Original source: https://www.jdsupra.com/legalnews/ll-surplus-lines-series-entry-14-naic-29756/
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JDSupra (09/11/19) Emmanuel, John
At the National Association of Insurance Commissioners Summer National Meeting in New York, the Surplus Lines Task Force discussed with a Fresh Blanks proposal Concerning home Condition direct premium written.
The task force noted that the aim of the new Blank will be to give”a basis for country regulators to reconcile broker reported surplus lines top using firm supplied information to ensure nations are getting the proper quantity of surplus lines premium taxes” This year, the task force surveyed insurance departments regarding the extent to which they conduct the frequency of these reconciliations surplus lines tax reconciliations, and whether the departments were in favor of data on a home state direct superior foundation. A total of 24 countries, or 73 percent of the poll participants, have been in favor of capturing the data, along with the task force believes the least burdensome strategy would be to add a new Part 3. The task force agreed to allow for a brief period of 60 days 3 of Schedule T…. Read More
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