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FAQ - Stamping Fee
Q. What is the current stamping fee rate and when did it go into effect?A. The current stamping fee rate is 0.250%, effective 02/01/2010. see bulletin # 1194 for details. 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. |
