Compliance with Alaska Surplus Lines Insurance Laws and Requirements

THE SEAL OF THE STATE OF ALASKA THE STATE of ALASKA GOVERNOR SEAN PARNELL Department of Commerce, Community, and Economic Development DIVISION OF INSURANCE Anchorage Office 550 W. 7th Avenue, Suite 1560 Anchorage, Alaska 99501-3567 Main: 907.269.7900 Fax: 907.269.7910 TDD: 907.465.5437 # BULLETIN B 13-01 TO: SURPLUS LINES BROKERS AND OTHER INTERESTED PARTIES RE: COMPLIANCE WITH ALASKA SURPLUS LINES INSURANCE LAWS AND REQUIREMENTS The Division of Insurance has modified the reporting requirements for all surplus lines transactions starting in 2013. All new and renewal policies effective January 1, 2013 and later and all endorsements and audits invoiced January 1, 2013 or later, regardless of the effective date of the policy, must be reported on a quarterly basis with the Quarterly Report sent to the Division of Insurance with the taxes and fees paid by ACH on or before the following due dates: Months: January, February, March April, May, June July, August, September October, November, December Due Date: June 1 September 1 December 1 March 1 of the following year If a due date falls on a weekend or a holiday, the due date will be the next business day. In order for an ACH debit payment to be deposited in the State of Alaska's bank account and to be considered on time, the payment must be initiated before 12:00 noon Alaska time the day before the due date. For example, an ACH debit payment initiated on February 26, 2013 at 12:01 p.m. for a February 27, 2013 effective date actually will be received by Alaska on February 28, 2013 and not on February 27, 2013 because the electronic request between banks took place at 12:00 noon. An ACH credit payer should contact their bank for initiation rules to ensure the payment is received by Alaska on or before the due date. If you have any questions regarding this bulletin, contact Jeff Bodine at (907) 465-4609 or jeff.bodine@alaska.gov or Rebecca Nesheim at (907) 465-2584 or rebecca.nesheim@alaska.gov. Dated this 4th day of January 2013 at Anchorage, Alaska. Martin D. Hester Deputy Director for Bret S. Kolb Director