What Nonadmitted and Reinsurance Reform Act of 2010 (NRRA) - Home State Regulation, Surplus Lines Tax Allocation and Uniform Eligibility Standards requires
The Nonadmitted and Reinsurance Reform Act of 2010 (NRRA), enacted as part of the Dodd-Frank Act, establishes the insured's "home state" as the sole jurisdiction for regulating and taxing nonadmitted (surplus lines) insurance transactions. This simplifies compliance by making the home state's laws exclusively applicable to the placement and taxation of a multi-state surplus lines policy, as mandated by 15 U.S.C. § 8201 (Sec. 521).
Pillar: Insurance & Risk · Authority: U.S. Congress / National Association of Insurance Commissioners (NAIC) · Version: 1.0.0 · Last updated:
Primary source: https://www.naic.org/documents/topics_nonadmitted_reinsurance_reform_act.pdf
SHA-256 integrity: fb7e42b3f719fb083a602f29e55cd7911c0c205194edc070496fafbd908efa03
Primary Citations — 6 traced to source
- 15 U.S.C. § 8201: Reporting, payment, and allocation of premium taxes
- 15 U.S.C. § 8202: Regulation of nonadmitted insurance by insured's home State
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