Premium Reconciliation

Premium Reconciliation is a module in the RAPID (Regulatory Administration Platform for Insurance Data) system designed for regulators and stamping offices. The program compares data submitted by surplus lines agents and independently procured coverage (IPC) filers with the data being submitted by surplus lines insurers. The Premium Reconciliation program helps uncover variances in reported premium to verify that all taxes, service fees, and assessments are paid correctly.

Since its inception in 2000, the Premium Reconciliation program has recovered more than one billion dollars in unreported premium and $40 million in unpaid taxes, fees and assessments.