FSLSO has released Bulletin 2012-03 providing guidance on filing changes on multi-state risks bearing non-US premium.
The purpose of this bulletin is to provide notification that, effective June 5, 2012, Florida surplus lines agents and Independently Procured Coverage (IPC) filers will no longer be required to report Non-US premium allocations on multi-state policy filings to the Florida Surplus Lines Service Office (FSLSO). Non-US premium is defined as premium charged on exposures occurring or located outside of the United States and its territories.
Multi-state policies bearing Non-US premium previously filed with FSLSO will receive a credit or refund on any taxes paid on the Non-US allocated portion. Surplus lines agents and IPC filers will not be required to complete any corrective action on policy filings in order to receive the applicable credits for amounts previously paid. However, agents and IPC filers are responsible for providing a credit or refund to policyholders.
This bulletin is intended to provide guidance to brokers or policyholders who transact multi-state business in Florida and report such transactions with the Florida Surplus Lines Service Office. The information provided should not be interpreted or used as a legal opinion, nor does it supersede directives provided by state or other governing authorities.
For more information, you may contact FSLSO at 800.562.4496.
For a PDF copy of Bulletin 2012-03, please visit: http://www.fslso.com/publications/press/FSLSO/bulletin-2012-03.pdf