If you Don’t Know, Now you Know: Coverage & Class Codes Edition
Here at SLTX, our Mission/ Vision is to provide our business partners with meaningful data, analysis, and educational resources to empower their decisions while leading with innovative solutions that enrich the Texas insurance and specialty marketplace.
Due to the continuous growth of the industry and marketplace, we recently analyzed the adequacy of our coverage and class codes. While we’ve provided a few changes over the years (like adding cyber), the stamping office has not conducted a complete review and update of all of our coverage and class codes for over 20 years.
Through discussions with various filers and our own research and analysis of other stamping offices and NAIC data, we concluded that our historical descriptors for modern-day insurance coverage could be improved.
Effective January 1, 2021, the Surplus Lines Stamping Office of Texas updated numerous coverage and class codes. More specifically, of the 228 active codes, 55 are new and 8 have been retired.
This change means filing agents can more accurately align their filing submission with current industry language and products (e.g. Cannabis, Professional (Medical Malpractice), Property, etc.). It also better prepares SLTX to efficiently report industry perspectives as well as track market insights when viewing data reports. Additionally, by separately capturing commercial and residential designations on the coverage code level, SLTX’s reporting on this data will be more accurate and more efficient.
We’ve worked with all automated filers to update their information prior to the date of the change and the online filers will simply have a more robust drop-down menu to choose from.
We also recognize that several filers don’t file multiple policy types – so we have provided a helpful table describing all of the coverage and class codes for each policy type that has changed. We have also provided a flowchart to enhance understanding.
Feedback from online filers has been largely supportive. As always, if there are any questions or concerns, please contact the office directly at the number below or utilize our “Submit your Questions” page on our website.