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ALLOCATION OF SURPLUS LINES AND INDEPENDENTLY PROCURED INSURANCE PREMIUM TAX ON MULTISTATE RISKS MODEL REGULATIONTable of ContentsSection 1. Purpose Section 2. Allocation of Premium Tax on MultiState
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01
To fill out allocation of surplus lines, follow these steps:
02
Begin by providing the basic information of the insured.
03
Specify the policy information, including the policy number and effective date.
04
Indicate the lines of insurance being allocated and the respective amounts.
05
Provide any additional details or comments required by the form.
06
Calculate the total allocation amount and include it in the designated section.
07
Sign and date the form, ensuring all necessary parties have done so.
08
Submit the completed allocation of surplus lines form as required.

Who needs allocation of surplus lines?

01
Allocation of surplus lines is needed by insurance companies and brokers who deal with surplus lines insurance.
02
Surplus lines insurance refers to coverage for risks that are not readily available through traditional insurance markets.
03
This type of insurance is often used for high-risk or specialized risks that standard insurance companies are unwilling or unable to cover.
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Therefore, insurance companies and brokers who operate in the surplus lines market need to fill out allocation forms to properly allocate coverage and premiums for a given policy.

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The allocation of surplus lines is the process of distributing surplus lines premiums among different states or jurisdictions based on certain criteria.
Insurance companies and brokers who participate in surplus lines transactions are required to file allocation of surplus lines.
Allocation of surplus lines can be filled out electronically through the designated platform provided by the regulatory authorities.
The purpose of allocation of surplus lines is to ensure proper distribution of surplus lines premiums to the respective states or jurisdictions where the risks are located.
Information such as the amount of surplus lines premiums, states where risks are located, and details of insurance policies must be reported on the allocation of surplus lines.
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