Things have changed a bit for the surplus lines industry since the Non-admitted and Reinsurance Reform Act, (NRRA) part of the Dodd-Frank Wall Street reform legislation, passed in 2010. The NRRA’s implementation has provided more uniformity in the regulation and …
The amount of surplus lines insurance premium written in Texas rose by 25 percent as of the end of October compared with the same period the year before, signaling a boost to companies operating in this sector. The state of …
Coming off a rough few years of recession, then a disaster prone 2011 – and then more global uncertainty in 2012 – the world and the insurance industry have a few things to look forward to in the next year. …
Eleven states that have formed a cooperative to streamline collection and allocation of surplus lines taxes are moving ahead with its organization. Mississippi Insurance Commissioner of Insurance Mike Chaney has been chosen chairman of the governing committee of the newly …
Arkansas has issued guidance for insurance companies and brokers on premium tax payments for nonadmitted, or excess and surplus, insurance. In Bulletin No. 5-2011, the Arkansas Insurance Department outlined the state’s policies with regard to the implementation of the Nonadmitted …
South Dakota has joined the Non-Admitted Insurance Multi-State Agreement (NIMA) coalition. Insurance Director Merle Scheiber signed the agreement on behalf of South Dakota, which collected nearly $29 million in excess and surplus lines premium in 2009. With the addition of …
Louisiana is now participating in an agreement designed to help states efficiently comply with the requirements of the federal surplus lines regulations that become effective later this month. Insurance Commissioner James Donelon signed the agreement on behalf of Louisiana to …
Florida, Mississippi and Hawaii have entered into an agreement that will allow them to keep millions of dollars in taxes on surplus lines insurance policies. The agreement was the result of federal legislation — the Nonadmitted and Reinsurance Reform Act …
California is expected to pass surplus lines regulations before July 21, 2011. On that date, the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA) becomes effective, and only the “insured’s home state” may tax surplus lines premium and regulate surplus …
Florida is prepared to join other states around the country in bring its surplus lines business in line with the federal Nonadmitted and Reinsurance Reform Act. Governor Rick Scott signed SB 1816 into law authorizing the Florida Office of Insurance …
