WY INS issued memo re reconciliation of non-admitted premium, and request for data.
Document dated Sep. 16, 2024, received from WY INS Sep. 25, summarized Sep. 27.
Highlights
The request for data is necessary to reconcile the premiums written by non-admitted insurance companies with the premiums reported by the Wyoming non-admitted filers.
Follows Home State taxation and regulatory requirements that are outlined in the Non-Admitted and Reinsurance Reform Act (NRRA) per WY statutes WY INS 26-11-118.
Surplus lines brokers that transact business with non-admitted insurers in home state must file tax reports, remit taxes, fees through Surplus Lines lnformation Portal (SLIP).
WY INS is modernizing the filing process to be electronic filing via the SLIP system.
lnsurers can submit data via slip using manual entry or multiple policy submission through an XML batch process, which is the preference for insurer submissions.
Each policy submitted by insurer, must include the policy number, insured, name of the surplus lines agent or direct procurement filer, premium, transaction effective date.
Effective Dates
Surplus lines insurers have until Dec. 31, 2024 to report transactions effective Jan. 1, 2024 - Sep. 30, 2024, transactions after Oct. 1, 2024 should use included schedule.
Foreign insurer transactions effective Jan. 1, 2024 - Sep. 30, 2024 should be reported in SLIP on/before Dec. 31; transactions after Oct. 1 should use included schedule.
Alien insurer transactions effective Jan. 1, 2024 - Dec. 31, 2024 should be reported annually on or before Jun. 30, 2025; for any questions please contact the SLAS team.
