Tara Mitchell and Norma Essary are from the Surplus Lines Stamping Office of Texas (SLTX). Norma is the Executive Director and her task is to provide the oversight of the organization. She has been working with SLTX for just over a year, but she brings with her over 25 years of insurance and risk management experience.
Tara Mitchell is the IT Director and while she’s only been with the company for 10 months, she once worked from the Department of Insurance as a project manager and financial examiner. Her role is to look at the current technology of the company and innovate it in such a way that it would improve their internal processes.
This episode is brought to you by:
Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.
In this episode, Tara and Norma share their wisdom with regard to some of the terms used in surplus lines. They also provide examples of scenarios where clients and agents run into problems and issues regarding filing and various transactions.
What you’ll learn:
- Common issues among late filers.
- What people need to know about coverage and class.
- Why it is difficult to evaluate eligible surplus lines policy.
- What people need to know about diligent effort.
- What are exempt commercial purchasers?
- What people need to know when it comes to transaction types.
- When it comes to compliance, sometimes it’s just having that basic knowledge between what is a policy and what is a binder.
- Late filings are subject to penalties, consent orders, or other remedies.