Automated Filing System Saves Time for Surplus Lines Brokers

Surplus lines brokers in California now have the opportunity to ensure timely and accurate payment of surplus line taxes without needing to reconcile data and prepare reports. Los Angeles-based E.L.M. Insurance Brokers Inc.’s automated California Surplus Lines Filing System©, eliminates the days, even weeks that brokers spend preparing surplus lines filings, as well as monthly tax payments and the annual tax return.

The system tracks placements and identifies those not yet filed. It also tracks taxable fees, ensures timely filing of payments that can be made to the penny, eliminates late filing fees, and reduces the risk of duplication of tax and/or fee liability. Surplus lines tax monthly coupons and annual tax returns are produced with a push of a button. The system has built-in levels of security.

“This filing system is so fast, so efficient that if you spend more than five minutes doing your surplus lines tax return, you’ve spent too much time,” said Fred Fisher, president of E.L.M. Insurance Brokers. “The system prints out information for fast, accurate filings and reporting even when you are not the filing broker without affecting Tax Liabilities when you are.”

The system quickly generates the following reports:

· SL-1 and SL-2.
· Batch cover sheets.
· Master monthly batch report, including report for items not yet filed.
· Monthly reconciliation premium report by company, including Lloyd’s syndicates.
· Monthly tax voucher.
· Monthly tax report listing all premium written with the amount of tax due and paid, including the electronic funds transfer receipt number.
· A Complete ready-for-signature Tax Return with all required pages INCLUDING premiums by Lloyds Syndicate

Brokers can cross-reference their surplus lines placements against their agency management system reports and match which premiums have and haven’t been recorded to date.

The system is built in Microsoft® Access XP© and compiled in runtime mode. The hardware/software requirements are as follows: server — any Microsoft server version and/or Linux-based file server for main database storage; computer — Pentium II’s or higher, minimum of 128 RAM; and operating system — Microsoft® Windows® 98 SE or higher.

Available on CD, the system sells in five, 10, 20 and unlimited user licenses. Prices start at $2,490 and depend on user licensing requirements.

For more information, contact Fred Fisher at E.L.M. Insurance Brokers Inc., (310) 665-1106, via fax at (310) 665-1116, or through E.L.M.’s Web site, www.e-o.com.

Topics Agencies Excess Surplus