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Florida exiting clearinghouse for surplus lines premiums

State's decision moves the insurance industry closer to goal of uniform taxation.

By Arthur D. Postal | Updated on April 18, 2016
Florida has decided to leave the Nonadmitted Insurance Multi-State Agreement, which is a system that allows a state to collect its own premiums on multistate surplus lines placements. (Photo: iStock)

The state of Florida is dropping out of a clearinghouse system created to allow each state to collect its own premiums on multistate surplus lines placements, moving the industry closer to its goal of uniform taxation of the strong and growing surplus lines market.

The Washington, D.C.-based Council of Insurance Agents and Brokers, in a note to its members obtained by the National Underwriter Property & Casualty, went so far as to call the decision by Florida a “death blow” to efforts by some state regulators to demand that they receive surplus lines premiums at their own rates on multistate surplus line placements. 

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