Friday, January 07, 2011

NAPSLO Monitoring States' Efforts to Comply with NRRA

With the NonAdmitted and Reinsurance Reform Act (NRRA) set to go into effect in July 2011, NAPSLO has been monitoring state legislators and regulators on changes to laws and codes as part of implementation of the new federal law.

NAPSLO has joined other industry trade groups to help educate legislators and regulators about the issues; is securing additional resources to monitor potential changes to laws on a state-by-state basis; and working with legal experts to obtain opinions on states’ ability to take action against members if laws are non-compliant.

In addition, NAPSLO is working to keep members informed of changes and they can follow changes through a new section added to the NAPSLO website, which reviews the NRRA and also legislative activity.

Members are encouraged to regulary review the section for information on changes in their states and efforts by industry regulatory groups to develop tax allocation systems.

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