Wisconsin Passes NRRA-Related Surplus-Lines Legislation

NU Online News Service, April 16, 2:04 p.m. EST

Wisconsin, which did not take action on implementing the federal Nonadmitted and Reinsurance Reform Act last year, has now passed such legislation, a National Association of Professional Surplus Lines Offices bulletin states.

Wisconsin’s governor signed SB 378 on April 6, which incorporates home-state regulation provisions consistent with the NRRA, NAPSLO says.

NAPSLO notes that the bill does not authorize tax sharing with other states, “instead requiring taxing the gross premium when Wisconsin is the home state of the insured.”

While the bill does not commit Wisconsin to either of the rival tax-sharing mechanisms—SLIMPACT or NIMA—it does include NIMA definitions for “principal residence”—if 100 percent of the risk is outside of the state then the home state is the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated—and for “principal place of business”—insured maintains its headquarters and where the insured's high level officers direct, control and coordinate business activities.

Comments

Resource Center

View All »

Is It Time To Step Up And Own An Agency?

Download this eBook for insight on how to determine if owning an agency is right...

Claims - The Good The Bad And The Ugly

Fraudulent claims cost the industry and the public thousands of dollars in losses. This article...

Leveraging BI for Improved Claims Performance and Results

If claims organizations do not avail themselves of the latest business intelligence (BI) tools, they...

Top 10 Legal Requirements for E-Signatures in Insurance

Want to make sure you’ve covered all your bases when adopting e-signatures? Learn how to...

Get $100 in leads with $0 down!

NetQuote's detailed, real-time leads have boosted sales for thousands of successful local agents across the...

The Growing Role of Excess & Surplus Lines in Today’s...

The excess and surplus market (E&S) provides coverage when standard insurance carriers cannot or will...

Increase Sales Conversion with this Complimentary White Paper

This whitepaper will share proven techniques - used by many of the industry's top producers...

D&O Policy Definitions: Don't Overlook These Critical Terms

Unlike other forms of insurance where standard policy language prevails, with D&O policies, even seemingly...

Environmental Risk: Lessons Learned from Willy Wonka and the Chocolate...

Whether it’s a chocolate factory or an industrial wastewater treatment facility, cleanup and impacts to...

More Data, Earlier: The Value of Incorporating Data and Analytics...

Incorporating more data earlier in claims lifecycles can help you reduce severity payments by 25%*...

Looking for Markets?

Search Kirschner’s Insurance Directory to help service your hard to place risks.

497 Risk Categories | 70,000 P&C Insurance Markets

kirschners
Specialty Markets Insight eNewsletter

Receive updates and analyses on hard to place and challenging coverages. Sign Up Now!

Advertisement. Closing in 15 seconds.