NY DFS AMENDS INSURANCE REGULATION 41 TO CONFORM WITH NRRA
The NY DFS announced an amendment to its regulations governing excess line placements to conform with the Nonadmitted and Reinsurance Reform Act of 2010 (“NRRA”), which prohibits any State, other than the insured’s home state, from requiring a premium tax payment for nonadmitted insurance. The new regulation sets forth capital and surplus requirements for non-admitted insurers, and otherwise conforms the regulations to the NRRA, as adopted by New York and signed into law in 2011, amending Chapter 61 of the Insurance Laws.
This post written by John Pitblado.
