Image Image

NAPSLO sponsors webinar on implementation of the Nonadmitted & Reinsurance Reform Act
NAPSLO sponsored a webinar Surplus Lines Reforms: What You Need to Know About the New Federal Law" on the implementation of the surplus lines provisions of the Non-admitted and Reinsurance Reform Act on Thursday, August 19.

A replay of the webinar is now available to view and the PowerPoint presetations used in the webinar are available to download  .

The webinar reviewed what agents, brokers, carriers and regulators need to know about regarding implementing the Nonadmitted & Reinsurance Reform Act, contained in the financial services reform bill approved in July 2010.

The surplus lines reform language mandates that beginning one year after the bill is signed into law the home state of the insured will be the only state with jurisdiction over the transaction and the only state to which a broker must pay taxes.

Webinar Topics included:

  1. Introduction and Overview of the NRRA surplus lines reforms
  2. What will the NRRA reforms mean for surplus lines brokers?
  3. When do the NRRA reforms become effective
  4. What do the NRRA terms “principal place of business” and “principal residence” mean?  
  5. Which state is the home state under the NRRA if 100% of the insured risk is outside of the home state?  
  6. If affiliates are insured under a surplus lines policy, which state taxes the premium under the NRRA?  
  7. How will the NRRA impact surplus lines insurance companies?
  8. How will the NRRA impact exempt commercial purchasers?
  9. What is the "tax allocation report" required by the NRRA?
  10. What is the next step for implementation of a tax system?
  11. What if the states fail to implement a system to allocate taxes?
  12. Q&A ( NAPSLO is compiling all the questions asked and will post on the website.)


The webinar included presentations from:

  • Richard Bouhan, NAPSLO Executive Director
  • Dan Maher, Executive Director, Excess Lines Association of New York
  • Michael Byrne, Partner, Dewey and LeBoeuf
  • Libby Baney, J.D. - B&D Consulting / Baker & Daniels LLP
  • Steve Stephan, NAPSLO Director of Government Relations