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The Surplus Lines Association of California has voted to adjust the stamping fee to 0.25%, effective Jan. 21, 2020, the first increase in seven years, the San Ramon-based organization said Tuesday.
The 0.2% stamping fee, which started Dec. 1, 2012, was the longest recorded time the SLA has gone without changing the stamping fee, the association said.
The SLA’s statement said aside from modest returns on conservative investments, the stamping fee is the association’s sole source of revenue.
The Texas Stamping Office is increasing its surplus lines policy fee rate to 0.15% from 0.06%, effective at the beginning of 2016.