STAMPING FEE REDUCTION
And That’s A Win
Effective January 1, 2023, the stamping fee for surplus line insurance policies in California decreased from 0.25% to 0.18%, a significant reduction of 28%. The SLA Board of Directors unanimously agreed to reduce the stamping fee during a period of historic inflation in the United States—underscoring the organization’s prudent financial management.
Paid directly by the insured, the stamping fee is the revenue mechanism which enables the SLA to fulfill the duties delegated to it by the California Department of Insurance.
During a challenging economic period, the SLA was able to offer relief to consumers thanks to the significant operational efficiencies and reinforced reserves achieved through the execution of a multi-year innovation plan. And that’s a win!
Iona Vinson, Admin Operations Coordinator, volunteered to be the face of the stamping fee reduction awareness campaign.
AND THAT’S A WIN
Effective January 1, 2023, the stamping fee for surplus line insurance policies in California decreased from 0.25% to 0.18%, a significant reduction of 28%. The SLA Board of Directors unanimously agreed to reduce the stamping fee during a period of historic inflation in the United States—underscoring the organization’s prudent financial management.
Paid directly by the insured, the stamping fee is the revenue mechanism which enables the SLA to fulfill the duties delegated to it by the California Department of Insurance.
During a challenging economic period, the SLA was able to offer relief to consumers thanks to the significant operational efficiencies and reinforced reserves achieved through the execution of a multi-year innovation plan. And that’s a win!
