Bulletin #46: Stamping Fee Rate Reduction
General Bulletin #46
Illinois Stamping Fee Decrease Effective January 1, 2018
For Illinois surplus line policies effective January 1, 2018
and later, the stamping fee will be 0.125% (premium X 0.00125),
rounded to the nearest whole dollar.
This rate will apply to policies effective on or after January 1, 2018 and to any endorsements to those policies.
For policies effective prior to January 1, 2018 (and any endorsements to such policies) the current stamping fee of 0.2% will apply - regardless of when they are filed.
As with the taxes, in Illinois the stamping fee is always rounded to the nearest whole dollar.
For assistance in calculating the stamping fee, see our online procedures manual, or our online calculator.
We are giving Illinois surplus line producers this notice 45 in advance so there is plenty of time to do any necessary programming or other adjustments to your system, and to quote new business at the proper rate. We will send another reminder as the cutover date approaches.
There are other stamping fee rates applicable to older policies (issued prior to 1/1/2015) and they can be found in our online procedures manual.
Please feel free to contact our office with any questions regarding this bulletin.
14-Nov-2017
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