HELENA, Mont. – Montana Commissioner of Securities and Insurance (CSI), Monica Lindeen announced the launch of a new service that allows surplus lines insurance producers to file their surplus lines submission forms online at the CSI website. This service will not only save the agency money, but that savings will be passed to the agent and ultimately the consumer.
Surplus lines is a form of property/casualty coverage that covers unusual or difficult to place insurance or high risk insurance that isn’t always available from insurers in the Montana admitted market. Therefore, Montana agents must purchase coverage from a non-admitted carrier. The risks that are covered range from certain types of homeowner policies to covering events, like concerts or camps.
Commissioner Lindeen promotes the new service as a way to reduce the cost of this insurance coverage in the surplus lines market. “When agents file online the stamping fee is reduced from 1% of premium payments to 0.5%. This could result in a potential savings of $268,705 that should be passed onto consumers,” Lindeen said.
On March 1, 2010, Montana licensed surplus lines agents will be able to access their 2009 tax filing instructions and a record of their 2009 filings online. Tax statements will not be mailed to individual agents. Agents with Zero filings are not required to file in 2009. Zero filing statements will be required for 2010 and a form will be available prior to March 1, 2011.
For questions about surplus lines insurance or the new online system, call the Commissioner of Securities and Insurance at 1-800-332-6148 or go to www.csi.mt.gov.