What is the surcharge if the renewal request is made after 60 days but before 12 months after the expiration date?

The correct answer reflects the specific provisions governing the renewal of a surplus lines broker's license in Washington State. If a renewal request is submitted after 60 days but before 12 months following the expiration date, a surcharge is imposed as a penalty for the delay. According to Washington state regulations, this penalty is set at an amount equivalent to 200% of the license fee, which emphasizes the importance the state places on timely renewal applications. It acts both as a deterrent to late renewals and as a means of ensuring that brokers maintain their licensure status proactively.

This sizable surcharge underscores the regulatory framework that aims to promote compliance and timely renewal to facilitate uninterrupted service and accountability within the surplus lines market. Understanding the consequences of late renewal is crucial for brokers, as it can significantly impact their operational capabilities and financial obligations.