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.
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