Stamping Fee

Related Information

Stamping Fee Overview

 

Billing

The services performed by PSLA are funded by a processing fee (stamping fee) assessed for each filing submitted to PSLA. The stamping fee is established by the Board of Directors of PSLA on a yearly basis and approved by PID. The Surplus Lines Licensee must bill and collect the portion of the stamping fee payable by the insured and said fee should be stated on the declaration page of the policy or other evidence of coverage, as a separate item, below the surplus lines tax amount.

Stamping Fee Rules

  • The stamping fee is non-refundable. If you cancel or inactivate a placement you will not receive a credit on your statement for the cancellation. Please make sure that a placement is, in fact, a placement and not an offer or quote to provide coverage. We recommend all Surplus Lines Licensees notify the insured of this at the time of quotation or proposal.
  • Because of the tremendous volume of small premium placements, PSLA utilizes an open item accounting system. This is why an item appearing on your current statement will continue to appear on each subsequent month's statement(s) until the fee is paid.
  • PSLA's arrangement with PID is that we only earn a stamping fee when the record is entered in the database. Therefore, we ask that all Surplus Lines Licensees DO NOT PREPAY stamping fees. PSLA will send you a statement.
  • As you collect the stamping fees, hold them in escrow and remit them to PSLA as each monthly statement arrives reflecting the entered records for the period shown. This is not unlike the procedure you should be following for the 3% surplus lines premium TAX. The difference being that we are asking you to remit FEES monthly as you enter your production on-line for that month’s activity, rather than once a year as required by the Pennsylvania Department of Revenue.

Stamping Fee Schedule

Please refer to the bulletins dated 10/26/2007, 10/13/2010 and 10/14/2016 for the schedule.