Effective immediately, the District of Columbia Department of Insurance, Securities and Banking (known as the DISB), has streamlined the surplus lines premium tax reporting process.  The official code requires surplus lines producers to file an affidavit covering transactions for the previous calendar month on or before the 10th of each month.  The new reporting process is outlined below:

  1. No premium tax filing is required for the months in which there were no transactions
  2. All premium taxes collected by surplus lines producers must be reported and forwarded to the commissioner semi-annually on or before February 1 and August 1 of each year, for policies procured during the immediate preceding six-month period ending on December 31 and June 30 respectively
  3. The DISB may impose a penalty or take other regulatory action against a surplus lines producer for failure to remit an affidavit within 30 days of a previous calendar month in which the reported transaction took place.

See Bulletin 10-1B-01-03/16 or go to www.disb.dc.gov.