The clearinghouse that is the core of the Nonadmitted InsuranceMultistate Agreement (NIMA) tax-sharing compact is set to beginoperation July 1, according to the 11 states and territories thatcomprise it.
However, one industry lawyer who specializes in issues relatedto the implementation of the Nonadmitted and Reinsurance Reform Act(NRRA) says he'll believe it when he sees it.
“Just because the clearinghouse is set up doesn't mean it willbe operational,” says Richard A. Brown, a senior lawyer with anaccounting background who is a sole practitioner in San Francisco.“A lot of details have to be ironed out before there is any actualtax-sharing.”
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