Information on the status of implementation of surplus lines reforms signed into law in 2010 and their impact on surplus lines brokers and carriers was the subject of a NAPSLO sponsored webinar on April 19 and a copy of the webinar is available to view online at http://webinar.napslo.org.
More than 1,000 people signed up to view the program, The NRRA and Surplus Lines Reforms - An Update: Will You and the States Be Ready on July 21, 2011? The webinar reviewed state's actions to implement the NonAdmitted & Reinsurance Reform Act and what agents, brokers, carriers should expect when the law goes into effect.
In addition to a copy of the webinar being posted on the NAPSLO website, the PowerPoint presentation is also available to download. Answers to questions submitted during webinar will be posted in the next few weeks.
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.
The webinar included presentations from Richard Bouhan, NAPSLO Executive Director, Steve Stephan, NAPSLO Director of Government Relations, Libby Baney, B & D Consultants, NAPSLO Washington D.C. Lobbyist, Michael Byrne, Partner, Dewey & LeBoeuf LLP, and Dan Maher, Executive Director, Excess Line Association of New York.