TAC §15.8 (j) requires the Texas Department of Insurance to maintain the “Surplus Lines Insurers List” compiled from the information submitted to meet the eligibility requirements. Any new information or updates to previously filed documentation must be submitted to the Texas Department of Insurance with copy to the Surplus Lines Stamping Office of Texas in a timely manner. This includes name changes, addresses, changes in officers and directors, etc. All questions and/or comments pertaining to the Surplus Lines Insurers List are to be directed to the Texas Department of Insurance.
The minimum capital and surplus requirement is $15 million as of December 31, 1995. Failure to maintain at least $15 million capital and surplus may result in the removal of the insurer from the Texas Department of Insurance "Surplus Lines Insurers List." Failure to comply with the evidence filing requirements may also subject the insurer to removal from the list.Business Plans must be current within 3 years. See Form FIN 424 for guidelines to be used to meet the business plan filing requirements. If the current business plan on file has financial projections for years prior to 2007, a new plan will need to be filed by March 31, 2010.
Inquiries about the contents of this memo should be directed to Company Licensing and Registration, Texas Department of Insurance, registrationteam@tdi.state.tx.us or 512/322-3535.
The appropriate checklist must be completed and filed with the required documents. Checklists for both foreign (U.S. domiciled) FIN422 (U.S.) and alien (non-U.S. domiciled) FIN423 (non-U.S.) companies can be found on our website.
NOTE: All Documents must be submitted in duplicate as follows:
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Note: Documents filed solely with the Stamping Office are not deemed to be filed with the Texas Department of Insurance. All evidence submitted must have the complete name of the surplus lines insurer clearly displayed.
Due Date
The DUE DATE for filing documents varies based on the type of evidence required. A due date is indicated for each type of evidence.
If an insurer is unable to comply with the due dates, a written explanation must be filed with the Texas Department of Insurance (with a copy to the Surplus Lines Stamping Office of Texas) using the Comments Section of the proper Checklist. The explanation must include date the evidence will be filed. Failure to make timely filings may result in the suspension or revocation of the insurer’s eligibility.
An insurer may also be asked to provide additional information as deemed necessary to perform an evaluation of the insurer's eligibility. This may include, but is not limited to detailed policy information regarding direct premium written in Texas.
NOTE: Texas Department of Insurance will allow certain evidence, as indicated on the check list, to be filed electronically at e-mail addresses listed above, for insurers renewing their eligibility. All evidence for new submissions must be filed in hard copy.
Click here for a complete copy of the 2010 Surplus Lines Filing Requirements Letter with forms
