Iowa became the first state in 2012 to adopt Nonadmitted and Reinsurance Reform Act related legislation among the states that did not take action in 2011. The Iowa Governor signed into law HF 2145 on Thursday and the bill incorporates several provisions of the NRRA, as well as exclusive home state regulation provisions consistent with the NRRA.
The bill authorizes Iowa to tax the gross premium on a surplus lines policy when Iowa is the home state of the insured. The bill does not authorize tax sharing. The bill uses the NRRA definitions of affiliate, affiliated group, control, exempt commercial purchaser, home state, nonadmitted insurer and qualified risk manager.
The bill also retains the provisions from the pre-NRRA statute that allows the Commissioner to declare a surplus lines Insurer ineligible if it is of unsound financial condition, acted in an untrustworthy manner, no longer meets the eligibility standards, willfully violated the laws of the state, fails to conduct its claims settlement practices in a fair and reasonable manner or has committed an unfair or deceptive insurance trade practice.
Iowa did not pass NRRA related legislation in 2011 and taxed only the in-state portions of the risk after the effective date of the NRRA. Comprehensive information on 2012 legislation in Iowa and other states is available on NAPSLO's website, in addition to a number of NRRA resources.
Friday, March 30, 2012
Entry Deadline is April 2 for NAPSLO Marketing Campaign Competition
The deadline for the 2012 NAPSLO Marketing Campaign Award competition, conducted in partnership with the Insurance Marketing and Communications Association's Showcase Awards Program, is April 2.
The IMCA’s Showcase Award creative team will be judging the competition, but the award will be presented at the NAPSLO annual convention in October. The traditional IMCA Showcase Awards will be presented at the IMCA annual convention in Denver, June 24-27. Entry fees are $100 per entry for members.
The NAPSLO Marketing Campaign Award competition is open to NAPSLO members only. To be judged, materials must have been in the marketplace between January 1, 2011 and March 15, 2012. The campaign entries must include a minimum of two communication vehicles (non-electronic and/or electronic) that share a common campaign theme. Additional information on the contest is available on the NAPSLO website.
The IMCA’s Showcase Award creative team will be judging the competition, but the award will be presented at the NAPSLO annual convention in October. The traditional IMCA Showcase Awards will be presented at the IMCA annual convention in Denver, June 24-27. Entry fees are $100 per entry for members.
The NAPSLO Marketing Campaign Award competition is open to NAPSLO members only. To be judged, materials must have been in the marketplace between January 1, 2011 and March 15, 2012. The campaign entries must include a minimum of two communication vehicles (non-electronic and/or electronic) that share a common campaign theme. Additional information on the contest is available on the NAPSLO website.
Thursday, March 29, 2012
Registration Deadline is April 2 for Executive Leadership School
The registration deadline for the NAPSLO Executive Leadership School, set for April 23-26 at the University of Virginia Darden School of Business in Charlottesville, is April 2 and NAPSLO members are encouraged to take advantage of the three-day MBA Executive Level program at one of America’s leading universities.
The brochure and registration materials for the Executive Leadership School are available to download from the NAPSLO Website. Tuition for the school is $2,995.
This program is designed for senior-level members who wish to broaden their perspectives on important social, political, and economic issues influencing the insurance industry. Participants enhance their leadership skills to more 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.
Faculty members are selected from the Darden School of Business faculty to provide a framework for future success in strategically managing, developing and leading your firm.
Attendees will develop the enterprise perspective required to make winning choices about running their businesses in today’s complex environment. Participants will crystallize their personal world views about how to compete successfully in their market spaces, develop a deeper understanding of social, political, and economic forces affecting their business environments and relate the broad issues in the world to NAPSLO’s industry and to the career experiences—and challenges—of peer participants.
The brochure and registration materials for the Executive Leadership School are available to download from the NAPSLO Website. Tuition for the school is $2,995.
This program is designed for senior-level members who wish to broaden their perspectives on important social, political, and economic issues influencing the insurance industry. Participants enhance their leadership skills to more 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.
