Stamping Office News

On March 18, 2011, Governor John Kasich signed House Bill 122, legislation that conforms Ohio’s law regulating surplus lines products with the federal Nonadmitted and Reinsurance Reform Act (NRRA).

Regulators’ proposed solution to the allocation of surplus lines taxes met industry opposition as regulators worked on a proposal to present to state legislators by the beginning of the year.

Critics do not believe the proposal will achieve what Congress intended when it passed the Nonadmitted and Reinsurance Reform Act (NRRA) as part of financial reform under the Dodd-Frank Act.

In hill country, you can look up the steepest slope and witness to your amazement cows and sheep grazing. You might think to yourself, "That's gotta be uncomfortable, even downright dangerous!" But you could say those cows and sheep found their niche. They've got that slope all to themselves with no competition from the animals from the plains. That is, until the cows and sheep on flat land run out of room down there and come looking for fresh grazing grounds on the slope. Things could get testy.

SEATTLE—Recommendations to the states for the collection of surplus lines taxes from insurance regulators should be in place by the National Association of Insurance Commissioners’ (NAIC) November meeting, said the chairman of the NAIC Surplus Lines Task Force.