As the National Association of Professional Surplus Lines Offices (NAPSLO) prepares for its annual convention in San Diego Oct. 10-13, issues surrounding the implementation of the federal surplus-lines reform law will be very much on the minds of the excess and surplus-lines executives in attendance.
The law, the Nonadmitted and Reinsurance Reform Act (NRRA), was part of the Dodd-Frank financial-services reform law. It stipulates that the home state of an insured has exclusive authority to require payment of premium tax for nonadmitted insurance.
Richard Bouhan, NAPSLO's retiring executive director, has said previously that the industry benefits by seeing "a system where there is one-state compliance, one-state taxation, national standards for company eligibility and national exempt-commercial-purchaser rules."
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