DOCUMENTATION REQUIREMENTS

The Monthly Transaction Report (MTR)

1. 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.
2. From the Reports menu option, select Transaction 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 of transactions missing documents you will select from the Reports menu option, “Transactions with missing Documents”, next provide the appropriate date period and click “Print”. Here you will see “Transactions with Missing Document(s)”. If there are no policy transactions with missing documentation please close go by to “Reports” and select Monthly Transaction Report Certification. This is the statement only. If you wish to print the Monthly Transaction Report itself you will need to select “Transactions” and follow the instructions.

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 report called "Transactions with Missing Document(s)" under the reports menu item in which you are able to view transactions missing documentation.

1. 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.
2. Proper documentation (declaration sheet and/or endorsement) must accompany each transaction that is submitted in SLIP.
3. 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.
4. 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.

Declarations Page/Cover Notes/Binders

1. 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)

1. 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.
2. 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.