Minnesota Changes Surplus Lines Stamping Fee

The Minnesota Department of Commerce announced that a stamping fee of 0.0008 on all premium bearing surplus line placements made on or after Jan. 1, 2011 will need to be paid by the insured to the surplus lines licensee.

Any surplus lines licensee is required to electronically submit every insurance policy or contract issued under the licensee’s license to the Surplus Lines Association of Minnesota for recording and stamping. Stamping fees are to be reported and can be paid semi-annually.

Fore more information, visit www.mnsla.com.