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Excess and surplus lines
Direct placement tax
I just received a copy of a form entitled “Direct Placement Tax Return—Insurance Placement with Unauthorized Insurer or Self-Insurer’s Report.” What is the purpose of this form?
Rules for accessing the surplus-lines market
For risks that do not automatically qualify for the surplus-lines market, I continue to hear somewhat conflicting information about the need for and completeness of declinations in the admitted market. Is there some “flexibility” that makes this less onerous?
Diligent effort
The Certification Of Effort To Place Risk With Authorized Insurer provides a place to record declinations below this statement: “The following insurers are among those that I contacted relative to this risk....”
Smaller agencies may not have three admitted insurers to contact for the placement of a particular risk. Have any alternatives been approved by the New Jersey Department of Banking and Insurance; for example, recording declinations received directly by the applicant?
Massachusetts surplus-lines fees
What is the law on the maximum surplus-lines fee that can be charged in Massachusetts?