How much do you really know about Surplus Lines Tax Filings? If you are licensed for surplus lines in multiple states, whether you are currently writing business or not there are a few things you must know. Take this short quiz to see where your knowledge level is concerning the tax filing and reporting compliance of surplus lines placements.
1. Most states require three declining carriers as part of your due diligence, but one state requires five; which state is it?
2. There are 34 states that require annual reports if business was written during the period. Of those states, how many require reports even if no business was written?
3. Name one state that requires non premium bearing endorsements to be filed.
4. What is the statutory penalty imposed by the state of West Virginia for the late filing of a quarterly report?
5. Approximately half of the 50 states allow courtesy filings; name five of the states that DO NOT allow courtesy filing.
6. Name three states in which the tax filings MUST be placed on an individual’s license because there is no provision for filing on an agency license, or the state does not issue an agency license.
For answers contact Joyce King: jking@ilsainc.com or (254) 729-6122
Tags: Compliance, Insurance, Insurance licensing, Quiz, Surplus lines
