The clearinghouse that is the core of the Nonadmitted Insurance Multi-State Agreement (NIMA) tax-sharing compact is set to begin operation July 1, the 11 states and territories that comprise it announced this week.
However, an industry lawyer who specializes in issues related to the implementation of the Non-Admitted and Reinsurance Reform Act (NRRA) says he will believe it when he sees it.
“Just because the clearinghouse is set up, doesn't mean it will be operational,” says Richard A. Brown, a senior lawyer with an accounting background who is a sole practitioner inSan Francisco. “A lot of details have to be ironed out before there is any actual tax sharing.”
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