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

Wisconsin, which did not take action on implementing the federalNonadmitted and Reinsurance Reform Act last year, has now passedsuch legislation, a National Association of Professional SurplusLines Offices bulletin states.

Wisconsin's governor signed SB 378 on April 6, whichincorporates home-state regulation provisions consistent with theNRRA, NAPSLO says.

NAPSLO notes that the bill does not authorize tax sharing withother states, "instead requiring taxing the gross premium whenWisconsin is the home state of the insured."

While the bill does not commit Wisconsin to either of the rivaltax-sharing mechanisms—SLIMPACT or NIMA—it does include NIMAdefinitions for "principal residence"—if 100 percent of the risk isoutside of the state then the home state is the state to which thegreatest percentage of the insured's taxable premium for thatinsurance contract is allocated—and for "principal place ofbusiness"—insured maintains its headquarters and where theinsured's high level officers direct, control and coordinatebusiness activities.