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Expert Analysis

Federal Surplus Lines Reform On The Rocks

Law360, New York (September 13, 2011, 5:05 PM EDT) -- The Nonadmitted and Reinsurance Reform Act of 2010 (NRRA) was enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The purpose of the act is to facilitate the reporting, payment and allocation of premium taxes among the states. Section 521 (b)(4) provides that "Congress intends that each State adopt nationwide uniform requirements, forms, and procedures, such as an interstate compact, that provide for the reporting, payment, and allocation of premium taxes for nonadmitted insurance ..."...

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