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NRAA Grows Up Fast

FIO may rescue gaps left in the Dodd-Frank Act

By Louie Castoria | Updated on August 31, 2011

We resume our discussion on NRRA, left off from the June 2011 issue. Surplus line brokers found a newborn left on their doorstep on July 21, 2011, the day when the Nonadmitted and Reinsurance Reform Act (NRRA) took effect.

Despite a 12-month gestation from the day NRRA was signed into law as part of the Dodd-Frank financial industry reforms to its effective date, the states failed to use the grace period to reach uniform agreement on any of the proposed interstate compacts to allocate surplus line tax revenues, leaving brokers with a crazy quilt of state “conforming” laws and filing forms to decipher and track.

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Louie Castoria

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