Faculty members are selected from the Darden School of Business faculty to provide a framework for future success in strategically managing, developing and leading your firm.
Attendees will develop the enterprise perspective required to make winning choices about running their businesses in today’s complex environment. Participants will crystallize their personal world views about how to compete successfully in their market spaces, develop a deeper understanding of social, political, and economic forces affecting their business environments and relate the broad issues in the world to NAPSLO’s industry and to the career experiences—and challenges—of peer participants.
Friday, March 23, 2012
Texas Comptroller to offer Limited Tax Amnesty Program This Summer
The Texas Comptroller of Public Accounts announced it will oversee a limited Tax Amnesty Program to run from June 12 to Aug. 17, 2012.
Under the “Fresh Start” program, the Comptroller will waive penalties and interest for businesses that file delinquent tax reports and pay all taxes due, or amend reports that underreported taxes and pay the taxes due.
The program’s website indicated that tax reports originally due before April 1, 2012 are eligible for this limited amnesty but the amnesty does not apply to filing periods under audit, or identified for an audit or investigation.
According to the state, the amnesty is intended to apply to those who didn't file a tax report, underreported tax on a previously filed report, or don’t have a permit to report and remit Texas taxes.
Additional information on the program is available at http://freshstart.texas.gov.
Under the “Fresh Start” program, the Comptroller will waive penalties and interest for businesses that file delinquent tax reports and pay all taxes due, or amend reports that underreported taxes and pay the taxes due.
The program’s website indicated that tax reports originally due before April 1, 2012 are eligible for this limited amnesty but the amnesty does not apply to filing periods under audit, or identified for an audit or investigation.
According to the state, the amnesty is intended to apply to those who didn't file a tax report, underreported tax on a previously filed report, or don’t have a permit to report and remit Texas taxes.
Additional information on the program is available at http://freshstart.texas.gov.
Monday, March 19, 2012
Wyoming Tax Multistate Policies Using Home Rate Under New Legislation
The Wyoming Governor has signed into law House Bill 15, which incorporates several provisions of the Nonadmitted and Reinsurance Reform act (NRRA) as well as exclusive home state regulation provisions consistent with the NRRA. It enables the Wyoming Insurance Department to eventually utilize electronic transaction reporting for brokers.
HB 15 authorizes the Commissioner to continue to tax multi-state surplus lines policies at the Wyoming rate, which is consistent with the Department’s instructions to use Wyoming's tax rate for multi-state policies with a home state in Wyoming until the Nonadmitted Insurance Multi-State Agreement and related clearinghouse operations become operational.
In 2011, Wyoming approved legislation to allow the state to join NIMA but member states have delayed the operational start date until July 1, at the earliest.
Information on 2012 legislation in Wyoming and other states is available on NAPSLO's website.
HB 15 authorizes the Commissioner to continue to tax multi-state surplus lines policies at the Wyoming rate, which is consistent with the Department’s instructions to use Wyoming's tax rate for multi-state policies with a home state in Wyoming until the Nonadmitted Insurance Multi-State Agreement and related clearinghouse operations become operational.
In 2011, Wyoming approved legislation to allow the state to join NIMA but member states have delayed the operational start date until July 1, at the earliest.
Information on 2012 legislation in Wyoming and other states is available on NAPSLO's website.
Monday, March 12, 2012
NRRA Implementation Process Reviewed by NAPSLO in American Agent & Broker Column
NAPSLO's actions on implementation of the Nonadmitted and Reinsurance Reform Act (NRRA) are highlighted in the March issue of the American Agent & Broker magazine in an article by Executive Director Brady Kelley.
The article, Implementing NRRA, can be viewed online at the magazine's web site. The article reviews recent actions by states to modify their laws on taxing premiums, the status of the Nonadmitted Insurance Multi-State Agreement (NIMA) and Surplus Lines Insurance Multistate Compliance Compact (SLIMPACT), the prospects for tax sharing by the states, and the cost/benefits of tax sharing.
