Bulletin #42: Stamping Fee Change
General Bulletin #42
Illinois Stamping Fee Increase Effective January 1, 2015
For Illinois surplus line policies effective January 1, 2015 and later, the stamping fee will be 0.2% (two tenths of one percent) rounded to the nearest whole dollar.
This rate will apply to policies effective on or after January 1, 2015 and to any endorsements to those policies.
For policies effective prior to January 1, 2015 (and any endorsements to such policies) the current stamping fee of 0.1% 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.
We are giving Illinois surplus line producers this notice four months in advance so there is plenty of time to do any necessary programming or other adjustments to your system. We will send a reminder as the cutover date approaches.
There are other stamping fee rates applicable to older policies (issued prior to 7/1/06) and they can be found in our online procedures manual.
Please feel free to contact our office with any questions regarding this bulletin.