Late-Filed Policy Corrections Must be Made by February 15

Jan 29, 2020 | eNews

SLTX will accept corrections or adjustment forms for late-filed policies included on November or December 2019 monthly late filers reports until Saturday, February 15, 2020. After this date, no additional modifications can be made to the annual late filers report.

Under Texas statute, SLTX is required to file an annual late filers report with the Texas Department of Insurance (TDI) no later than the first business day of April. The report lists all surplus lines insurance policies that were 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.

A new Texas Administrative Code rule took effect on December 30, 2018, that requires surplus lines agents to notify SLTX within 90 days or by February 15 of the following year, whichever is earlier, if a policy that they believe to be timely filed appears on a monthly late filers report. After that time has passed, the agent waives the right to later dispute the timeliness of the filing. Because of this timeline, only policies included on the November or December 2019 monthly late filers report may be disputed.

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 by Saturday, February 15, 2020.

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 take into consideration how many days elapsed after the filing deadline before the policy was reported and the broker’s late filing record over the previous year.

Contact the Tech Support team with any questions regarding the annual late filers report.