Brokers May Correct Late-Filed Policies Until February 28
Brokers who file surplus lines policies with SLTX will have until February 28, 2019, at 5 p.m. central time to file any necessary adjustment forms or make corrections before the Annual Late Filers report is produced. Once the report is generated, SLTX will no longer be able to make modifications to the report, data, and/or fees.
SLTX is required by law to file an Annual Late Filers report with the Texas Department of Insurance (TDI). The report lists every surplus lines insurance policy that was filed after the filing deadline during the previous calendar year. A policy appears late if it is filed more than 60 days after the effective date or issue date of the policy, whichever is later.
Please review all 2018 monthly reports and make any necessary corrections. For information on retrieving monthly reports through the online filing system, view the SLTX Obtaining End-of-Month Reports How-to Guide. Make corrections or complete and submit the Monthly Late Filing – Request for Adjustment form, which can be found on the SLTX website. Corrections must be received and processed before close of business on Thursday, February 28, 2019.
The Texas Insurance Code Sec. 981.105 details the regulatory remedies that the Commissioner of Insurance may take for late-filed surplus lines policies. Fees and/or enforcement actions imposed will be determined by how many days elapsed after the filing deadline before the policy was reported and the broker’s late filing record over the previous year.
Please note, while the process has not changed for this year’s Annual Late Filers report, newly adopted rules (28 TAC Sec. 15.114) will affect the process for adjusting policies filed in 2019. SLTX will provide more information in the coming months.
Contact the Tech Support team with any questions regarding the Annual Late Filers report.