As of July 21, per the Nonadmitted and Reinsurance Reform Act (NRRA), insurance brokers and agents will be required to remit premium taxes only to the home state of the insured.
But with less than two months to go before NRRA becomes the law of the land, clarity and uniformity in regulation of the nonadmitted or surplus-lines industry seems as distant as it was before the landmark reform-and-modernization legislation was enacted by Congress as part of the Dodd-Frank financial-services law.
Because only 27 states have passed laws implementing the NRRA as of now—and because the legislation they have passed implementing the law is all over the map—the stage is being set for another War Between the States.
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