Texas Surplus Lines Stamping Office Sees Drop in Late Filings

The Surplus Lines Stamp-ing Office of Texas (SLTX) says the number of surplus lines policies filed after the filing deadline has decreased since the start of the SLTX late filers outreach program last year.

In 2017, 993 brokers filed 489,540 total policies. Of that total, 6,270 — or 1.28 percent– were filed late, down from 1.92 percent late filings in 2016.

Through the outreach program, which began in June 2017, the SLTX Tech Support team provides educational resources and best practices to brokers who file surplus lines policies.

In the first six months of the program, there were 23 percent fewer late filed policies and 14 percent fewer brokers filed late. This resulted in 25 percent less fee dollars imposed in 2017, 35 percent fewer enforcement policy referrals, and 23 percent fewer brokers referred to enforcement.

Topics Texas Excess Surplus