As Alabama and Tennessee Sign On, SLIMPACT Is One State From Being Official
Copyright: | (c) 2011 A.M. Best Company, Inc. |
Source: | A.M. Best Company, Inc. |
Wordcount: | 478 |
With the enactment of enabling legislation in
The two states signed on as the eighth and ninth states authorized to join SLIMPACT, a means of providing uniformity in surplus lines regulation and taxation.
"The 10th one is on the horizon. When is the only question, not if," NCOIL President and North Dakota Rep.
"The states have a historic opportunity to modernize surplus lines taxation, foreign insurer eligibility, and policyholder notices, and
Several states are close to becoming the 10th to join, Keiser said.
"We're trying to work in as many arenas as we can," he said.
NCOIL officials and representatives from the
SLIMPACT is an interstate governing commission to set formulas for developing national eligibility standards, collecting and allocating premium tax dollars, and establishing uniform payment methods and reporting requirements for insureds and surplus lines brokers. The SLIMPACT structure is based on that of the Interstate Insurance Product Regulation, a central point of electronic filing for certain insurance products, including life insurance, annuities, disability income and long-term care insurance that currently includes 38 states. Under the Nonadmitted and Reinsurance Reform Act, part of Dodd-Frank, surplus lines taxation, regulatory and licensing authority will fall under the exclusive oversight of the home state of the insured, so that multistate policies would have premiums taxed in just one state, beginning on
The Nonadmitted Insurance Multi-State Agreement, a competing plan sponsored by the
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