The Surplus Lines Association of New Jersey will present its 2010 Honoree of the Year Award to Steven R. Gross for outstanding dedication and achievement on behalf of the Surplus Lines Insurance profession.
The award will be presented on Thursday, April 14, 2011. Please see the attached invitation for details. Dinner invitation registration and checks must be received by April 8.
Mr. Gross is Chairman/CEO and Founder of Metro Insurance Services, Inc. located in Springfield, NJ. He also currently serves on the Board of Directors for NAPSLO, serving as Co-Chair of the Career Awareness & Internship Committee.
In addition Mr. Gross is on the Board of Directors of Commissioners Producer Advisory Counsel in the State of New Jersey, is a past President of the New Jersey Surplus Lines Association, and serves as a board Member of the New Jersey Golf Foundation, the charitable arm of the NJ Section of the PGA of America.
Wednesday, March 30, 2011
Monday, March 28, 2011
NAPSLO Applauds California Legislators Plan to Drop Open-Ended Surplus Lines Tax Compact Authorization in NRRA Compliance Legislation
The expected removal by California legislators of a provision that would have authorized the state’s Board of Equalization and Franchise Tax Board to enter into an open-ended surplus line premium tax compact, or agreement, is a positive step toward having the state define how it will allocate surplus lines taxes in the future, according to NAPSLO officials.
"We didn’t believe it was appropriate to pass a law providing broad authority for agencies to enter into a compact or agreement where the exact nature, terms and financial impact of the agreement are not yet known," said NAPSLO Executive Director Richard Bouhan. "NAPSLO, and California brokers, worked with legislators to explain the need for any compact legislation to include specifics on how it would operate and are pleased to hear the compact provision in question will be dropped."
The compact provision was part of legislation (AB315) currently being considered by California legislators to bring the state into compliance with the NonAdmitted and Reinsurance Reform Act (NRRA), which goes into effect in July.
The NRRA mandates that beginning July 21 the insured's home state will be the only state with jurisdiction over surplus lines transactions and the only state that can require a tax be paid by the broker. To comply, states are revising their laws and many states are also considering forming a tax compact to handle allocation of surplus lines premium taxes.
Under the compact provision of AB315 that is expected to be dropped this week, the California Board of Equalization and the Franchise Tax Board, with the approval of the Department of Finance, could have become a party to a reciprocal surplus line premium tax compact providing for the administration, collection, and enforcement of the taxes imposed on multistate risks. However the details of establishing the compact (or agreement) would have been developed by state agencies rather than by the state legislature.
"NAPSLO believed that it was important for the state legislature to debate and approve the specific details of establishing a compact," said NAPSLO President Letha Heaton. "We are pleased that it appears the California legislators concur."
"We didn’t believe it was appropriate to pass a law providing broad authority for agencies to enter into a compact or agreement where the exact nature, terms and financial impact of the agreement are not yet known," said NAPSLO Executive Director Richard Bouhan. "NAPSLO, and California brokers, worked with legislators to explain the need for any compact legislation to include specifics on how it would operate and are pleased to hear the compact provision in question will be dropped."
The compact provision was part of legislation (AB315) currently being considered by California legislators to bring the state into compliance with the NonAdmitted and Reinsurance Reform Act (NRRA), which goes into effect in July.
The NRRA mandates that beginning July 21 the insured's home state will be the only state with jurisdiction over surplus lines transactions and the only state that can require a tax be paid by the broker. To comply, states are revising their laws and many states are also considering forming a tax compact to handle allocation of surplus lines premium taxes.
Under the compact provision of AB315 that is expected to be dropped this week, the California Board of Equalization and the Franchise Tax Board, with the approval of the Department of Finance, could have become a party to a reciprocal surplus line premium tax compact providing for the administration, collection, and enforcement of the taxes imposed on multistate risks. However the details of establishing the compact (or agreement) would have been developed by state agencies rather than by the state legislature.
"NAPSLO believed that it was important for the state legislature to debate and approve the specific details of establishing a compact," said NAPSLO President Letha Heaton. "We are pleased that it appears the California legislators concur."
Friday, March 25, 2011
FIO Director Named; SLIMPACT Approved by Kentucky, Ohio
llinois Insurance Director Michael McRaith has been named by Treasury Secretary Timothy Geithner as the first Director of the Federal Insurance Office created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. McRaith’s naming has received generally positive reviews from industry, consumer groups, and state regulators. He will oversee a much-anticipated report to Congress on the modernization of insurance regulation due in January 2012, and will hold a non-voting seat on the Financial Stability Oversight Council. McRaith is expected to assume the post in late May at the earliest.
Kentucky Governor Steve Beshear signed legislation into law last week which makes Kentucky the first state to adopt the surplus lines insurance multistate compliance compact, or SLIMPACT-lite. Ohio Governor John Kasich followed suit by signing similar legislation shortly thereafter. SLIMPACT-lite gives a governing commission the authority to establish formulas for premium tax allocation and collection, national eligibility standards, and consistent payment methods and regulations for multistate surplus lines policies. Ten states must adopt SLIMPACT-lite legislation before the governing commission can be established. A bill for SLIMPACT-lite passed through both of New Mexico’s legislatures now awaits their governor’s signature.
