Nonadmitted and Reinsurance Reform Act aka NRRA.
Effective July 21, 2011, the NRRA provides that only an insured’s “home state” may require the payment of premium tax for nonadmitted insurance. Moreover, the NRRA subjects the placement of nonadmitted insurance solely to the statutory and regulatory requirements of the insured’s home state, and provides that only the insured’s home state may require a surplus lines broker to be licensed to sell, solicit or negotiated nonadmitted insurance with respect to such insured. “Nonadmitted insurance” applies only to property and casualty insurance(excluding worker’s compensation).
IMPORTANT: Effective 7/21/11, there has been a change in Surplus Lines Filing Laws. Please call before processing any multi-state filings.
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