FSLSO Board of Governors Meeting: September 25

On Thursday, September 25, 2008, the Florida Surplus Lines Service Office (“FSLSO”) Board of Governors (“Board”) met to discuss and approve the 2009 Proposed Budget (“Budget”).

FSLSO Executive Director Gary Pullen reviewed Budget items. To view a copy of his presentation, click here. Budget-related points include:

• There is no direct correlation between premiums, revenues, and the budget.
• Results from a 2008 employee survey indicate that all employees are satisfied or very satisfied with their jobs and working environment.
• FSLSO Budget projections have improved with experience.
• The number of FSLSO-licensed agents has increased by 44 percent since 2005.
• The number of policies submitted for review has increased 17 percent since 2002, while the staff level has remained unchanged.
• Institutes of a Public Character tax filings have increased 325 percent since 2002.
• The Variance Analysis Program has generated an average of $1.4 million annually in additional tax revenue since 2003.
• The Compliance Review Program has generated $160,000 annually in additional tax revenue since 2003.
• The FSLSO also will begin collecting excess assessment payments from Citizens Property Insurance Corporation.

To view a copy of the Budget, click here.

The Board unanimously approved the Budget with little discussion.

Should you have any questions or comments, please do not hesitate to contact Colodny Fass.

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