IDAHO STAMPING FEE INCREASE 1/1/2016

The stamping fee for Idaho policies is scheduled to increase from .25% to .50%.  All policies with an effective date on or after January 1, 2016 will be subject to the new rate. Endorsements and audits will be subject to stamping fee based on inception date of policy.

*** Please note – When reporting endorsements please make sure to put the effective date of the original policy, not the endorsement effective date on the transmittal page so the tax amount reflects the correct tax amount.

ILLINOIS STAMPING FEE INCREASE EFFECTIVE 1/1/2015

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.

 

DELAWARE TAX RATE INCREASE

RE:  Delaware Surplus Lines Tax Rate Change

Effective July 30, 2014, the state of Delaware passed legislation to increase the tax payable on surplus lines premiums from 2% to 3%.  This rate change applies to Delaware home state policies, to see the entire bulletin released by the Delaware Department of Insurance see below:

http://www.delawareinsurance.gov/departments/documents/bulletins/linesbull14.pdf

 

NEW FILING FEE **WA STATE ONLY

Attn Brokers:

Due to the recent change in Washington state surplus lines tax filing law WAC 284-15-015, Island Financial Insurance Associates, Inc. would like to extend a consideration and will be reducing its filing fees to $75 minimum for all Washington state courtesy surplus lines tax filings.

We appreciate your business, if you have any further questions regarding this email or the new law, please let us know.

Best regards,

Gary Galeotti/President

Island Financial Insurance Associates, Inc.

https://www.ifia-inc.com/contact-us/

MICHIGAN TAX FILING FEE UPDATE

*****Pursuant to Section 500.1915 of the Michigan Insurance Code, Michigan has specific statutory requirements regarding charging the insured a fee. The retail producer, cannot charge any fees – only a Surplus Lines agent may charge a fee.

WA STATE SURPLUS LINES NEW FILING LAW EFFECTIVE 7.1.14 – FOR WA FILINGS ONLY

FOR WA STATE FILINGS ONLY ~

Attention Agents, Brokers and Program Administrators

As you are aware from prior bulletins, true courtesy filings (where no Washington licensed surplus line broker is actually involved in the procurement of coverage and a filing is being made after the fact) will no longer be allowed as of July 1, 2014.

Courtesy filings will still be allowed (meaning the filing of policies for another licensed person) as long as coverage was procured by a Washington licensed resident or non-resident surplus line broker. It will be the responsibility of the filing broker to have documentation showing a Washington licensed resident or non-resident surplus line broker was involved in the procurement of coverage.

This rule change is effective July 1, 2014. This allows time for persons writing surplus lines coverage’s in Washington to obtain either their resident or nonresident surplus line licenses. Nonresident licensing of surplus line brokers is a simple process and a test is required for residents.

Please let me know if you have any further questions.

Best regards,

Gary Galeotti

President ~ Island Financial Insurance Associates Inc.

www.ifia-inc.com

RETURN ENDORSEMENTS

Please note, all return endorsements can be emailed to our office, vs mailing via postal service since no payment is required from us. Please include transmittal and declaration page with your return endorsement. This will allow us to process these more quickly and efficiently and save you time in the process.

RECENT CHANGES – UPDATES

Now that spring is here, I hope everyone is enjoying the change in weather!

Here at Island Financial Insurance Associates, we have a few changes ourselves.

First and foremost, we would like to welcome to you our new Surplus Lines Filing Manager/Specialist, Julia Pitt! She brings with her years of wonderful customer service experience, and can help assist you with any of your surplus lines filing questions/needs.

We also would like to let you know that effective 5/30/13 we now can file in Arkansas!

Thank you for all your business and continued support for making Island Financial Insurance Associates your #1 surplus lines filing provider!

Gary Galeotti

President