The Monthly Transaction Report (MTR)
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The MTR lists all transactions submitted by a producer for a given
time period. Reports are final for a given month on the first day
of the following month. For example, a report for October will be
available to certify on November 1 or later.
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From the Reports menu option, select Monthly Transaction Report
Certification from the Report Type dropdown box. Next select the
desired month and click “Print.” This will open a popup window
that displays all the information relevant for your Monthly Tax
Report on Nonadmitted Insurance Business. Because supporting
document is required we have provided a link for determining if
documentation is missing. To view the list click where indicated.
If there are no policy transactions with missing documentation
please continue to the Certifying Tab.
Please note: If one or more transactions are
missing required documentation you will be required to add these
documents prior to the system allowing you to “Certifying” your MTR.
We have added a link on the Certification page in which you are able
to view transactions missing documentation.
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After you have confirmed the accuracy of the information, click
the box next to the certification statement which will activate
the “Certify” button to complete the online certification.
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Proper documentation (declaration sheet and/or endorsement) must
accompany each transaction that is submitted in SLIP.
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To learn how to upload your documents, please see the Electronic
Document Submission Tutorial.
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Report screen provides a report type “Transactions with Missing
Documentation”. Here prior to Certifying your Monthly Transaction
Report you are able to view (anytime after policy entry into SLIP)
transactions which may be missing documentation. No transactions
showing will mean no transactions are missing documentation. If
transactions are displayed you will have an opportunity to upload
the documents.
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The MTR will be certified online (as stated in above paragraph).
If you submitted transactions via an XML batch file and the
documents were not included within the batch file, then they will
need to be uploaded manually for each transaction via the policy
screen after the batch file has been imported. Please note that you
will need to upload each document one at a time if you choose the
manual option.
MISSISSIPPI DEPARTMENT OF INSURANCE INFORMATIONAL NOTICE FORM
For all personal lines placements in the surplus lines
Market, Miss. Code Ann. 83-21-23(1) requires that a
surplus lines insurance producer shall furnish to an insured at the
time of policy deliverance an information notice. Accordingly, any
insured purchasing a surplus lines policy covering Mississippi risk
is to complete this form which may be found on our website,
https://www.msla.org, under Producers then Forms. Do not send the completed document to
MSLA this will be for your records and the insured.
RETAIL INSURANCE PRODUCER
For the purposes of this Bulletin, a retail insurance producer is
defined as a duly licensed insurance producer who is NOT licensed as
a surplus lines insurance producer and who has tried unsuccessfully
to place a client’s business in the admitted market. In such cases,
the retail insurance producer would submit the client and risk to a
surplus lines insurance producer in order to place the business in
the nonadmitted market. The retail insurance producer would not deal
directly with the nonadmitted insurer.
A retail insurance producer may execute a Retail Insurance Producer
Nonadmitted Insurance Form as prescribed by the Commissioner of
Insurance.
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A retail insurance producer is to be duly licensed as an insurance
producer who has tried unsuccessfully to place a client’s business
in the admitted market.
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The retail insurance producer would submit the client and the risk
to a surplus lines insurance producer in order to place the
business in the nonadmitted market.
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The Retail form is to be completed by the retail insurance
producer when submitting business to a surplus line insurance
producer as supporting information as to the diligent search the
retail producer conducted before determining the need for
placement in the nonadmitted market.
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This form may be retained by the surplus lines insurance producer
that places the risk in the nonadmitted market in satisfaction of
the diligent search requirements mandated by Miss. Code Ann.
§83-21-19(1)(c) and §83-21-23(1).
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If used by the surplus lines insurance producer to satisfy the
diligent search requirements, this form must be attached by the
surplus lines insurance producer to the certification form
completed by the surplus lines insurance producer pursuant to MID
Bulletin 2012-4.
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The form can be found on the MSLA website at www.msla.org under
Publications.
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The retail producer must start using the new Retail Insurance
Producer Nonadmitted Insurance Form for new and renewed policies
with an effective date of 11/2016 and forward.
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The retail producer is not required to hold a surplus lines
insurance producer’s license in order to receive commission on a
surplus lines placement if the risk was procured by a surplus
lines insurance producer.
Declarations Page/Cover Notes/Binders
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Within fifteen (15) days following the end of the month in which a
policy is procured, the member shall submit copies of the
Declarations Page or Cover Note of every policy procured under his
or her license to the Mississippi Surplus Lines Association. In
the event that no Declarations Page or Cover Note is available to
the member within fifteen (15) days following the end of the month
in which the policy is procured, the member shall submit copies of
a binder or confirmation of placement of coverage to MSLA in lieu
of such Declarations Page or Cover Note. In the event that a
binder is submitted to MSLA, the member shall submit copies of the
Declarations Page or Cover Note to the Association promptly upon
receipt.
Documentation (inclusive of Layered Policies)
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Supporting documentation must accompany the policy data that is
submitted into SLIP. The Declaration Page(s) must include the
following: the policy number, name of the insured, Notice to
Policyholder, name of the surplus lines producing producer,
effective and expiration dates, premium, and policy fees.
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In the event two or more insurers participated in writing a risk,
the premium will need to be reported under the respective insurer
and documentation, such as the Schedule of Insurers; will need to
accompany the filing.
Notice to Policyholder
Each surplus lines producer writing business in the state of
Mississippi must meet the requirements of § 83-21-19 regarding
notice to policyholders.
Every insurance contract procured and delivered pursuant to Sections
83-21-19 shall have stamped upon it in bold ten-point type, and bear
the name of the producer who procured it, the following:
“NOTE: This insurance policy is issued pursuant to Mississippi law
covering surplus lines insurance. The company issuing the policy is
not licensed by the State of Mississippi, but is authorized to do
business in Mississippi as a nonadmitted company. The policy is not
protected by the Mississippi Insurance Guaranty Association in the
event of the insurer’s insolvency.”
It is the responsibility of the licensee to obtain and affix the
Notice to Policyholder legend on the document before submission to
the Association.
