WIN Magazine - Summer 2012 - (Page 28)
What Lies Ahead for Wholesalers and Producers?
BY ROGER SMITH, ARM, CPCU
AVE YOU EVER started a remodeling project, only to realize there are multiple layers of wallpaper that must be peeled away before work can begin? T he new pr ov i s ion s of t he Nonadmitted and Reinsurance Reform Act of 2010 (NRRA) are much like this, being placed on top of many years of state-based regulations that did not always work in harmony on multistate placements. This article will discuss some NRRA implementation issues that will impact wholesale and retail producers, and how best to peel back the layers to get to a clean working surface. And while the NRRA preempts some state regulations, many state regulations apply even with the overlay of the NRRA. Removing layers to get to a clean working surface and deciding what to keep and what gets covered is a good analogy for producers and their placements in a post-NRRA environment. To be compliant, particularly on placements that involve two or more states, producers need to peel back layers to get to a starting point for that fresh new NRRA layer. There are several implementation issues related to the NRRA that will affect wholesalers
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Table of Contents for the Digital Edition of WIN Magazine - Summer 2012
Another Liability Catastrophe in the Making?
The Economy and the Insurance Pricing Cycle 2012: When Good News is Bad News
Capitalizing on Supplementary Coverages: MPL & Excess/Umbrella Policies
Are Your Technology Solutions Enabling Your Business?
NRRA Implementation: What Lies Ahead for Wholesalers and Producers
State Taxation of Non-U.S. Risk Premium
Rick Transfer Techniques for the American Wheat Farmer
Cyber & Reputational Risk Insurance: Past, Present, & Future
In the WIN-ner’s Circle
INDEX TO ADVERTISERS/ ADVERTISERS.COM
WIN Magazine - Summer 2012