With NRRA and the Economy on Their Minds,
NAPSLO Members Prepare for Mid-Year Forum
possible,” he adds.
The NRRA took effect in July 2011,
but states are still struggling to coalesce
obtained legislative authority to enter into
some form of tax sharing. The remaining 11
states that have taken action to implement
the law have taken a home-state
approach to regulation and taxation.
BY PHIL GUSMAN
THE STATE OF the economy and devel- opments in states’ implementation of the federal excess and surplus
lines reform law will be two topics
on the minds of National Association
of Professional Surplus Lines Offices
(NAPSLO) members as they gather
for the organization’s 2012 Mid-Year
Leadership Forum.
Speaking to NU about the topics
members will be discussing at the
conference, slated for Feb. 29 to
March 3 in Scottsdale, Ariz., NAPSLO
Executive Director Brady Kelley says,
“Leading any business through these
economic conditions is top of mind,
in my opinion. I’d expect that may
be one of the topics discussed here.”
NAPSLO members, Kelley notes, have
unique insight into the economy because
they insure businesses and individuals
directly affected by it: “Our members work
very, very closely with their clients. They
know their clients and risks better than
anybody.” Through their underwriting
processes and due diligence, he adds, the
group’s members gather a lot of intelligence
on current economic conditions.
FOCUS ON NRRA
Another key issue on NAPSLO members’
minds, Kelley says, is the implementation of
the federal Nonadmitted and Reinsurance
around a single mechanism for sharing
premium taxes.
Reform Act (NRRA), part of the Dodd-Frank
financial-services-reform legislation.
“We continue to be very focused on the
states’ implementation, and ensuring that
it’s as consistent with the federal law as
In an update sent
to members on Jan. 25,
NAPSLO notes that 44
states have taken action
to implement the NRRA,
but only nine states,
representing 5. 23 percent
of nationwide premium,
are working to implement
the industry-supported
Eleven states and Puerto Rico have signed
the NIMA agreement, and 13 states have
SLIMPACT. That compact needs 10
member states in order to establish a tax
clearinghouse.
We continue to be very focused on the states’ implementation [of the federal Nonadmitted and Reinsurance Reform Act] and ensuring that it’s as consistent with the federal law as possible.” Brady Kelley, Executive Director, NAPSLO
