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NRRA: An Overview & Status Update on This Critical Legislation

While the brave new world of uniform state regulation of the non-admitted insurance market finally dawned July 21, the details of its implementation are proving to be a bit devilish.

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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.

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