On July 6, 2022, the SLA issued Bulletin 1429 announcing a change in the stamping fee rate. Below is a guide to help determine which stamping fee will be applied based on the effective date and transaction type beginning October 1, 2022
NEW AND RENEWAL BUSINESS
All new and renewal policies with an effective date on or after January 1, 2023 will be assessed at the new stamping fee of 0.18%.
ENDORSEMENTS
Endorsements, installments, cancellations, certificates, and audits will incur the stamping fee that was in effect at the inception of the policy. The stamping fee for extensions will be determined by the extension endorsement effective date.
NON-EXPIRING POLICIES
Endorsements and/or certificates with an effective date of January 1, 2023 that belong to an open-ended policy will incur the new stamping fee rate of 0.18%.
The following table illustrates how stamping fees will be applied in each scenario.
STAMPING FEE CHANGE EFFECTIVE JANUARY 1, 2023
*Please note that the stamping fee applied for endorsements /certificates belonging to an open-ended policy will be based on the endorsement/certificate effective date. Should you have any questions regarding the handling of stamping fees for open-ended policies, please contact the Data Analysis Department at 415-434-4900
| Transaction Type |
Effective Date |
Calculated Stamping Fee |
| New |
January 1, 2023 or later |
0.18% |
| Renewal |
January 1, 2023 or later |
0.18% |
| Extension |
January 1, 2023 or later |
0.18% |
| *Master Policy Certificates |
January 1, 2023 or later |
0.18% |
| *Endorsement/Installment |
|
based on rate at the inception of the policy |
| Cancellation |
|
based on rate at the inception of the policy |
| Audit |
|
based on rate at the inception of the policy |