Surplus Lines Service Office Fee Reduction Takes Effect
The reduction in the Florida Surplus Lines Service Office (FSLSO) service fee announced earlier this year takes effect today. In bulletin 2016-01, the FSLSO notified surplus lines agents, surplus lines insurers and filers of independently procured coverage that the FSLSO service fees drops from 0.175% to 0.15% effective April 1, 2016. The fee reduction applies to all new and renewal policies/certificates with effective dates on or after April 1, 2016. The fee applies to the total gross premium as set forth in section 626.9325, Florida Statutes.
The FSLSO points out that the fee applies only to single-state Florida policies. Additionally, the service fee applicable to endorsements, audits, cancellations or return premium transactions on policies in effect prior to April 1, 2016, will be the same as in effect at the inception of the policy that is being endorsed or cancelled.