SLTX Reports Year Over Year Changes
Approximately 1.6% of all Texas surplus lines policies filed during 2018 were reported after the statutory 60-day filing deadline. This represents a small percentage of 10,359 policies filed late, out of a total 656,744 policies.
One positive outcome of the report is that the number of agency firms who have been reported repeatedly for late filings has decreased by 15.8% to 294 (as compared to 349 in 2017). The reduction can partly be attributed to the SLTX monthly outreach program, where Tech Support Team staff provide resources, best practices, and personal service to brokers who have filed a policy late in the prior month.
SLTX is required to file an Annual Late Filer’s report with the Texas Department of Insurance (TDI) each year, documenting all late policy filings from the previous calendar year. Surplus lines insurance policies must be filed with SLTX no later than the 60th day after the effective date or issue date of the policy, whichever is later.