Politicians, bureaucrats and industry associations kept our D.C. bureau chief, Arthur D. Postal, plenty busy in 2011. Here are his encapsulated reports on the quartet of congressional stories that mattered most this past year—and which will continue to be newsmakers in 2012.
NRRA: Law to Modernize Surplus-Lines Regulation Hits Implementation Hurdles
In 2011, the insurance industry accomplished its goal of modernizing surplus-lines regulation when federal legislation—the Nonadmitted and Reinsurance Reform Act (NRRA)—went into effect July 22, establishing the insured's home state as the only one with jurisdiction over multistate surplus-lines transactions—and therefore the only one that can require a tax be paid by the broker.
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