|WHAT IS THE SURPLUS LINE STAMPING OFFICE?
The Surplus Line Association of Idaho was organized in 1958 and incorporated in 1972 as an Idaho non-profit association. The association exists under Insurance regulation and is independently governed by a board of directors elected by SLA Idaho membership. The SLA assists the insurance director in regulating Surplus Line insurance and encourages its members to comply with all of the provisions of Title 41, Chapter 12.
SLA Idaho is not funded from the general revenues of the State of Idaho. We are funded by a processing fee, called a "stamping fee", earned for review of Surplus Line coverages. Hence the term, STAMPING OFFICE.
The concept of stamping offices originated in California in 1939. Currently, 15 stamping offices exist across the US, which collectively account for approximately 50% of all Surplus Lines insurance written nationally.
A.M. Best concluded in a 1996 study of Surplus Lines insurer solvency, that stamping offices have proven effective in promoting "a strong working relationship between the Surplus Lines market and state regulators." In addition to Best, the National Association of Professional Surplus Lines Offices (NAPSLO) and the American Association of Managing General Agents (AMGA) support the operation of stamping offices as beneficial to industry, regulators, and insureds.
WHAT DOES THE STAMPING OFFICE DO?
The Stamping Office provides premium and tax reporting to the Idaho Department of Insurance. Our staff offers technical assistance to callers with questions regarding surplus lines insurance.
No action or inaction of this association shall relieve any member and/or broker of responsibility to comply with the law. Each member shall hold harmless the association, its board of directors, manager and employees from any liability that may arise by reason of any memberís failure to comply with any law.
Antitrust statement... The Surplus Line Association of Idaho intends to comply fully with all laws and regulations applicable to its operations. The antitrust laws aim to protect the public from agreements between competitors that affect the price or distribution of products, while promoting fair and vigorous competition in the marketplace. Each Idaho member is solely responsible for their own compliance with these guidelines and with federal and state antitrust laws.