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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.

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