Friday, September 05, 2014

Illinois announces increase in stamping fee

On Wednesday, the Surplus Line Association of Illinois announced the stamping fee will increase from .1% to .2% for all policies effective January 1, 2015 and thereafter. If an endorsement is issued after January 1, 2015, the stamping fee should be calculated at the rate in effect at the inception of the policy. Therefore, for endorsements on policies issued prior to January 1, 2015, the stamping fee should be calculated at .1% but endorsements on policies issued on or after January 1, 2015, the fee should be calculated at .2%.

For additional information or questions, contact the Surplus Line Association of Illinois

Friday, August 29, 2014

Insurance Journal issues review of surplus lines tax sharing

A recent Insurance Journal article discusses the continued differences between the few states that participate in tax sharing as part of the Non-Admitted Insurance Multi-State Agreement (NIMA) versus the majority of states that retain 100% of the surplus lines taxes collected as the home state. NAPSLO’s recent analysis illustrating the insignificant financial impact, especially when compared to the burden and increased costs incurred by brokers and consumers, was highlighted in the article. NAPSLO remains hopeful that additional data from NIMA states will be made available for further analysis, but remains confident additional data will support our initial findings. 

NAPSLO continues to believe that the only viable and uniform national solution for surplus lines premium taxation is the home state approach and that all states should tax 100% of the surplus lines premium on a policy at their home state rate and retain 100% of the taxes they collect. 

Wednesday, July 30, 2014

NAPSLO internship program in the news

The NAPSLO internship program is featured in a recent story in Insurance Business America, where it is cited as an industry best. You can read the full story here.

NAPSLO summer internships are paid and awarded to college students interested in an insurance career. Interns spend nine weeks with NAPSLO member firms learning all aspects of the surplus lines insurance industry. Interns receive a competitive salary from their host firms and NAPSLO provides a stipend, covers travel, housing and various other related expenses. Interns also compete for additional internships in London and Bermuda that takes place the following summer.

The application deadline for the 2015 NAPSLO Internship Program will be October 15, 2014. A  brochure is available on-line for more information about the program.