News from the Surplus Lines Industry and InsCipher
The New York State Department of Financial Services has announced that it will grant 30-day penalty waivers for the surplus lines annual tax filing.
Excess line brokers are required to pay taxes on all business they procure and electronically file an annual premium tax statement by March 15 of each year.
In accordance with Insurance Law Section 9109{b), the Superintendent may waive penalties for excusable delays in required filings. In recognition of questions some brokers have in connection with accessing DFS ID - the Department's new single-sign-on system - the Superintendent has waived penalties related to the delay of excess line broker tax filings through April 14, 2026.
Brokers seeking assistance with DFS ID, including step-by-step user guides, instructional videos, FAQs, and a Help Form, should visit www.dfs.ny.gov/DFSID.