Thursday, July 14, 2011

Louisiana Joins Florida, Hawaii, & Mississippi in NIMA Coalition

Louisiana is now participating in an agreement designed to help states efficiently comply with the requirements of the federal surplus lines regulations that become effective later this month. Insurance Commissioner James Donelon signed the agreement on behalf of Louisiana to join the Non-Admitted Insurance Multi-State Agreement (NIMA) coalition, according to the Insurance Journal.

The NRRA mandates that beginning July 21, 2011 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. As a result states are bringing their laws into compliance.

In June the Florida Office of Insurance Regulation (Office) that Florida has entered into an agreement with Mississippi and Hawaii to start NIMA.

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