Insurance Update: Surplus Lines - Supportive Insurance Services

Kentucky Commissioner Sharon Clark has been appointed as interim chair of the SLIMPACT commission. Kentucky regulators are responsible for developing a compromise proposal for the implementation of the Nonadmitted and Reinsurance Reform Act (NRRA).

Two competing proposals were developed to implement the law and create a system for sharing premium taxes among states.

One proposal is the Surplus Lines Multistate Compliance Compact Commission (SLIMPACT). At this time nine states support SLIMPACT. However, its bylaws mandate it cannot go into operation until 10 states join.

The other proposal is the Nonadmitted Insurance Multistate Agreement (NIMA), supported by the National Association of Insurance Commissioners (NAIC).

The Kentucky compromise proposal allows brokers to continue to operate under a basically unchanged allocation system.

The insurance licensing information provided on this blog is not legal advice and the reader is advised to consult an attorney regarding application of this information in any particular situation.

This information is brought to you by Supportive Insurance Services… Licensing Experts Saving You Time and Money!

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