Wednesday, June 24, 2009

Montana CSI to assume stamping office functions

Effective July 1, 2009 the Montana Commissioner of Securities and Insurance will review and process surplus lines insurance submissions, determine applicable stamping fees owed, and send surplus lines agents tax and fee statements.

All of these functions were previously performed by the Montana Surplus Lines Agents Association (MSLAA).

In a letter to surplus lines agents, the department said the "decision to bring these functions under the direct control of the CSI from the MSLAA was a difficult process and was brought about by many factors, including the uncertainty of the surplus lines insurance market and proposed federal legislation."

In addition, the CSI noted that it had revised the surplus lines submission/endorsement forms for all surplus lines transactions reported after July 1, 2009. The updated surplus lines forms can be obtained at In the near future, the CSI said it would implement an electronic filing system for surplus lines submissions.

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