Uniformity of taxation of the surplus lines market remains the key regulatory and legislative goal of the National Association of Surplus Lines Offices Ltd. (NAPSLO), according to NAPSLO's Legislative Committee.
Just four years after the landmark Nonadmitted and Reinsurance Reform Act (NRRA) was enacted by Congress in 2010, "NAPSLO believes that the only viable and uniform national solution is for all states to tax and retain all U.S. non-admitted written premiums at their home state tax rate," said Lana S. Parks, president of the Parks Group, Arlington, Tex., co-chair of the NAPSLO Legislative Committee. "This brings efficiency, clarity and uniformity to the surplus lines transaction."
As part of that, NAPSLO is evaluating all states to determine which states "we should target first in order to achieve uniformity in this critical area for our market," said Keri Kish, NAPSLO's director of government relations.
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