Thank you for sharing!

Your article was successfully shared with the contacts you provided.
In mid-June the Florida Office of Insurance Regulation (OIR) entered into a multi-agency Non-admitted Insurance Multi-State Agreement (NIMA) in keeping with the July 21 deadline for implementation of the Non-admitted and Reinsurance Reform Act of 2010 (NRRA).

President Barack Obama signed the NRRA into law on July 21, 2010, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill includes language to standardize the reporting, allocation, and payment of non-admitted insurance premium tax on multi-state risks. The NRRA grants the insured’s home state exclusive authority to regulate and tax surplus lines insurance that includes multi-jurisdictional boundaries. Additionally, the bill provides states the ability to enter into an agreement to collect and share premium taxes for these multi-state risks.

States that fail to adopt some means of tax allocation system will be subject to a single-state taxation that allows the home state to retain 100 percent of the tax on the gross premium effective July 21. (Without an agreement, Florida stood to lose an estimated $15 to $20 million per year in premium tax.)

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.