Virginia
Virginia Changing Payment Processing Method Related to Surplus Lines Reporting
Effective June 3, 2024, Virginia Bureau of Insurance moved its payment processing to J.P. Morgan Chase and its affiliated partner Paymentus. To facilitate electronic payments, Virginia’s new Company Identification Number (0000408976) must be provided to your Accounts Payable Department.
Surplus Lines Brokers Maintenance Assessment Reports are due March 1 pursuant to Chapter 48 of Title 38.2 of the Code of Virginia. Penalties may apply.
The minimum Annual Surplus Lines Brokers Assessment is $300 and is required even if no business was transacted._ _
Once you have keyed in your Virginia license number, the system will automatically calculate the assessment amount due based on the taxable premium entered.
You can print the report and mail it with a check to the address noted on the report, or you can file and pay electronically by selecting the File and Pay Assessment button.
Email SLBInquiries or call 804-371-9333 with any questions regarding the filing and payment of assessments.
The minimum Annual Surplus Lines Brokers Assessment is $300 and is required even if no business was transacted._ _
Once you have keyed in your Virginia license number, the system will automatically calculate the assessment amount due based on the taxable premium entered.
You can print the report and mail it with a check to the address noted on the report, or you can file and pay electronically by selecting the File and Pay Assessment button.
Email SLBInquiries or call 804-371-9333 with any questions regarding the filing and payment of assessments.
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This update has been reviewed by AgentSync compliance experts for industry impact and necessary automation in the AgentSync platform.
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Surplus
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The date the update takes effect.
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This means an AgentSync product was updated as a result of this change and the update is now live in our product(s).