THE SURPLUS LINE ASSOCIATION OF CALIFORNIA Creating a Bulk Submission AKA batch Creating a Bulk Submission 3 Coversheet Contents 4 Coversheet Example 5 ID: 645681
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Slide1
Filing Requirements for the Surplus Line Association of California
THE SURPLUS LINE ASSOCIATION OF CALIFORNIA
Creating a Bulk Submission (AKA batch)Slide2
Creating a Bulk Submission….…………… 3
Coversheet Contents………………………. 4Coversheet Example………………………. 5
Documents Required for Filings………….. 6
Order of Documents within a Batch……… 7Policy Content………………………………. 8SL-1 Form…………………………………… 9SL-1 Instructions……………………………. 10SL-2 Form…………………………………… 11SL-2 Instructions……………………………. 13Exceptions to Diligent Search……………... 14Submission…………………………………… 20
Table of Contents
2Slide3
All bulk submissions must be accompanied by a coversheet that includes all the transactions that are included in the upload.
New and renewal policy should be submitted within 60 days of the policy effective date.
The
submission must contain:Batch Coversheet (for paper filings)Copy of the Declarations Page, Certificate, Cover Note or BinderCompleted copy of the SL-1Lloyd’s Syndicate List, if applicable
Completed copy of the SL-2
(if applicable)
Creating a Bulk Submission
3Slide4
Filings should be submitted
with a maximum of 75 policies and/or endorsements for easier reconciliation. Submissions
must be accompanied by a
coversheet which includes:Assigned SLA broker number (especially for brokerages with multiple branches)Exempt Commercial Purchaser/Commercial Insured checkboxInsured’s nameTransaction type Policy numberPremium amount (including taxable fees)Stamping fee
Surplus line state taxInvoice dateCalifornia % premium allocation (for multi-state risks)—even if 100% of the premium is to be filed in California, the CDI wants to track what the % of premium would have been filed in California pre NRRA.
Total amount of items and premium
*Including the name and contact information for the person responsible for creating the batch would enable SLA correspondence to be directed to the appropriate party.
Batch Coversheet
Contents
(
for paper filings)
4Slide5
5
CI/ECP
refers to the AB315 definition of commercial insured or the NRRA definition of exempt commercial purchaser. Refer to California Insurance Code section 1760.1. The checklist is on the following slide.
%CA
refers to the percentage of premium allocated to California if there was no home state rule. Slide6
For paper, emailed or bulk submission upload filings only:
Coversheet For all filings:
New and renewal transactions must include:
Copy of the Declaration Page, Certificate, Cover Note or BinderLloyd’s syndicate list (if applicable)Completed copy of the SL-1Completed copy of the SL-2 (unless the coverage is on the current export list or the insured qualifies under AB315’s definition of commercial insured)Extension endorsements extending the policy term for more than 90 days in the aggregate during any 12-month period must include:Copy of the extension endorsementLloyd’s syndicate list (if applicable)Completed copy of the SL-1Completed copy of the SL-2 (unless the coverage is on the current export list or the insured qualifies under AB315’s definition of commercial insured)
Endorsements and cancellations must include:Copy of endorsement
6
Documents Required For FilingsSlide7
7
Order of Documents
Cover Sheet
Declarations
Page
Lloyd’s
Syndicate List
SL-1 Form
SL-2 FormSlide8
California Insurance Code Section 381 list the required contents on the policy:
Parties between whom the contract is made, insured and
insurer
Property or life insuredInterest of the insured in property insured, if he is not the absolute ownerRisks insured againstPolicy period
Premium
Policy Content
8Slide9
9
SL-1: Confidential Report of Surplus Line Placement
This form is available on the SLA website:
http://www.slacal.org/docs/default-source/general-content-documents/Filing-Forms/sl-1-form-printable.pdf?sfvrsn=
4
Policy number
California premium plus taxable fees
Full name of transactor who placed the risk
Individual license number,
or
name of business entity and entity’s license number
Name of insured as stated on the policy declaration page
Insured address
Risk description, not type of coverage
Physical location of risk, not P O Box
Coverage or export code from instructions
Name of nonadmitted insurer as stated on the policy declaration page
Percentage of premium allocated for each nonadmitted insurer
Signature of licensee named on line 1; electronic facsimile is acceptable
Date of signatureSlide10
SL-1 Instructions
10Slide11
11
SL-2:Diligent Search Report
This form is available on the SLA
website:http://www.slacal.org/docs/default-source/general-content-documents/Filing-Forms/sl2-printable.pdf?sfvrsn=2
Full name of
licensee
who
performed or supervised diligent search
Individual license number,
or
name of business entity and entity’s license number
Name of insured as stated on the policy declaration page
Insured address
Risk description, not type of coverage
Physical location of risk, not P O Box
Coverage or export code from instructions
Only complete if your policy is for private passenger auto liability
Only complete if your policy is for health insurance
Only complete if the insurance is placed with a risk purchasing group
How did you determine that at least three admitted carriers would not accept the risk?Slide12
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SL-2:Diligent Search Report (continued)
This form is available on the SLA
website:http://www.slacal.org/docs/default-source/general-content-documents/Filing-Forms/sl2-printable.pdf?sfvrsn=2
Signature of licensee named on line 1; electronic facsimile is acceptable
Date of signature
Name of unlicensed person who performed the
search under supervision
If checked YES, please complete 7(B)
If checked NO, skip to 8(A)
If YES was checked in 8(A), please answer 8(c); if NO was checked, please answer 8(B)Slide13
13
SL-2 InstructionsSlide14
There are two exceptions to the diligent search requirement:
If the coverage is listed on the current California Export L
ist
orIf the insured qualifies under AB315’s definition of a “commercial insured”14
Exceptions to Diligent SearchSlide15
On January 1, 1996, Section 1763.1 regarding the Export list was added to the California Insurance Code.
Placements with coverage on the Export List
are exempt from a Diligent Search Report because a public hearing determined that there was not a reasonable or adequate insurance market among admitted insurers.
The latest copy of the Export List is shown on the next page. If the coverage is not on the export list, then a Diligent Search Report must be completed. 15Export ListSlide16
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The surplus line broker does not need to perform a diligent search if the insured qualifies as an Exempt Commercial
Purchaser (California uses the term “Commercial Insured
”)
The surplus line broker procuring or placing the surplus line insurance must have disclosed in writing to the commercial insured that such insurance may or may not be available from the admitted market, which may provide greater protection with more regulatory oversightThe commercial insured must have subsequently requested in writing that the surplus line broker procure or place surplus insurance from a nonadmitted insurer.
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Commercial Insured/
Exempt Commercial Purchaser Slide19
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Submit the documents to the SLA. The SLA currently accepts batches through:
Mail through the USPS
to
: 12667 Alcosta Boulevard Suite 450 San Ramon, CA 94583
Upload through the SLIP Portal at
www.slip.slacal.org
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Submission