ELANY Raises Excess Line Policy Stamping Fee
The Excess Line Association of New York (ELANY) has announced an increase in the fee it charges for stamping policy documents. The 0.17% of New York excess line premium fee will apply to all policies with inception dates on and after January 1, 2027.
ELANY is a nonprofit insurance industry advisory association created by the New York State Legislature in 1988. It facilitates and encourages compliance with state insurance laws regarding policies issued on an excess line basis (that is, policies issued by insurers who do not hold New York licenses.)
State law requires licensed excess line brokers to submit policy declarations pages or cover notes to ELANY for recording and stamping within 45 days after they have procured the policies. In addition, it prohibits both excess line and producing brokers from delivering unstamped declarations pages or cover notes to the insureds.
ELANY charges the stamping fee to fund the services it provides. The fee applies as a percentage of excess line premium, which includes policy and inspection fees imposed by the insurance carrier but not those imposed by the excess line or producing brokers. Over the last 22 years, the stamping fee has ranged from a high of 0.40% to a low of 0.15%, its current level.
The higher fee applies to premium-bearing endorsements to policies with inception dates on and after January 1, 2027. Endorsements to policies with inception dates between Jan. 1, 2023 and Dec. 31, 2026 are subject to the lower 0.15% rate.
More information about excess line insurance is available on the Excess & Surplus Lines page in the Answer Center of this website.
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