Bulletin #36: DOI Issues Guidance on NRRA
General Bulletin #36
The Illinois Department of Insurance has today issued their company
bulletin 2011-09 containing their guidance on the federal Nonadmitted
and Reinsurance Reform Act (NRRA) compliance. You can view the bulletin at:
- Illinois is not currently participating in any tax allocation agreement.
Illinois will tax 100% of the taxable premium for multistate policies.
- Policies effective prior to July 21, 2011 and any endorsements to these
policies will fall under the old rules. Policies effective on July 21,
2011 or later will be governed by the new rules.
The materials and information contained herein are only synopses of laws,
regulations and other information and do not constitute legal advice. It is
recommended that you consult your legal advisers regarding application of
state and federal laws and regulations to any particular situation. The
Surplus Line Association does not undertake and hereby disclaims any
obligation to advise you of any change to laws and
regulations or to the procedures of the Surplus Line Association.