Nonadmitted Insurance Multi-State Agreement (NIMA) Member States Elect First Governing Committee; Mississippi Insurance Commissioner Mike Chaney to Chair, Florida’s Kevin McCarty to Serve as Secretary
Sep 1, 2011
Above: Insurance Commissioners Mike Chaney, Merle Scheiber and Kevin McCarty will serve as NIMA’s first Governing Committee, the Florida Office of Insurance Regulation announced today.
The Florida Office of Insurance Regulation announced today, September 1, 2011, that the state representatives of the Nonadmitted Insurance Multi-State Agreement (“NIMA”) states, of which Florida is a member, met via a conference call yesterday and elected the group’s first Governing Committee, which comprises three officers.
The inaugural Chairman of NIMA will be Insurance Commissioner Mike Chaney from Mississippi, the Vice-Chairman of NIMA will be Director of Insurance Merle Scheiber of South Dakota, and Florida Insurance Commissioner Kevin McCarty will serve as NIMA Secretary.
“I wish to thank my colleagues for entrusting me with this opportunity to serve as Chair of the NIMA Governing Committee,” remarked Commissioner Chaney. “Much has been accomplished since the Agreement became effective on June 15th, but there is still a lot of work to be done. I look forward to working with all NIMA Participating States as we move ahead to implement uniform requirements, establish a Clearinghouse and protect tax revenue on behalf of the citizens of our respective states.”
NIMA provides a mechanism to report, collect, allocate and distribute surplus lines tax revenues consistent with the Non-admitted and Reinsurance Reform Act (“NRRA”). The NRRA is part of the Dodd-Frank Wall Street Reform legislation passed in 2010 that 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.
Should you have any comments or questions, please contact Colodny Fass.