NY | The Excess Line Association of New York (“ELANY”) has issued Bulletin No. 2024-07.
ELANY is pleased to announce that the 2023 ELANY reports, used to complete the excess line broker Premium Tax Statement, have been posted electronically and for those brokers who have selected mail for transmittal of reports, your 2023 reports are being mailed on February 20, 2024.
The DFS portal will be updated with ELANY’s member reports on or about March 1, 2024. All licensed excess line brokers must file a tax return ELECTRONICALLY (Premium Tax Statement) on or before March 15, 2024, even if NO business was placed under that license. New York and a number of other states assess up to a $500 penalty if you fail to file. So, be sure to file tax returns in all states, which require you to do so.