New York Reminds Excess Line Brokers of Mandatory 2025 Premium Tax Filings

The New York excess lines market is approaching a critical compliance deadline. Licensed excess line brokers must submit their 2025 Premium Tax Statement electronically by March 16, 2026, regardless of whether any business was placed during the year. Recent guidance reinforces that zero-activity brokers are not exempt, and that incomplete filings, suspense items, or late submissions may result in financial penalties. This update highlights key filing requirements, important system availability dates, and best practices to ensure timely and accurate compliance. 

 

All Excess Line Brokers Must File—No Exceptions

New York requires all licensed excess line brokers to submit an annual Premium Tax Statement for the 2025 reporting year. This requirement applies even if a broker placed no excess line of business during the year. Brokers with no reportable premium must still submit a “zero” tax return electronically through the Department of Financial Services (DFS) portal. 

Failure to file, regardless of business activity, can result in penalties of up to $500, a consequence that several other states also enforce. Brokers operating in multiple jurisdictions should confirm filing obligations across all applicable states to avoid unnecessary compliance exposure.

Handling Suspense Items and Unfiled Transactions

Brokers should pay close attention to items currently held in suspense or transactions that were not successfully filed during the 2025 calendar year. Any suspense items not resubmitted for stamping by February 17, 2026, must be manually included in the appropriate section of the Premium Tax Statement. 

Similarly, any excess line transactions from 2025 that were not filed by this same date must also be reported manually. This makes early reconciliation essential. Reviewing monthly reports and comparing them against internal books and records now can help reduce last-minute corrections and filing errors. 

Electronic Filing Through the DFS Portal

New York requires all excess line premium tax filings to be completed electronically through the DFS Portal. Brokers must either log in to an existing account or create one prior to filing. Paper submissions are not accepted. 

The DFS electronic filing system for 2025 Premium Tax Statements is expected to be available around March 3, 2026, allowing brokers a short window to complete and submit filings before the March 16 deadline. Brokers with premium reports should plan accordingly to avoid system congestion or delays.

Preparation and Educational Resources

To assist brokers with the filing process, educational resources are available outlining how to prepare and submit excess line premium tax statements. Reviewing filing instructions ahead of time can help ensure accuracy, particularly for firms managing complex books or multi-state operations. 

Taking proactive steps, such as confirming portal access, reconciling suspense items, and validating transaction data, can significantly reduce compliance risk and administrative burden during filing season. 

Conclusion / Summary

The 2025 Premium Tax Statement filing deadline is a key compliance obligation for New York to excess line brokers. With no exemptions for zero-activity licenses and penalties for non-compliance, early preparation is essential. Brokers should confirm all transactions are properly accounted for, address suspense items before mid-February, and ensure access to the DFS portal ahead of system availability. Staying organized now can help avoid penalties and last-minute filing challenges.