The ACCEL team has a deep understanding of the complex regulatory and compliance issues facing surplus lines brokers, and individuals and entities seeking to become licensed surplus lines brokers.
Our team of professionals has extensive experience providing strategic guidance to surplus lines brokers, including the following:
- License and license renewal processes
- Diligent effort requirements, including required declinations from admitted insurers and appropriate forms to record those declinations
- Required “stamping” text that must be included on surplus lines policies
- The method, process, and timing of surplus lines policy filings
- Determination as to what compensation constitutes “premium” for purposes of calculating surplus lines taxes and stamping fees
- Filing process for and timing of surplus lines stamping fees and taxes
- Limitations imposed on fees that may be charged by surplus lines brokers.
ACCEL can help clients understand and address these onerous regulatory obligations related to operating in the surplus lines market. This allows clients to spend more time focusing on their business and less time trying to decipher the complicated (and confusing!) surplus lines laws in each state.
Our affiliate, ACCEL Compliance LLC, provides complete licensing, maintenance and surplus lines tax filing services and software.