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.
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