The Florida Surplus Lines Service Office Board of Governors opposes the federal Non-Admitted and Reinsurance Reform Act of 2007, which would regulate the placement and taxation of multi-state surplus lines policies. As an alternative, the Board supports a voluntary, state-based solution for providing one set of rules governing taxation of multi-state placements, a uniform tax allocation formula for apportioning taxes, and a single reporting platform or system for submitting tax filings.

Why? The adoption of federal legislation will set a precedent for regulating surplus lines insurance and eliminate the opportunity for states to establish regulatory standards to reflect unique market conditions and provide the consumer protections that state policymakers believe are important for their constituents. In addition, this federal proposal limits the state's taxing authority by limiting its ability to collect the premium receipt tax and related surplus lines policy information.

Legislative Provisions And Objections

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.