Commissioner Approves Increase in Stamping Fee – Effective 01-01-2016

On September 8, 2015, the Commissioner signed the order for the rate to be increased to .15% (.0015) from .06% (.0006), effective January 1, 2016.

The increased stamping fee rate will apply to each new or renewal surplus lines policy with an effective date on or after January 1, 2016. The new rate will also apply to policy date extensions if effective on or after this date. Policies effective on or before December 31, 2015 will run to expiration, cancellation, or next annual anniversary date (for multi-year policies) at the old rate of .06%. This includes any subsequent endorsements, audits, cancellations, reinstatements, installments, and monthly or quarterly reports.

In June 2015 the Board of Directors of the Surplus Lines Stamping Office of Texas approved a resolution recommending to the Commissioner of Insurance an increase in the stamping fee rate charged on gross premium of Texas surplus lines policies. Notice of this request was published in the Texas Register on July 31, 2015.