The Nonadmitted and Reinsurance Reform Act (NRRA), a part of the 2010 Dodd-Frank Act, became effective July 21.
It was designed to modernize and reform regulation of the non-admitted industry by mandating that the insured's home state will be the only state with jurisdiction over multistate, surplus-lines transactions—and the only state that can require a tax be paid by the broker.
Passage of the bill was the culmination of an eight-year effort by the non-admitted industry—but there is still much work to be done before the intended benefits of the law are fully realized.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.