You are here:HomeNews CenterInsurance News2010SILA Discusses Licensing, Surplus Lines Reform, PIA Participates

SILA Discusses Licensing, Surplus Lines Reform, PIA Participates

The Securities & Insurance Licensing Association (SILA) held their National Education Conference in Jacksonville, Florida. Anne Marie Narcini, New Jersey Division of Insurance and NAIC...
October 13, 2010

The Securities & Insurance Licensing Association (SILA) held their National Education Conference in Jacksonville, Florida. Anne Marie Narcini, New Jersey Division of Insurance and NAIC Producer Licensing Working Group Chair, provided an update of NAIC activities to streamline producer licensing. She said that progress is being made on business entity licensing and limited lines uniformity. David Eppstein, PIA National Assistant Vice President for Regulatory Affairs attended the SILA meetings to meet with our fellow industry representatives and licensing regulators.

Regulators and industry representatives also discussed the Nonadmitted and Reinsurance Reform Act (NRRA). The NRRA creates a new system for surplus lines regulation by implementing a home-state tax and compliance mechanism. Now that this federal bill has passed, the states are going to have to implement it and come up with a way to share the tax revenue. The NAIC and several industry groups are working on ways to do that and an interstate compact seems to be the preferred method for getting the states to adopt a uniform system. The industry proposal is the Surplus Lines Insurance Multistate Compliance Compact (SLIMPACT). The NAIC is looking at this proposal and will discuss it further during their Fall Meeting scheduled for October 16-21. PIA supports a multistate compact to help facilitate more uniformity and reciprocity among the states. 

Filed under: