The stamping fee for recording surplus lines insurance policies in Texas will drop from the current rate of 0.15% of gross premium to 0.075% in January. The request by the Surplus Lines Stamping Office of Texas (SLTX) to lower the rate has been approved by Texas Department of Insurance Commissioner Kent Sullivan.
The fee reduction aligns with the recommendation submitted to the commissioner by the SLTX Board on June 25, 2020. The new fee will become effective Jan. 1, 2021.
The new stamping fee rate will apply to each new or renewal surplus lines policy with an effective date on or after Jan. 1. The new rate will also apply to policy date extensions if effective on or after this date.
Policies effective on or before Dec. 31, 2020, will run to expiration, cancellation, or next annual anniversary date (for multi-year policies) at the old rate of .15%. This includes any subsequent endorsements, audits, cancellations, reinstatements, installments, and monthly or quarterly reports.
Source: SLTX
Topics Texas Excess Surplus
Was this article valuable?
Here are more articles you may enjoy.
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
Experian Launches Insurance Marketplace App on ChatGPT 
Jury Finds Johnson & Johnson Liable for Cancer in Latest Talc Trial 
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
