Welcome to Compliance Dos & Don’ts, where experts share their licensing and compliance knowledge. Today, ILSA Surplus Lines Supervisor Sherry Groves shares her dos and don’ts for surplus lines zero reporting. Her secret for success: know the zero reporting requirements for each state where you are licensed. Requirements vary widely, as do penalties for non-compliance.
And if you only learn one thing from this podcast, let it be this: Once you’re licensed for surplus lines, you may have compliance obligations – even if you haven’t transacted business.