Is there an annual registration requirement for surplus lines insurers in Florida?

In Florida, surplus lines insurers are required to register annually. This requirement is part of the regulatory framework set to ensure that these insurers are continually compliant with the state's laws and are financially solvent to protect consumers and insured individuals adequately. Annual registration allows the Florida Department of Financial Services to monitor the activities and financial status of these insurers closely, ensuring they meet the necessary standards to operate within the state.

Consistent annual registration also helps to maintain a clear and updated list of all active surplus lines insurers in Florida, providing critical information to both consumers and agents involved in the surplus lines market. This oversight is pivotal due to the unique risks that surplus lines insurers often cover, which are not typically addressed by standard market insurance companies.

Other options do not align with the established regulations: registration every two years does not meet the current requirement, revenue thresholds do not exempt insurers from this obligation, and registration being optional contradicts the necessary compliance framework for operating as a surplus lines insurer in Florida.