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Florida’s legislative session has brought a barrage of bills that include serious reform and change for much of Florida’s insurance industry. Clipping closely at the heels of the 2011 session is the deadline for the Non-Admitted and Reinsurance Reform Act (NRRA), which brings change for Florida’s surplus lines marketplace with regard to tax allocation, surplus lines insurer eligibility requirements, and more.  

The NRRA was signed into law by President Barack Obama on July 21, 2010, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill, which includes language to standardize the reporting, allocation and payment of non-admitted insurance premium tax on multi-state risks, is set to take effect July 21. 

The NRRA grants the insured’s home state exclusive authority to regulate and tax surplus lines insurance that includes multi-jurisdictional boundaries. Additionally, the NRRA bill provides states the ability to enter into an agreement to collect and share premium taxes for these multi-state risks.

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