North Carolina Surplus Lines Stamping Office
The North Carolina Surplus Lines Stamping Office (Stamping Office) was created for the purpose of processing surplus lines premium tax transactions for all surplus lines licensees (resident and nonresident) for the State of North Carolina. The Stamping Office serves as the designee of the Insurance Commissioner (the “Commissioner”) for receiving, reviewing, and recording documents that surplus lines licensees are required by law to file with the Commissioner. The Stamping Office shall collect information from surplus lines licensees on every non-admitted insurance contract that is issued in which North Carolina is the “home state:”
The Stamping Office promotes and permits the orderly and fair access to surplus lines insurance markets for policyholders in North Carolina by facilitating and encouraging the compliance of surplus lines licensees with applicable laws, rules, and regulations. It disseminates to surplus lines licensees information related to new electronic filing procedures, coverage modifications and changes that impact tax status. The Stamping Office provides a source of advice and counsel for the benefits of consumers, surplus lines agents, insurers and government agencies related to the operation of the surplus lines insurance market.
Duties & Programs
Surplus Lines Policy Filing
The NC Stamping Office uses a Web-based application called the Surplus Lines Information Portal (SLIP) that allows licensees to electronically submit their policy information. Through SLIP, brokers have several efficient and secure methods to submit their policies online, which can help cut down on errors.
Premium Tax
As part of the electronic filing service, the Stamping Office monitors all surplus lines taxes in order to promote a level playing field and to protect the state’s premium tax revenue. It will prepare and deliver quarterly to the NCDOI a report that includes the total of surplus lines premiums written and the taxes collected during that quarter.
Premium Reconciliation
The North Carolina Surplus Lines Stamping Office (NCSLSO), on behalf of the North Carolina Department of Insurance (NCDOI), reconcile policies written and premiums collected by eligible non-admitted insurers with policies and premiums reported by licensed resident and non-resident surplus lines agents. Premium Reconciliation is used to ensure that all taxes and revenues have been submitted in accordance with North Carolina insurance statutes.