Non-Admitted Insurance Multi-State Agreement (NIMA) Elects 2014 Governing Committee; Florida Insurance Commissioner Kevin McCarty Serves as Secretary Again
Nov 7, 2013
Florida Insurance Commissioner Kevin McCarty was elected for a third consecutive one-year term as Secretary of the Non-Admitted Insurance Multi-State Agreement (“NIMA”) Governing Committee on October 22, 2013.
Commissioner McCarty has served as Secretary since NIMA member state representatives elected the first Governing Committee in 2011.
South Dakota Insurance Commissioner Merle Schreiber will again Chair the Governing Committee, having first been elected in 2012. The Vice Chair will be Utah Insurance Commissioner Todd Kiser.
The six member states of NIMA are Florida, Louisiana, Puerto Rico, South Dakota, Utah and Wyoming.
NIMA provides a mechanism to report, collect, allocate and distribute surplus lines tax revenues consistent with the Non-Admitted and Reinsurance Reform Act, which is part of 2010’s federal Dodd-Frank Wall Street Reform and Consumer Protection Act. The law allows only the home state of the insured to require premium tax payments for non-admitted insurance in the absence of an agreement among states. NIMA will allow participating states to continue to collect surplus lines premium taxes according to state laws consistent with the agreement.
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