Surplus Lines Policy Reporting and Tax Payments - Dissolution and Wind-down of NIMA

THE STATE OF WYOMING Matthew H. Mead Governor # Insurance Department 106 East 6th Avenue ♦ Cheyenne, Wyoming 82002 Tom Glause Commissioner # Memorandum: 01-2016 To: Surplus Lines Brokers and Independently Procured Coverage (IPC) Filers From: Tom Glause, Insurance Commissioner Date: June 30, 2016 Re: Surplus Lines Policy Reporting and Tax Payments – Dissolution and Wind-down of NIMA In 2011, the Wyoming Insurance Department ("Department") became a signatory to the Nonadmitted Insurance Multi-State Agreement ("NIMA") for the uniform filing and allocation of surplus lines premium taxes. (See Memorandum August 3, 2011). On April 28, 2016, the Board of Directors of NIMA voted to wind-down operations and dissolve the organization. The Department is issuing this Memorandum as guidance to surplus lines brokers regarding the filing of multi-state surplus lines policies. The last day for brokers to report new multi-state policies to the Surplus Lines Clearinghouse ("Clearinghouse") is September 30, 2016. Policy endorsements or cancellations for polices effective on or before September 30, 2016, may be reported to the Clearinghouse until September 30, 2017. The Florida Surplus Lines Service Office will continue serving as the Department's vendor for all surplus lines policy reporting and premium tax payments. Beginning October 1, 2016, all new and renewal multi-state surplus lines policies will be filed as single-state policies with the Clearinghouse when Wyoming is the home state, with 100% of the premium being reported to and taxed by Wyoming. If you have any questions regarding this process, you may contact the Donna Stewart at 307.777.7308 or donna.stewart@wyo.gov. Administration (307) 777-7401 ♦ Fax (307) 777-2446 http://doi.wyo.gov Licensing (307) 777-7319 ♦ Fax (307) 777-5895