Section VI - FEES
The services performed by the Association shall be funded by a stamping fee assessed for each Declaration Page, Cover Note or other premium bearing document submitted to the Association. The stamping fee shall be established by the Board of Directors of the Association from time to time and shall be subject to approval by the Superintendent. The stamping fee shall be paid by the excess line licensee. The licensee, however, is allowed to receive and collect from the insured the stamping fee if the licensee obtains a written memorandum, signed by the insured, specifying the amount and the insureds agreement to pay the stamping fee. (See Table of Stamping Fees)
The Association will bill the members on a monthly basis for business processed the preceding month. The stamping fee will be due and payable on or before the last day of the following month. For example, documents processed in July will be billed in August, usually between the 15th and the 20th and the stamping fees will be due and payable by September 30.
Return premiums, taxes and fees should be handled in exactly the same manner. In the event your monthly Association stamping fee is a negative figure, it will be credited to your account or will be returned by the Association upon request.
Any member who is more than thirty (30) days delinquent in the payment of such fees is subject to late charges and may be reported to the Superintendent of Financial Services; provided, however, that any delinquency of more than sixty (60) days shall be reported to the Superintendent of Financial Services.
a) .4% or (.004) of New York Excess Line Premium (For Policies Incepting before 7/1/04) b) .3% or (.003) of New York Excess Line Premium (For Policies Incepting on or after 7/1/04 and before 7/1/05)
c) .2% or (.002) of New York Excess Line Premium (For Policies Incepting on or after 7/1/05)
d) .18% or (.0018) of New York Excess Line Premium (For Policies Incepting on or after 7/1/15)
e) .17% or (.0017) of New York Excess Line Premium (For Policies Incepting on or after 1/1/17) f) $25 for each item submitted more than 45 days after inception date g) $25 for each item suspended and returned to the member
1) Unauthorized insurers seeking eligibility to write New York excess line business may be charged a $1,000 application review fee. 2)
Unauthorized insurers may be charged $100 annually as an annual eligibility review fee.
Last Reviewed/Updated 10/1/2016