The Surplus Lines Law Group spring meeting is set for April 26-27, 2012 at the Westin Casuarina in Las Vegas and registration materials are available on the Nevada Surplus Lines Association website.
A link to the hotel for hotel reservations is also on the site. The group rate for the conference is available until April 25, 2012, subject to availability.
The meeting is sponsored by the Nevada Surplus Lines Association (NSLA) and the Insurance Licensing Services of America (ILSA).
Thursday, January 26, 2012
Thursday, January 12, 2012
Wyoming to Apply State Tax Rate to Gross Premium of Multi-State Policies Through June
The Wyoming Insurance Department has announced that for all multi-state policies, where Wyoming is the home state, with effective dates July 21, 2011 through June 30, 2012, the entire gross premium will be taxed at the Wyoming tax rate of 3 percent.
The announcement was made to provide updated guidance regarding the filing of multi-state policies under the provisions of the Nonadmitted and Reinsurance Reform Act (NRRA). This additional guidance was necessary because the NIMA clearinghouse will not be operational before July 1, 2012.
Effective July 1, 2012, the NIMA premium tax allocation formula will be applied to all multi-state policy transactions. The affidavit at the department website may be used to report both single and multi-state transactions to the Wyoming Insurance Department. The 2011 Surplus Lines annual statement and tax payment is due March 1, 2012. Implementation of the quarterly reporting and tax payment procedures are being deferred until the NIMA Clearinghouse is operational.
The announcement was made to provide updated guidance regarding the filing of multi-state policies under the provisions of the Nonadmitted and Reinsurance Reform Act (NRRA). This additional guidance was necessary because the NIMA clearinghouse will not be operational before July 1, 2012.
Effective July 1, 2012, the NIMA premium tax allocation formula will be applied to all multi-state policy transactions. The affidavit at the department website may be used to report both single and multi-state transactions to the Wyoming Insurance Department. The 2011 Surplus Lines annual statement and tax payment is due March 1, 2012. Implementation of the quarterly reporting and tax payment procedures are being deferred until the NIMA Clearinghouse is operational.
Tuesday, January 10, 2012
South Dakota Confirms Change in Effective Date of the NIMA Provision
In a discussion this week with the South Dakota Division of Insurance, Insurance Director Merle Scheiber confirmed the deferral of the effective date of the Nonadmitted Insurance Multi-State Agreement (NIMA) and confirmed guidance to surplus lines insurance producers concerning the requirements for reporting, payment, collection and allocation of taxes for multi-state policies for which South Dakota is the home state.
Until further notice, the tax allocation provisions of NIMA will not apply, and the taxes due under a multi-state policy should be remitted entirely to South Dakota when it is the home state of the insured. The Department confirmed, when South Dakota is the home state of the insured, the taxes due under the multi-state policy shall be calculated on the gross premium of the policy at South Dakota’s tax rate.
Surplus lines premium and related taxes should not be allocated or calculated using the other states’ rates for portions of a multi-state risk outside of South Dakota until further instructions are provided by the South Dakota Division of Insurance.
Until further notice, the tax allocation provisions of NIMA will not apply, and the taxes due under a multi-state policy should be remitted entirely to South Dakota when it is the home state of the insured. The Department confirmed, when South Dakota is the home state of the insured, the taxes due under the multi-state policy shall be calculated on the gross premium of the policy at South Dakota’s tax rate.
Surplus lines premium and related taxes should not be allocated or calculated using the other states’ rates for portions of a multi-state risk outside of South Dakota until further instructions are provided by the South Dakota Division of Insurance.
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