ANOTHER STATE WITHDRAWS FROM NIMA
Nevada has submitted its notice of withdrawal from the Nonadmitted Insurance Multi-State Agreement (“NIMA”), the interstate compact sponsored by the NAIC to collect and allocate surplus lines tax revenues consistent with the Nonadmitted and Reinsurance Reform Act of 2010. As we reported earlier, Alaska, Connecticut, Mississippi, Nebraska and Hawaii have also withdrawn from the compact. With Nevada’s withdrawal, remaining members include only Florida, Louisiana, Puerto Rico, South Dakota, Utah and Wyoming. The Nevada Division of Insurance issued a bulletin with guidance on surplus lines taxation given its withdrawal. The Bulletin does not state the reason for Nevada’s withdrawal from NIMA. Nevada Bull. 12-005 (July 2, 2012).
This post written by Ben Seessel.
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