The National Association of Insurance Commissioners (NAIC) is applauding three states for leading efforts to implement a multi-state agreement developed by regulators to address the surplus lines part of the Nonadmitted and Reinsurance Reform Act (NRRA).
Florida, Hawaii and Mississippi are the first states to enter the Nonadmitted Insurance Multi-State Agreement (NIMA), with additional states anticipated to join shortly. Authorized by the Dodd-Frank Act, NIMA allows state authorities to work cooperatively to collect and allocate premium taxes for multi-state surplus lines insurance transactions.
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