The article, Implementing NRRA, can be viewed online at the magazine's web site. The article reviews recent actions by states to modify their laws on taxing premiums, the status of the Nonadmitted Insurance Multi-State Agreement (NIMA) and Surplus Lines Insurance Multistate Compliance Compact (SLIMPACT), the prospects for tax sharing by the states, and the cost/benefits of tax sharing.
Thursday, March 08, 2012
Michigan to Implement NAIC OPTins System for Payment of Surplus Lines Taxes
The Michigan, Office of Financial and Insurance Regulation (OFIR) has issued a notice that the method of accepting surplus lines taxes is changing. In the February 21 notice, Michigan announced it will be moving forward with the elimination of the manual paper filing of surplus lines taxes and payments.
Beginning July 1, 2012 the Michigan OFIR said filing and payments will be made using the National Association of Insurance Commissioners (NAIC) OPTins (Online Premium Tax for Insurance) application. The notice said each individual or business entity submitting taxes will be required to transmit them electronically via ACH, credit or debit and that details are available on the NAIC OPTins website at http://www.optins.org.
The state said more information will be announced on its website and sent via email soon and encouraged each licensee to ensure the email address on file with our office is current to ensure receipt of future notifications regarding the new OPTins filing process. Firms confirm the email address by contacting OFIR toll free at 877/999-6442.
Beginning July 1, 2012 the Michigan OFIR said filing and payments will be made using the National Association of Insurance Commissioners (NAIC) OPTins (Online Premium Tax for Insurance) application. The notice said each individual or business entity submitting taxes will be required to transmit them electronically via ACH, credit or debit and that details are available on the NAIC OPTins website at http://www.optins.org.
The state said more information will be announced on its website and sent via email soon and encouraged each licensee to ensure the email address on file with our office is current to ensure receipt of future notifications regarding the new OPTins filing process. Firms confirm the email address by contacting OFIR toll free at 877/999-6442.
Thursday, March 01, 2012
NAPSLO Notes Passing of Ron Rothert, Former Surplus Lines Executive
Ron Rothert, founder of Rothert Insurance, Inc. of Portland, Oregon, passed away on February 26 and services begin this weekend.
The viewing is at Donelson-Fir Lawn Memorial Center in Hillsboro, Oregon from 2:00 p.m. until 5:00 p.m. on Saturday, March 3 and Sunday, March 4.
Recitation of the Rosary Monday, is March 5 at 10:30 a.m. followed by funeral Mass at 11:00 a.m. at St. Matthew Catholic Church in Hillsboro. Committal 11:30 a.m. on Tuesday March 6 at Willamette National Cemetery in Portland.
Founded in 1961, Rothert Insurance, Inc. was originally an independent retail agency providing products and services in Portland, Oregon. As the agency grew, Ron began marketing specialty products as a Managing General Agent (MGA). The MGA product line grew to include both Personal and Commercial Lines. Incorporating in 1970, Ron sold his retail book of business in 1977 and went solely into the MGA side of the marketplace, writing business in both Oregon and Washington. Two of Ron's sons came into the business in 1979, and Ron retired in 1985.
The viewing is at Donelson-Fir Lawn Memorial Center in Hillsboro, Oregon from 2:00 p.m. until 5:00 p.m. on Saturday, March 3 and Sunday, March 4.
Recitation of the Rosary Monday, is March 5 at 10:30 a.m. followed by funeral Mass at 11:00 a.m. at St. Matthew Catholic Church in Hillsboro. Committal 11:30 a.m. on Tuesday March 6 at Willamette National Cemetery in Portland.
Founded in 1961, Rothert Insurance, Inc. was originally an independent retail agency providing products and services in Portland, Oregon. As the agency grew, Ron began marketing specialty products as a Managing General Agent (MGA). The MGA product line grew to include both Personal and Commercial Lines. Incorporating in 1970, Ron sold his retail book of business in 1977 and went solely into the MGA side of the marketplace, writing business in both Oregon and Washington. Two of Ron's sons came into the business in 1979, and Ron retired in 1985.
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