Wednesday, 04/25/2018 888-867-5633 communications@msla.org

Section V

DOCUMENTATION REQUIREMENTS

The Monthly Transaction Report (MTR)

  • The MTR lists all transactions submitted by a producer for a given time period.
    Reports are final for a given month on the first day of the following month. For example, a report for October will be available to certify on November 1 or later.

Please note: MTR Certification is now an ONLINE process.

  • Effective November 1, 2014 the Monthly Transaction Report (MTR) Certification is only available as an online option. This takes the place of the paper signature page that was required in the past.
  • From the Reports menu option, select Monthly Transaction Report Certification from the dropdown and the desired month, and then click “Print.” This will open a popup window that displays all the information relevant for your Monthly Tax Report on Nonadmitted Insurance Business.
  • After you have confirmed the accuracy of the information, click the box next to the certification statement which will activate the “Certify” button to complete the online certification.

Please note: Uploading the documentation is the preferred method over mailing physical copies.

  • Proper documentation (declaration sheet and/or endorsement) must accompany each transaction that is submitted in SLIP.
  • To learn how to upload your documents, please see the Electronic Document Submission Tutorial.
  • If you are unable to upload the documents into SLIP, please mail the physical copies and the first page of the MTR, to assist in identifying the producer, to:MSLA
    504 Keywood Circle, Suite B
    Flowood, MS 39232
  • The MTR will be certified online (as stated in above paragraph).

Please note: if you are NOT uploading the documentation, it must be in ORDER.

MSLA requires all surplus lines licensees to send the Monthly Transaction Report (MTR) and accompanying documentation in the order of the MTR, regardless if the policy information was manually input or filed in batch. All policy documentation must be in the following order:

By Insurer first, then by the  Policy Number that is listed on the policy’s documentation: Dec sheet, Cover Note, or Binder.

Exempt Commercial Purchaser

A surplus lines insurance producer is not required to perform a due diligence search when the surplus lines insurance producer is seeking to procure or place nonadmitted insurance for an exempt commercial purchaser under the conditions provided in Miss. Code Ann. § 83-21-23(2); therefore, if the risk is for an exempt commercial purchaser, there is no need for the retail insurance producer to complete the Retail Insurance Producer Nonadmitted Insurance Form.

Declarations Page/Cover Notes/Binders

  • Within fifteen (15) days following the end of the month in which a policy is procured, the member shall submit copies of the Declarations Page or Cover Note of every policy procured under his or her license to the Mississippi Surplus Lines Association. In the event that no Declarations Page or Cover Note is available to the member within fifteen (15) days following the end of the month in which the policy is procured, the member shall submit copies of a binder or confirmation of placement of coverage to MSLA in lieu of such Declarations Page or Cover Note. In the event that a binder is submitted to MSLA, the member shall submit copies of the Declarations Page or Cover Note to the Association promptly upon receipt.

Documentation (inclusive of Layered Policies)

  • Supporting documentation must accompany the policy data that is submitted into SLIP. The Declaration Page(s) must include the following: the policy number, name of the insured, Notice to Policyholder, name of the surplus lines producing producer, effective and expiration dates, premium, and policy fees.
  • In the event two or more insurers participated in writing a risk, the premium will need to be reported under the respective insurer and documentation, such as the Schedule of Insurers; will need to accompany the filing.

Notice to Policyholder

Each surplus lines producer writing business in the state of Mississippi must meet the requirements of § 83-21-19 regarding notice to policyholders.

Every insurance contract procured and delivered pursuant to Sections 83-21-19 shall have stamped upon it in bold ten-point type, and bear the name of the producer who procured it, the following:

“NOTE: This insurance policy is issued pursuant to Mississippi law covering surplus lines insurance. The company issuing the policy is not licensed by the State of Mississippi, but is authorized to do business in Mississippi as a nonadmitted company. The policy is not protected by the Mississippi Insurance Guaranty Association in the event of the insurer’s insolvency.”

It is the responsibility of the licensee to obtain and affix the Notice to Policyholder legend on the document before submission to the Association.