NU Online News Service, July 21, 3:32 p.m. EDT
State insurance regulators and legislators have a long way to go to implement a federal law that goes into effect today and is meant to modernize surplus-lines regulation.
Despite having a year to pass legislation fully implementing the law, the Nonadmitted and Reinsurance Reform Act (NRRA), only nine states have enacted legislation implementing a clearinghouse process, supported by state legislative groups and industry associations, designed to create an efficient revenue-sharing mechanism. That model is the Surplus Lines Insurance Multistate Compliance Compact, or SLIMPACT.
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