Thursday, March 12, 2009

Status of SLIMPACT to be reviewed during NAIC meeting

Industry representatives who worked on drafting SLIMPACT will be meeting on Monday, March 16 at the Spring NAIC meeting in San Diego.

The meeting is not intended to be a drafting or redrafting session, but to discuss the status of SLIMPACT and other related matters and issues.

SLIMPACT is an interstate compact which could clarify the law and ease the regulatory burdens on E&S brokers when placing multistate risks; allow each compacting state to collect taxes on all nonadmitted risks where risk exposures are present in the compacting state(s); and save E&S brokers, over time, hundreds of millions of dollars in frictional costs associated with current efforts to comply and pay taxes state by state on each multistate risk the broker places.

For more information contact NAPSLO Director of Government Relations Steve Stephan.

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