What is the fine associated with filing incorrect premium declarations?

The fine associated with filing incorrect premium declarations is set at $500. This applies when brokers fail to provide accurate information regarding the premiums they are declaring. This is an important aspect of compliance within the surplus lines market, as accurate premium reporting is essential for regulatory oversight and ensuring that the proper surplus lines taxes are collected and reported. Maintaining transparent and correct records helps promote fairness and accountability in the insurance industry. Understanding these regulations is critical for brokers to avoid penalties that could affect their business operations and relationships with insurers and clients.