The clearinghouse that is the core of the Nonadmitted Insurance Multistate Agreement (NIMA) tax-sharing compact is set to begin operation July 1, according to the 11 states and territories that comprise it.
However, one industry lawyer who specializes in issues related to the implementation of the Nonadmitted and Reinsurance Reform Act (NRRA) says he'll 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 in San Francisco. “A lot of details have to be ironed out before there is any actual tax-sharing.”
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