Property and Casualty Insurance: Effects of the Nonadmitted and Reinsurance Reform Act of 2010

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By Daniel Garcia-Diaz (au)
Year: 2014
Pages: 55
Binding Paperback
ISBN 978-1-4578-5296-1

Product Code: 1457852969

Description

Surplus lines insurers are critical to ensuring that businesses and individuals with difficult-to-insure risks can manage those risks. These insurers provide coverage for risks that the traditional, or admitted, insurance market is unwilling or unable to cover. Historically, insurance brokers who sell such coverage have found it to be time consuming and often difficult to allocate state taxes that brokers collect and remit on insurance premiums on behalf of policyholders when the risks covered reside in multiple states. To help address this issue, Congress passed NRRA as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This report (1) describes the size and condition of the surplus lines insurance market; and (2) examines actions states have taken to implement NRRAäó»s provisions and the effects of the act, if any, on the price and availability of coverage. Tables and figures. This is a print on demand report.

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