NU Online News Service, April 4, 2:55 p.m. EDT
In the wake of New York's decision not to join a nationwide compact on sharing of surplus-lines taxes, industry officials believe such compacts may be doomed.
Richard Bouhan, executive director of the National Association of Professional Surplus Lines Offices Ltd., voices such concern after the New York State Legislature passed legislation to bring state laws into compliance with the Nonadmitted and Reinsurance Reform Act passed by Congress last July. The New York legislation removed provisions that would have authorized the state to join a tax compact.
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