Notices from the Division of Financial Regulation
December 3, 2019, January 3, 2020, and February 14, 2020 Emails to Producers
To: Producers of Non-admitted Wet Marine & Transportation Insurance
In 2019, the Oregon legislature passed House Bill 2787, which took effect on January 1, 2020. As a reminder, this bill imposes a tax of three-fourths of one percent (0.0075) of the gross premium amounts on all non-admitted Wet Marine & Transportation insurance policies that the insurance producer places with unauthorized or non-admitted insurers if the insured’s home state is Oregon.
The tax applies to policies issued or renewed on or after January 1, 2020. It is the responsibility of the insurance producer to collect, file and pay the tax within 90 days of the effective date of the policy or premium bearing endorsement. The filing and payment of the tax must be done through the Oregon Surplus Line Association — additional information is available on their website at http://www.oregonsla.org/.
The Surplus Line Association has the authority to charge a service charge for each policy or premium bearing endorsement filed. Details related to the service charge are available on their website.
Details relating to the law can be found in the text of the enrolled bill: HB 2787 Enrolled