Kentucky Governor Steve Beshear signed legislation into law last week which makes Kentucky the first state to adopt the surplus lines insurance multistate compliance compact, or SLIMPACT-lite. Ohio Governor John Kasich followed suit by signing similar legislation shortly thereafter. SLIMPACT-lite gives a governing commission the authority to establish formulas for premium tax allocation and collection, national eligibility standards, and consistent payment methods and regulations for multistate surplus lines policies. Ten states must adopt SLIMPACT-lite legislation before the governing commission can be established. A bill for SLIMPACT-lite passed through both of New Mexico’s legislatures now awaits their governor’s signature.
Thursday, March 24, 2011
Ohio Governor Signs Surplus Lines Legislation
Ohio Gov. John R. Kasich signed House Bill 122, legislation continuing Ohio’s involvement in the “surplus lines” insurance market. HB 122 permits the Director of the Ohio Department of Insurance to join a compact if deemed advantageous to the state and harmonizes Ohio insurance law with federal requirements imposed through the Non-Admitted and Reinsurance Reform Act (NRRA), a provision included in the Dodd-Frank legislative package passed by Congress in 2010.
The NRRA goes into effect in July 2011 and each year Ohio collects approximately $27 million from surplus lines premium taxes, and the NRRA requires states to enter into either a compact or multi-state agreement in order to continue collection of surplus lines premium taxes on multi-state risks.
The NRRA goes into effect in July 2011 and each year Ohio collects approximately $27 million from surplus lines premium taxes, and the NRRA requires states to enter into either a compact or multi-state agreement in order to continue collection of surplus lines premium taxes on multi-state risks.
Monday, March 21, 2011
NAPSLO to Offer Webinar on NRRA Implementation Status on April 19
Information on the implementation status of surplus lines reforms signed into law in 2010 and their impact on the surplus lines industry will be the subject of a NAPSLO sponsored webinar on Tuesday, April 19 at 2:00 p.m. Eastern.
The webinar (The NRRA and Surplus Lines Reforms - An Update: Will You and the States Be Ready on July 21, 2011?) will review state actions to implement the NonAdmitted & Reinsurance Reform Act and what agents, brokers, carriers should know and expect when the law goes into effect.
The NRRA mandates that beginning July 21 the insured's home state will be the only state with jurisdiction over surplus lines transactions and the only state that can require a tax be paid by the broker. To comply, states are revising their laws. Many states are also considering forming a tax compact to handle allocation of surplus lines premium taxes. This may impose some additional reporting requirements for brokers and could impact companies.
There is no charge to attend the webinar and you can register on-line. You will receive an email with information on accessing the webinar. If you have any registration questions, please contact Mike Ardis at 816-741-3910.
The webinar (The NRRA and Surplus Lines Reforms - An Update: Will You and the States Be Ready on July 21, 2011?) will review state actions to implement the NonAdmitted & Reinsurance Reform Act and what agents, brokers, carriers should know and expect when the law goes into effect.
The NRRA mandates that beginning July 21 the insured's home state will be the only state with jurisdiction over surplus lines transactions and the only state that can require a tax be paid by the broker. To comply, states are revising their laws. Many states are also considering forming a tax compact to handle allocation of surplus lines premium taxes. This may impose some additional reporting requirements for brokers and could impact companies.
There is no charge to attend the webinar and you can register on-line. You will receive an email with information on accessing the webinar. If you have any registration questions, please contact Mike Ardis at 816-741-3910.
Thursday, March 17, 2011
Registration Now Open for NAPSLO's E&S School
Registration is now open for NAPSLO's E&S School, June 21-24, 2011 at the Eric P. Newman Education Center in St. Louis, MO and the brochure can be downloaded from the NAPSLO website.
The NAPSLO E&S School is designed for insurance professionals with less than five years experience in the surplus lines industry. Persons with more than five years surplus lines experience are encouraged to attend the NAPSLO Advanced School, offered each Fall.
The curriculum will focused on seven segments: Risk Takers-and various markets; Distribution System - purpose & variations; MGA's and Brokers-managing the business; Market Dynamics-changing environments; Cops - regulatory agencies; Where's the Money - reviewing financial statements and accounting procedures and E&S Marketing.
The NAPSLO E&S School is designed for insurance professionals with less than five years experience in the surplus lines industry. Persons with more than five years surplus lines experience are encouraged to attend the NAPSLO Advanced School, offered each Fall.
The curriculum will focused on seven segments: Risk Takers-and various markets; Distribution System - purpose & variations; MGA's and Brokers-managing the business; Market Dynamics-changing environments; Cops - regulatory agencies; Where's the Money - reviewing financial statements and accounting procedures and E&S Marketing.
