Compliance FAQs

Home / Compliance / Compliance FAQs
What are highly protected risks?
"Highly Protected Risk" is the name given to substantial commercial properties with extensive protection systems and superior construction, and involves sophisticated risk management and loss control. Rating these risks using traditional manual rating is not feasible given the large size and complexity of the risk.
Why does my Billing Report not match my Transaction Report?

The Transaction Report provides a snapshot of the transactions reported during a selected time frame. The Billing Report lists all of the transactions, penalties, and correction records included in the quarterly tax invoice.

The Transaction Report does not include the following information, which can cause a difference in the report totals:

  1. Penalties from Premium Reconciliation or Production Ledger Review that were assessed on identified unfiled transactions, and
  2. Any corrections made to transactions filed in a previous quarter.
Who do I contact if I have additional questions about compliance review?

If you have additional questions regarding compliance review, please contact:

Kristen Gray
800-562-4496, ext. 110
kgray@fslso.com
Who do I contact if I have additional questions about Eligibility to Export/Diligent Effort?
If you have additional questions about Eligibility to Export/Diligent Effort, please contact Agent Services at 800-562-4496, option 1 or email agent.services@fslso.com.
What are the rules regarding policy extensions and how long/often can they be extended before they need to be filed as a renewal?
If the policy period is being extended for 365 days or more and all original terms and conditions remain, then we ask that the additional premium endorsement be filed as a renewal transaction in SLIP. Filing a renewal for policy extensions allows the policy to be charged the appropriate Service Office fee and assessment rates (if applicable) for the new policy period. The insurer is not required to issue a policy renewal – this is for filing purposes only.

For example, if the original policy term is January 1, 2018, through January 1, 2019, and an endorsement is issued that extends the policy expiration to January 1, 2020. You should file the extension endorsement as a renewal transaction in SLIP with an effective date of January 1, 2019, and an expiration date of January 1, 2020.

The only exception is when the endorsement is an extended reporting period (ERP) endorsement, also known as "tail coverage." These endorsements are typically associated with claims-made liability policies. When submitting ERP endorsements in SLIP, please file the endorsement within the original policy term and do not extend the expiration date. 
How do I add more than one coverage code for a policy?
To add more than one coverage code to a policy in SLIP, you will need to file a separate transaction for each coverage code and its applicable premium. 
Do policies covering amenities, such as a clubhouse belonging to a homeowner’s association (HOA) or condominium association, require a diligent effort?
Yes. This type of property is considered a commercial-residential risk which requires a diligent effort search to be completed prior to exporting the risk to the surplus lines market pursuant to F.S. 626.916 (1)(a). 
How do I make a correction to a transaction in SLIP?

To edit data on a previously filed transaction, follow the instructions below.

  1. Select Search Policy from the Policy tab.
  2. Enter the previously filed policy number or other search criteria in the appropriate field(s) and click Search.
  3. Select the View link.
  4. In the Transaction Details section, click the Edit button next to the confirmation number for the applicable transaction, which will take you to the Coverage and Transaction Details page.
  5. Click the Edit button at the bottom right to make the necessary changes.
  6. Click the Submit button.
  7. A System Warning window will display advising the edit is going to create a backout transaction, select OK to proceed.
  8. A Task Accomplished window will display, select OK to proceed.
How do I make a policy-level correction?

To edit policy information on a previously reported policy, follow the instructions below.

  1. Select Search Policy from the Policy tab.
  2. Enter the previously filed policy number or other search criteria in the applicable field(s) and click Search.
  3. Select the View link.
  4. In the Policy Information section, click the Edit button and make the necessary changes.
  5. Click the Save button.
  6. A Task Accomplished window will display, select OK.

Policy-level changes will not result in automatic backouts.
How do I update my contact information in SLIP?
To update your contact information in SLIP, hover over the User Admin tab and click on User Data. Click the Edit icon to the left of the username. Scroll to the bottom of the User Details section and click the Edit button. Make the necessary changes and click Save.
When filing a multistate policy in SLIP, is the Service Office fee applied to the total gross premium or just the Florida allocated premium?
The Service Office fee is assessed on the gross premium (premium plus policy fees) of the multistate policy.
What should I do if the insurance company writing the coverage is not listed in the dropdown box on the Transaction Information screen?
If the insurer on the policy is not available in the drop-down menu, they may be added by selecting the Modify Insurer List link above the drop-down. Once you find the insurer on the Available Insurers list, click the  “>” to add it to the Selected Insurers list. Then click Save. 

If you do not find the insurer on the Available Insurers List, please contact our office at 800.562.4496, option 2.
Am I required to file non-premium bearing ($0.00) endorsements?
No, non-premium bearing transactions are not required to be filed with our office. Florida regulations require all premium bearing policy transactions placed with an eligible surplus lines insurer, taxable or non-taxable, be electronically submitted to the FSLSO within 30 days from the effective date of the transaction.
How do I file a master policy in SLIP?
For single-state policies, you can submit a new business or renewal transaction with zero premium and the original effective date of the policy. SLIP does not allow a multistate transaction to be filed with zero premium/policy fees unless it is a cancellation transaction. To add a new business or renewal multistate transaction for a master policy, you must file the policy once there is a premium-bearing transaction/endorsement. For the first premium-bearing transaction on the policy, use the original effective date of the policy. For the remaining endorsements, use the effective date of the endorsement.
What effective date should I use when filing an audit endorsement in SLIP?
When submitting an audit endorsement in SLIP, file the endorsement within the original policy period to which the audit belongs. Do not file the audit using the issue date or extend the expiration date of the policy within SLIP.
Who do I contact if I have additional questions about filing?
If you have additional questions about filing, please contact Agent Services at 800-562-4496, option 1 or email agent.services@fslso.com.