California Stamping Fee Increasing to 0.25% in February

The Executive Committee and the Stamping Committee approved an increase in the stamping fee from 0.225 percent to 0.250 percent, effective Feb. 1, 2010, the Surplus Line Association of California announced.

All new policies, renewal policies, and extension endorsements with an effective date on or after Feb. 1, 2010, will incur a stamping fee of 0.250 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 SLA operates as a self-governed private organization. Appointed in 1994, the Association serves as the statutory surplus line advisory organization to the California Department of Insurance (CDI) and facilitates the state´s capacity to monitor and direct surplus line brokers´ placements of insurance with eligible nonadmitted insurers.

For information on the fee change, call Joy Erven, director of the Stamping Office, at 415-434-4900, ext. 105.

Source: SLA

Topics California