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Montana
Surplus Lines Agents' Association |
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STAMPING FEE PAYMENT
REQUIREMENTS Invoicing: The Stamping Office creates a combination invoice/statement
each month for stamping fees due from surplus lines producers based on
surplus lines policies processed in each calendar month. On the last day of
the month, combination invoice/statements/submission is processed and then
copies are mailed to the respective surplus lines producers. Payment
terms: 1.
Payments are
due by the end of the month following the “processing month” and should not
be more than 30 days past due. Example: Invoices based on January’s
processing are due by the end of February. After 30 days a report showing
all delinquent payments is submitted to the Montana Department of
Insurance. This is done each
consecutive month until that stamping fee balance due is paid in full. (ARM 6.6.2804 (4)) 2.
Payments
should be accompanied by a remittance advice or at a minimum the surplus
lines producer name and license number. We require payments based on our
invoices; checks received in advance of an invoice or that are unidentified
are returned to the company that produced the check. The checks are applied to the most
outstanding processed item first and then to each item in order of age
(oldest to most recent). 3.
Payments
submitted must be for the full amount of an invoice for a month.
Payments for less than the amount of an individual month’s billing
(short-paid invoices) are not accepted.
Fees will be applied to each specific item outstanding. (MCA 33-2-312) We recognize that there can be errors made during
processing, either by the Stamping Office or by the surplus lines producer
submitting policies for processing. These errors may result in an invoice
being more than the expected amount. Errors discovered after a processing
month has been closed are corrected in a subsequent month. The Stamping
Office corrects errors we make and errors made by surplus lines
producers. This is done by processing
the corrected information submitted by the surplus lines producer. If the surplus lines producer short-pays an invoice because
it is an over-billing due to errors, then correcting information is processed
in a subsequent month and the surplus lines producer pays the full amount of
that subsequent invoice. Payment
Mailing Address: MSLAA |
