News
Crackdown on Incomplete SL Filings
Bulletin – Friday, October 15, 2010
The Pennsylvania Surplus Lines Association (PSLA) has recently distributed a bulletin outlining the Pennsylvania Insurance Department's plan to enforce and take action again producers who fail to complete the Producer Declaration (1609 PR) with declining carriers and return it to the surplus lines agent for a filing. The PSLA is now charging producers up to $75 per transaction when filings are late or incomplete and they will be reporting producers in violation to the insurance department! You can access the bulletin on the PSLA website: http://www.pasla.org/Bulletins/B-2010-10-13.pdf.
Apparently, not all producers are as perfect as Tuscano producers! More information on this topic will be distributed as we get closer to the implementation of the new rules and penalties but take heed - you heard it here first!