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In 2010, the U.S. Congress passed the Nonadmitted and Reinsurance Reform Act (NRRA) as part of the Dodd-Frank Wall Street Reform legislation. To modernize the U.S. regulatory structure, the legislation allows only the home state of the insured to collect premium tax payments for nonadmitted insurance absent an agreement.

Dodd-Frank is very clear—it encourages the states to “enter into a compact or otherwise a procedure to allocate” these taxes among the states. The lack of a comprehensive agreement could prove very detrimental to states like Florida that could lose nearly $15 to $20 million in annual tax revenues. The result is that states are now confronted with two very important questions: 1) whether to join a tax-sharing agreement, and 2) if so, which agreement to join. 

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