While the Department of Financial Services does not have the authority to extend the October 1, 2006, statutory deadline for filing applications for insurance agency licensure or registration, the department was granted discretion concerning the imposition of administrative fines relating to late filed applications.

Although the department has successfully received thousands of applications in recent months many insurance agencies are only now attempting to file their applications. This heightened application activity at or near the October 1st deadline has resulted in an extremely high volume of callers seeking guidance and direction concerning the on-line application process and other compliance issues.

In order to provide the best possible customer service and address the extremely high volume of telephone calls we are receiving, the department has made the decision to forego the imposition of administrative fines until November 1, 2006. Accordingly, the department strongly encourages all insurance agencies required to file applications for licensure or registration and have not done so, to submit their applications before November 1, 2006, in order to avoid administrative penalties.

For all foreign insurers, the electronic premium data report for the 3rd quarter 2006 is due no later then 12/31/2006. Please note the filing time has been extended from 1 month to 90 days. This new filing deadline (90 days) is effective with the 3rd quarter 2006 filing. The quarterly report of policy information should be submitted electronically and include on a policy level basis: policy number, effective date, expiration date, premium amount and name of insured. In the event there is nothing to report, the insurer is still required to submit a "No Business" letter or email in lieu of the report by 12/31/2006.

Pursuant to Florida Statute 626.9361, a $500 fine per day for each day the failure continues applies to any eligible surplus lines insurer who fails to file a report in the form and within the time required as provided for in the Surplus Lines Law. This begins the day after the report was due and until the date the report is received. Failure to file a report may also result in withdrawal of eligibility as a surplus lines insurer in Florida.

The Florida Surplus Lines Service Office will be conducting its 2006 continuing education course on October 25th in the West Palm Beach area. The Tools for Success in Florida's Surplus Lines Market is an intermediate level course which has been approved by the Department of Financial Services for four hours of property and casualty credit (Course ID# 56860).

This course is designed to help students better understand Florida's surplus lines insurance market by exploring topics such as: the differences between admitted and non-admitted insurers; avoiding illegal insurance entities; the distribution system; and agent responsibilities when accessing the market. The course will also introduces the Florida Surplus Lines Service Office; its mission, goals and values; and the products and services it offers to better aid the industry including SLIP and the Agent Software. Lastly, the class will conclude with a look at the hot topics affecting the industry and a roundtable discussion.

The class will be conducted at the Crowne Plaza West Palm Beach, 1601 Belvedere Road, West Palm Beach. Class registration will begin at 8:00 a.m. with class starting at 9:00 a.m. and lasting until 1:00 p.m. A continental breakfast will also be available during registration. This course is free for all Florida-licensed surplus lines agents who may also bring up to two members of their staff at no charge. All others must pay a nominal fee of $60. Early registration is encouraged as classes do fill up quickly. You may register online by visiting http://www.fslso.com/education/index.aspx.

For additional information, please contact FSLSO's education section at (800) 562-4496 x 109.