Pennsylvania
Pennsylvania Announces Change to Surplus Lines Reporting Requirements
On August 1, 2024, Pennsylvania announced a change to their surplus lines reporting requirements which will be effective September 6, 2024.
Within 30 days following the end of each month, each surplus lines licensee must file with the Surplus Lines Association a verified report (the "1620 Monthly Report") of all surplus lines insurance transacted during the preceding month.
a. The report must include the amount of service fees charged for each surplus lines insurance policy issued.
b. The report must be executed on Form 1620. The form is available on the Pennsylvania Surplus Lines Association website.
c. The surplus lines licensee must file an image of the form through the Electronic Filing System of the Surplus Lines Association.
d. The Association recommends that a licensee submit a report even if no business was transacted in the previous month.
e. Additional information related to the 1620 Monthly Report is available on the Pennsylvania Surplus Lines Association website.
a. The report must include the amount of service fees charged for each surplus lines insurance policy issued.
b. The report must be executed on Form 1620. The form is available on the Pennsylvania Surplus Lines Association website.
c. The surplus lines licensee must file an image of the form through the Electronic Filing System of the Surplus Lines Association.
d. The Association recommends that a licensee submit a report even if no business was transacted in the previous month.
e. Additional information related to the 1620 Monthly Report is available on the Pennsylvania Surplus Lines Association website.
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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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