Surplus Lines Association of California Increases Stamping Fee

The Surplus Lines Association of California Executive Committee and the Stamping Committee has approved an increase in the stamping free from 0.125 percent to 0.225 percent, effective Jan. 1, 2009.

All new policies, renewal policies and extension endorsements with an effective date on or after Jan. 1, 2009 will incur a stamping fee of 0.225 percent.

The stamping fee for endorsements, audits, installments or cancellations (excluding extension endorsements) will be the same percentage as the inception date of the policy/certificate being endorsed.

The services performed by the SLA are funded by the stamping fee assessed for each declaration page, covernote, or other documents bearing premium submitted to the SLA. The fee is based on a percentage of the premium charged. The stamping fee rate has varied from 1/10 of 1 percent to 5/10 of 1 percent during the past 20 years.

For information, visit http://www.sla-cal.org/broker_info/br_stamping_fees.html#newFee.

Source: SLA

Topics California Excess Surplus