Posted on 01 Sep 2011
NIMA member state representatives met via a conference call on Tuesday, and elected the group’s first Governing Committee, which is comprised of three officers. The Chairman of NIMA will be Insurance Commissioner Mike Chaney from Mississippi, the Vice-Chairman of NIMA will be Director of Insurance Merle Scheiber of South Dakota, and the Secretary of NIMA will be Insurance Commissioner Kevin McCarty of Florida.
"I wish to thank my colleagues for entrusting me with this opportunity to serve as Chair of the NIMA Governing Committee,” remarked Insurance Commissioner Chaney, “Much has been accomplished since the Agreement became effective on June 15th, but there is still a lot of work to be done. I look forward to working with all NIMA Participating States as we move ahead to implement uniform requirements, establish a Clearinghouse and protect tax revenue on behalf of the citizens of our respective states."
Member states include: Alaska, Connecticut, Florida, Hawaii, Louisiana, Mississippi, Nebraska, Nevada, Puerto Rico, South Dakota, Utah, and Wyoming.
About the Non-Admitted Insurance Multi-State Agreement (NIMA)
NIMA provides a mechanism to report, collect, allocate and distribute surplus lines tax revenues consistent with the Non-admitted and Reinsurance Reform Act (NRRA). The NRRA is part of the Dodd- Frank Wall Street Reform legislation passed last year that allows only the home state of the insured to
require premium tax payments for non-admitted insurance in the absence of an agreement among states. NIMA will allow participating states to continue to collect surplus lines premium taxes according to state laws consistent with the agreement.