NU Online News Service, Dec. 17, 3:13 p.m. EST
The National Association of Insurance Commissioners (NAIC) decided to pursue its own program for the collection of surplus lines taxes–a bare bones approach that does not tackle the issue of regulatory uniformity.
The NAIC Executive Committee and Plenary met in a telephone conference call yesterday and adopted the Nonadmitted Insurance Multistate Agreement (NIMA), its solution for the collection of surplus lines taxes mandated under the Nonadmitted and Reinsurance Reform Act (NRRA), part of the Dodd-Frank financial reform act.
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