Thursday, January 27, 2011

State Groups Ask Congress to Delay NRRA Implementation

The National Conference of Insurance Legislators (NCOIL), the Council of State Governments (CSG) and the National Conference of State Legislatures (NCSL) have sent an open letter to Congress asking that implementation of the surplus lines section of the NonAdmitted and Reinsurance Reform Act be delayed one year until July 21, 2012.

The groups said that while major organizations comprising state legislators have coalesced around an interstate compact to address NRRA surplus lines insurance taxation and regulatory provisions some states may be hard-pressed to join the surplus lines compact in the first few months of the new year.

The letter said that the three groups plan to work towards enactment of the SLIMPACT tax allocation compact but urged Congress to extend the NRRA effective date for the its surplus lines/nonadmitted insurance provisions to at least July 2012.

No comments: