Provides guidance to surplus lines brokers and those who independently procure surplus lines insurance on single state policies where Wyoming is considered the "Home State".

THE STATE [LOGO] OF WYOMING Matthew H. Mead Governor # Insurance Department 106 East 6th Avenue ♦ Cheyenne, Wyoming 82002 Tom C. Hirsig Commissioner MEMORANDUM: 01-2013 TO: SURPLUS LINES BROKERS AND INDEPENDENTLY PROCURED COVERAGE (IPC) FILERS FROM: TOM C. HIRSIG, INSURANCE COMMISSIONER DATE: February 12, 2013 SUBJECT: FILING CHANGES ON SINGLE STATE RISK POLICIES Memorandum 02-2012 provides guidance to surplus lines brokers and those who independently procure surplus lines insurance on multi-state surplus lines policies where Wyoming is considered the "Home State" under the provisions of the Nonadmitted and Reinsurance Reform Act of 2010 ("NRRA"). The purpose of this memorandum is to provide guidance to surplus lines brokers and those who independently procure surplus lines insurance ("surplus lines filers") on single state surplus lines policies where Wyoming is considered the "Home State" under the provisions of the NRRA. All single state policies issued or renewed on or after April 1, 2013, and any subsequent endorsements to those policies, shall be filed with the Surplus Lines Clearinghouse. Surplus lines filers may begin filing transactions with the Clearinghouse on April 1, 2013. Single state policies with an effective date before April 1, 2013 or endorsements on those policies will continue to be filed with the Wyoming Insurance Department until renewal. The Surplus Lines Clearinghouse was developed based upon the Surplus Lines Automation Suite filing and taxation software which facilitates the reporting of policy information and collection of premium tax payments. Surplus lines filers will be able to submit policy data to the Clearinghouse directly or with XML Batch Filing. Surplus lines filers will be invoiced quarterly for the taxes due and payments made electronically with the Clearinghouse via ACH transactions. Surplus lines filers should be aware of the policy data elements that will be required to make these filings with the Clearinghouse as they may differ from the information currently required to be collected for each policy. Surplus lines filers will be required to collect a transaction fee from the insured to be remitted to the Clearinghouse. This fee is payable by the insured directly or through brokers on each transaction processed through the Clearinghouse to cover the cost of its operations and activities. These data elements, additional information, educational tools, and an online tax calculator can be found at the Clearinghouse website: www.slclearinghouse.com. All surplus lines filers must register with the Clearinghouse at its website. Surplus lines filers who have registered with the Clearinghouse for filing multi-state policies need not register again. Surplus lines policy information and premium tax payments should be submitted under the name of the individual surplus lines broker or individual independently procuring coverage. Further information will be available at the Wyoming Insurance Department website: http://insurance.state.wy.us/. Administration (307) 777-7401 ♦ Fax (307) 777-2446 http://insurance.state.wy.us. Licensing (307) 777-7319 ♦ Fax (307) 777-5895