Hawaii Latest State To Drop Surplus Lines Tax Sharing

Law360, New York (June 15, 2012, 6:24 PM EDT) -- In spite of attempts to boost support for the Nonadmitted Insurance Multistate Agreement, Hawaii's insurance department has become the latest state to pull out of the multistate pact for sharing surplus lines tax revenues, a spokeswoman for the Florida insurance commissioner said Friday.

Earlier this year, Alaska, Connecticut, Mississippi and Nebraska also exited NIMA, an interstate agreement for sharing taxes collected from the surplus lines market, which offers coverage that is not available from insurers that are licensed or admitted in a particular state.

In its June 7 letter of withdrawal, Hawaii's insurance division said it had hoped that differences between...

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