NU Online News Service
ORLANDO, Fla.--Regulators' proposed solution to the allocation of surplus lines taxes met industry opposition as regulators worked on a proposal to present to state legislators by the beginning of the year.
Critics do not believe the proposal will achieve what Congress intended when it passed the Nonadmitted and Reinsurance Reform Act (NRRA) as part of financial reform under the Dodd-Frank Act.
Meeting last week, Louisiana Insurance Commissioner James J. Donelon, chair of the National Association of Insurance Commissioners' (NAIC) Surplus Lines Implementation Task Force, underscored the importance of the group's work and the need to complete a plan soon to allocate surplus lines taxes. He said that legislators will need the model proposal in place to present to their legislative bodies as sessions begin next year.
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