Ep. 50: 5+ Years Post NRRA – A Look at Surplus Lines Tax Filing Today

by | Mar 6, 2018

Brian Allen has been in management positions at Insurance Licensing Services of America, Inc. (ILSA) for over five years. He has collaborated with clients and developers to create and implement ILSA’s SLIC Portal and a new and expansive Tax Calculator.

In this episode, Brian shares his knowledge concerning the different penalties and standards in multiple states with regards to surplus lines filings. He shares many stories and his personal experience around the subject, particularly those that lead to penalties or fines. He also provides good advice on how to avoid penalties especially, when it comes to creating year-end reports.

“It's not only important to get everything in on time but it also has to be exactly right.” – Brian Allen

What you'll learn:

  • His assessment of surplus lines filings.
  • Are the states' internal concerns overriding the desire for standardization?
  • The technological adaptability of different states.
  • Why many agents and brokers suffer from penalties and fines.
  • Differences between big and small companies with regards to systems processing surplus lines.
  • Tips to avoid penalties when creating reports.
  • Why states require "Zero" reports.

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Key Takeaways:

  • At the end of the year, every single state will want some kind of a report.
  • Each state being different makes creating uniformity more daunting.
  • Standardized processes may help one state, but may hurt another state.

This episode was brought to you by

Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.

 

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