Bulletin #36: DOI Issues Guidance on NRRA
General Bulletin #36
DOI Issues Guidance on NRRA
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:
https://insurance.illinois.gov/cb/2011/CB2011-09.pdf
(this bulletin is no longer published on the Department's website)
HIGHLIGHTS
- 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 of Illinois (SLAI) does not undertake and hereby disclaims any obligation to advise you of any change to laws and regulations or to the SLAI procedures.
13-Jul-2011
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