Minnesota to Reduce Stamping Fee on Jan. 1

The stamping fee in Minnesota will decline from 0.25% to 0.08% effective January 1, 2011, according to a recent bulletin issued by the state.

Stamping fees in Minnesota are to be reported and payable semi-annually in August and February using a Stamping Fee Form found on the Association’s website (http://www.mnsla.com) under Documents, then selecting Resources.

In Minnesota a surplus lines licensee is required to electronically submit every insurance policy or contract issued under the licensee’s license to the state SLA for recording and stamping.