Wisconsin, which was an Associate Member of the Nonadmitted Insurance Multi-State Agreement, Inc. (“NIMA”) until June 30, 2015, announced this week that it will not become a full tax-sharing member of NIMA. As such, effective July 1, 2015, surplus lines agents, direct placement policyholders and risk retention groups should no longer report multistate surplus lines policies to the Surplus Lines Clearinghouse but should continue reporting such polices to Wisconsin’s OCI as before. Currently, Florida, Louisiana, Puerto Rico, South Dakota, Utah and Wyoming are the only US jurisdictions that are full members of NIMA and that participate in the tax-sharing agreement. Tennessee is currently an associate member of NIMA for purposes of reporting multi-state premium but does not participate in tax-sharing.
Sign up for our newsletter and get the latest to your inbox.