Bulletins

The purpose of this bulletin is to provide notification that the stamping fee charged by the North Carolina Surplus Lines Stamping Office (NCSLSO) will be decreased from 0.4% to 0.3% effective January 1, 2023.

All new and renewal policies with an effective date on or after January 1, 2023, will incur a stamping fee of 0.3% of the total gross premium. The stamping fee percentage charged on the premium is based on the effective date of the policy and is charged on all applicable North Carolina policies.

The stamping fee for all endorsements, audits, installments, cancellations or return premium transactions applicable to policies effective prior to 01/01/2023 will be the same percentage as the inception date of the policy being endorsed.

Example One: The stamping fee for a policy with an effective date of 10/01/2022 is 0.4% of the total gross premium. An additional premium endorsement to this policy with an endorsement effective date of 06/01/2023 is 0.4%. If a cancellation takes place with an effective date of 08/01/2023, the stamping fee credit is 0.4% of the returned premium.

Example Two: The stamping fee for a policy with an effective date of 01/01/2023 is 0.3% of the total gross premium. An additional premium endorsement to the policy with an endorsement effective date of 06/01/2023 is 0.3%. If a cancellation takes place with an effective date of 08/01/2023, the stamping fee credit is 0.3%.

The stamping fee percentage charged on the premium is based on the effective date of the policy.

Business rules for calculating the correct stamping fee will be programmed into the NCSLSO’s SLIP system. No changes need to be made for SLIP or XML batch filing; however, you may need to contact your agency’s information technology vendor or staff regarding needed revisions to your agency management system that may be necessary to calculate the stamping fee.

The NCSLA can be reached at 919.746.8415, or email us at [email protected] or visit our website at www.ncsla.com.