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NAPSLO Webinar - Tuesday, April 19

The NRRA and Surplus Lines Reforms - An Update:
Will You and the States Be Ready on July 21, 2011

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Information on the status of implementation of surplus lines reforms signed into law in 2010 and their impact on surplus lines brokers and carriers was the subject of a NAPSLO sponsored webinar on Tuesday, April 19.

The webinar, The NRRA and Surplus Lines Reforms - An Update: Will You and the States Be Ready on July 21, 2011?, reviewed state's actions to implement the NonAdmitted & Reinsurance Reform Act, contained in the financial services reform bill approved in July 2010, and what agents, brokers, carriers should expect when the law goes into effect.

The PowerPoint presentation is available to download and answers to questions submitted during webinar are available to view.

The NRRA mandates that beginning July 21 the insured's home state will be the only state with jurisdiction over surplus lines transactions and the only state that can require a tax be paid by the broker. To comply, states are revising their laws. Many states are also considering forming a tax compact to handle allocation of surplus lines premium taxes. This may impose some additional reporting requirements for brokers and could impact companies.

The webinar included presentations from Richard Bouhan, NAPSLO Executive Director, Steve Stephan, NAPSLO Director of Government Relations, Libby Baney, B & D Consultants, NAPSLO Washington D.C. Lobbyist, Michael Byrne, Partner, Dewey & LeBoeuf LLP, and Dan Maher, Executive Director, Excess Line Association of New York.