Once a producer has obtained a MS surplus lines license and begins writing business, the producer is responsible for ensuring that the policy data is properly reported to MSLA. There are a few basic steps that must be followed to report policy data and to submit the required documentation to MSLA:
Electronic Policy Filings:Within fifteen (15) days following the end of the month in which a policy is procured, the member producer shall electronically report every policy procured under his or her license to the MSLA by way of our web-based producer reporting system, Surplus Lines Information Portal (SLIP).
OVERVIEW OF DOCUMENTATION REQUIREMENTS
Monthly Transaction Report Certification:
All of the policy data that is reported into SLIP during a given month will collectively appear on a Monthly Transaction Report (MTR) on Nonadmitted Insurance Business. The producer will electronically certify the business reported in SLIP.
Submitting Policy Documentation:
Proper documentation must accompany each transaction that is submitted into SLIP. Uploading the documentation is the preferred method over mailing physical copies.
OVERVIEW OF PAYMENT PROCEDURES
EPayment is the only option available for paying your Assessments. MSLA no longer accepts paper checks for payments towards Tax, Stamping Fee or MWUA Non-Admitted Fee. Payments will be made by utilizing SLIP’s EPayment functionality.
Surplus Lines Stamping Fees – Due January 30th & July 30th:
The stamping fee is .25% and is based on the gross policy premium plus any policy fee charged. The stamping fee is in addition to the four percent (4%) premium tax amount. Stamping fees are due semiannually but can be paid in full at any time.
Surplus Lines Premium Taxes – Due January 30th & July 30th:
A tax of four percent (4%) based on the gross premiums plus any policy fee charged is due to the Mississippi Insurance Department within thirty (30) days from the first of January and July of each year. Taxes are due semiannually but can be paid in full at any time.
MWUA Nonadmitted Policy Fees – Due Quarterly (April 20th, July 20th, October 20th and January 20th):
MWUA Nonadmitted Policy Fees are presently 3% based on the gross premiums plus any policy fee charged for surplus lines policies written (exclusive of Residential Flood and Earthquake) in Mississippi. MWUA fees are due quarterly but can be paid in full at any time.