The outline for a compromise over a uniform mechanism to implement the surplus-lines and reinsurance-modernization law emerged during the National Association of Insurance Commissioner’s fall meeting on Oct. 28.
The insurance industry and regulators seem to be nearing an agreement on the use of the compromise surplus-lines premium tax-allocation formula developed by the state of Kentucky—the concept most widely supported by industry.
They are wrestling with creating the most efficient way to implement the Nonadmitted and Reinsurance Reform Act (NRRA), a part of the 2010 Dodd-Frank Act.
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