FAQ - Stamping Fee

What is the current stamping fee rate and when did it go into effect?
When should a surplus line broker pay stamping fees due?
Is it acceptable for a broker to submit stamping fee payments with the filings instead of waiting for the invoice from the SLA?
How should a broker handle an error or discrepancy on their billing statement?
If the monthly billing statement is incorrect, how will the correction be shown?
Is it acceptable for a broker to submit one stamping fee check for multiple locations under one surplus line license?

Q. What is the current stamping fee rate and when did it go into effect?

A. The current stamping fee rate is 0.125%, effective 01/01/2007. The previous stamping fee rate was 0.175%, effective 01/01/2006 through 12/31/2006.

Q. When should a surplus line broker pay stamping fees due?

A. Stamping fees due should be paid immediately by the surplus line broker upon receipt of the invoice.

Q. Is it acceptable for a broker to submit stamping fee payments with the filings instead of waiting for the invoice from the SLA?

A. It is not acceptable for a broker to submit stamping fee payments with the filings. Stamping fee payments must be submitted with the invoice. A broker is not billed for filings received until they are actually processed by the SLA.

Q. How should a broker handle an error or discrepancy on their billing statement?

A. A broker should advice the SLA in writing of an error on their billing statement and submit a copy of the section of the statement where the error occurred.

Q. If the monthly billing statement is incorrect, how will the correction be shown?

A. A correction or adjustment to a billing statement will be included in the month the correction was made. It will not be reflected in the month the error occurred.

Q. Is it acceptable for a broker to submit one stamping fee check for multiple locations under one surplus line license?

A. One stamping fee check can be submitted for multiple locations under one surplus line license; however the broker should list the payment amount that applies to each location.