Wednesday, March 16, 2011
Michael Byrne Named to Next Generation Board
Michael Byrne, a partner with the law firm of Dewey & LeBoeuf LLP in New York, has been named to the NAPSLO Next Generation Board of Directors and will be the Next Generation PAC/Legislative chair.
Mr. Byrne has served on the NAPSLO Legislative Committee for five years and is currently assisting NAPSLO on efforts involving implementation of the Nonadmitted and Reinsurance Reform Act (NRRA) portion of the Dodd-Frank Wall Street Reform and Consumer Protection Act at the state level. He has been with the law firm since 1998, after receiving his law degree from Rutgers University and a clerkship with the New Jersey Superior Court, Appellate Division."
The NAPSLO Next Generation was formed to provide industry training, social networking, leadership and other skills necessary for the development and success of young insurance professionals. More information is available at http://www.napslonextgen.org.
Mr. Byrne has served on the NAPSLO Legislative Committee for five years and is currently assisting NAPSLO on efforts involving implementation of the Nonadmitted and Reinsurance Reform Act (NRRA) portion of the Dodd-Frank Wall Street Reform and Consumer Protection Act at the state level. He has been with the law firm since 1998, after receiving his law degree from Rutgers University and a clerkship with the New Jersey Superior Court, Appellate Division."
The NAPSLO Next Generation was formed to provide industry training, social networking, leadership and other skills necessary for the development and success of young insurance professionals. More information is available at http://www.napslonextgen.org.
Tuesday, March 15, 2011
NAPSLO, IMCA Marketing Award; Entry Deadline is April 1
The deadline to enter the newly established marketing award program contest developed by NAPSLO and the Insurance Marketing and Communications Association (IMCA) is April 1.
The IMCA holds an annual communications and marketing awards contest and beginning this year there is a separate category just for NAPSLO members - the NAPSLO Marketing Campaign Award. The creative judging team for IMCA's annual Showcase Award competition will judge the competition but the NAPSLO award will be presented at NAPSLO's Annual Convention in October in San Diego.
The NAPSLO Marketing Campaign Award competition is open to NAPSLO members only and the materials must have been in the marketplace between January 1, 2010 and March 15, 2011. More information and entry forms are also available at the NAPSLO website.
Campaign entries must include a minimum of two communication vehicles (non-electronic and/or electronic) that share a common campaign theme. The deadline to enter is April 1 and the cost to enter is $100 per entry.
The IMCA holds an annual communications and marketing awards contest and beginning this year there is a separate category just for NAPSLO members - the NAPSLO Marketing Campaign Award. The creative judging team for IMCA's annual Showcase Award competition will judge the competition but the NAPSLO award will be presented at NAPSLO's Annual Convention in October in San Diego.
The NAPSLO Marketing Campaign Award competition is open to NAPSLO members only and the materials must have been in the marketplace between January 1, 2010 and March 15, 2011. More information and entry forms are also available at the NAPSLO website.
Campaign entries must include a minimum of two communication vehicles (non-electronic and/or electronic) that share a common campaign theme. The deadline to enter is April 1 and the cost to enter is $100 per entry.
Tuesday, March 08, 2011
NAPSLO Executive Leadership School Sells Out
NAPSLO's 2011 Executive Leadership School, set for April 27-30, 2011, at the University of Virginia Darden School of Business, Charlottesville, Va. has sold out and NAPSLO is putting together a waiting list.
Forty students have signed up for the NAPSLO Executive Leadership Program, which is designed for senior-level members who wish to broaden their perspectives on important social, political, and economic issues influencing the insurance industry.
Participants will enhance their leadership skills and become more able to effectively manage change at the personal, team, and organizational levels, and will return to their organizations with the tools and mindsets to think and act more strategically
Forty students have signed up for the NAPSLO Executive Leadership Program, which is designed for senior-level members who wish to broaden their perspectives on important social, political, and economic issues influencing the insurance industry.
Participants will enhance their leadership skills and become more able to effectively manage change at the personal, team, and organizational levels, and will return to their organizations with the tools and mindsets to think and act more strategically
Friday, March 04, 2011
Legislative, Leadership Top Mid-Year Program Topics
Legislative and Leadership issues were the focus of programs at the 2011 NAPSLO Mid-Year Leadership Forum in Naples, Fla.
NAPSLO Executive Director Richard Bouhan and Director of Government Relations Steve Stephan reviewed recent legislative action at at the state level to bring laws into compliance with the NonAdmitted and Reinsurance Reform Act (NRRA). A copy of their slide presentation is available to download.
A leadership panel featuring Joel Cavaness, Anthony Markel, and Kevin Westrope also talked about current leadership and business topics. A slide show with information on the programs is available online from the National Underwriter.
NAPSLO Executive Director Richard Bouhan and Director of Government Relations Steve Stephan reviewed recent legislative action at at the state level to bring laws into compliance with the NonAdmitted and Reinsurance Reform Act (NRRA). A copy of their slide presentation is available to download.
A leadership panel featuring Joel Cavaness, Anthony Markel, and Kevin Westrope also talked about current leadership and business topics. A slide show with information on the programs is available online from the National Underwriter.
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