NU Online News Service, May 25, 9:05 a.m. EDT
The Non-Admitted Insurance Multi-State Agreement has adopted the revenue-sharing agreement of a rival compact in an apparent effort to jumpstart creation of a uniform system to implement a premium-tax-sharing component of the federal surplus-lines reform law.
Under the agreement, NIMA will adopt a premium allocation system initially proposed by the Kentucky Department of Insurance as the means for allocating premium taxes to the proper states.
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