Stamping Fee to Decrease on Illinois Surplus Line Policies Effective Jan. 1

The stamping fee for Illinois surplus line policies an effective date of Jan. 1, 2019, and later will drop to 0.075 percent (premium X 0.00075), rounded to the nearest whole dollar, Surplus Line Association of Illinois (SLA) reported in a bulletin.

The new rate will apply to policies effective on or after Jan. 1, 2019, and to any endorsements to those policies. For policies and endorsements effective prior to Jan. 1, 2019, the current stamping fee of 0.125 percent will apply.

Special rules for may apply for multi-year policies, renewal endorsements and policy extensions, and other stamping fee rates applicable to older policies. The stamping fee section of SLA’s website contains an online procedures manual with more information on rules and fee calculation.

The Surplus Line Association of Illinois (SLA) is an organization of approximately 2400 surplus line insurance producers who hold a special license from the Illinois Department of Insurance allowing them, under certain conditions, to procure policies from insurers that are not licensed in this state.

Created by statute in 1985, the SLA acts as a liaison between the insurance department and surplus line producers.

Source: Surplus Line Association of Illinois (SLA)

Topics Excess Surplus Illinois