Descripción Acciones para el cierre de brechas

3.1. Capacidades aplicadas a la meta objeto de estudio del presente trabajo de grado

3.1.8. Descripción Acciones para el cierre de brechas

Home State of the Insured NRRA definition + principal place of business definition + principal residence definition

Premium Tax Signed NIMA; MS keeps 100% (at a rate of 4%) unless/until

agreement becomes operational Exempt Commercial Purchaser NRRA definition

Eligible Insurer NRRA approach: greater of $15MM capital / surplus or

minimum required by MS (no licensure requirement) Producer Licensing License required only for placements for MS insureds; MS

law silent regarding participation in electronic licensing database

Effective Date July 21, 2011 (per DOI guidance)

MS H 785

• Defining “Home State of the Insured”

The home state is where an insured maintains its principal place of business or, if the insured is an individual, the individual’s principal residence. § 83-21-18(2)(a)(i)(1). Principal place of business means the state where the insured maintains its headquarters and where the insured’s high-level officers direct, control and coordinate the business activities. § 83-31-18(2)(e). Principal residence is the state where the individual resides for the greatest number of days during a calendar year. § 83-21-18(2)(f). However, if 100% of the insured risk is located outside of the state of the principal place of business or principal residence, the home state is the state that collects the greatest percentage of the insured’s taxable premium. § 83-21-18(2)(a)(i)(2). If more than one insured from an affiliated group are named insureds on a single nonadmitted insurance contract, the home state is the home state of the member of the affiliated group that has the largest percentage of premium attributed to it under the insurance contract. § 83-21-18(2)(a)(ii).

• Multi-State Risk Surplus Lines Premium Taxes

The statute authorizes the commissioner to enter into an agreement, compact or otherwise establish procedures to allocate among states the premium taxes paid to an insured’s home state according to the NRRA. § 83-21-18(1). Pursuant to the statute, Mississippi signed NIMA.

Until NIMA is operational, Mississippi will keep 100% of premium taxes. Surplus lines producers shall report to the Insurance Commissioner within 30 days from January 1st and July 1st each year the amount received by him for insurance from nonadmitted insurers and shall pay to the Commissioner a 4% tax on that amount. § 83-21-25. “Gross Premiums” means the total gross amount of premiums receive on each and every SL insurance contract, less returned premiums. § 83-21-25.

• Exempt Commercial Purchasers

Under § 83-21-23(2)(b), an exempt commercial purchaser is a purchaser that procures insurance coverage through a qualified risk manager, paid at least $100,000 in property and casualty insurance premiums in the last year, and meets one of the following criteria:

o Had net revenues or sales over $50 million at the end of the preceding fiscal year;

o Has more than 500 full-time employees per individual company, or is a member of an affiliated group employing more than 1,000 employees in the aggregate;

o Is a municipality with a population of more than 50,000 people; or

o Is a nonprofit organization or public entity generating annual budgeted expenditures of at least $30 million.

Brokers procuring or placing insurance for an exempt commercial purchaser are not required to make a due diligence search to determine whether the full amount or type of insurance sought by the exempt commercial purchaser can be obtained from an admitted insurer if:

o The broker discloses to the exempt commercial purchaser that such insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight; and

o The exempt commercial purchaser has subsequently requested in writing the broker to procure or place such insurance for a nonadmitted insurer.

§ 83-21-23(2)(a)(i) – (ii).

• Surplus Line Insurer Eligibility Criteria

The commissioner is required to annually produce a list of nonadmitted insurers found eligible to write business in Mississippi. § 83-21-17(1). An insurer is eligible if the insurer has capital and surplus – or its equivalent under the laws of its domiciliary jurisdiction – the greater of: the capital and surplus required of a company licensed to do business in Mississippi or $15 million. §§ 83-21-17(1)(a)(i) – (ii). The insurance commissioner may waive these minimum capital and surplus requirements and a nonadmitted insurer may become eligible if the commissioner makes an affirmative finding of acceptability after considering: quality of management, capital and surplus of a parent company, company underwriting profit and investment trends, market availability, and company record and reputation within the industry. § 83-21-17(1)(b). The commissioner may not make a finding of acceptability if the insurer’s capital and surplus is under $4.5 million. § 83-21-17(1)(b).

Alien insurers shall have capital and surplus meeting the same requirements as foreign insurers and have a trust fund of the greater of: $5.4 million or 30% of U.S. surplus lines gross liabilities, excluding aviation, wet marine and

transportation liabilities, not to exceed $60 million. §§ 83-21-17(1)(e)(i) – (ii). An alien insurer must also be listed on the NAIC quarterly listing of alien insurers. § 83-21-17(1)(h). Starting July 21, 2011, under the NRRA, listing on the NAIC list will be sufficient; no additional requirements will need to be met.

• National Producer Database

The statute is silent as to whether Mississippi will participate in the NAIC producer database or some other equivalent uniform national database for producer licensing and renewals. Under the NRRA, Mississippi may not collect any fees relating to licensing of an individual or entity as a surplus lines broker in Mississippi unless the state has in effect by July 21, 2012, laws or regulations that provide for participation by the state in the national producer database of the NAIC, or any other equivalent uniform national database, for the licensure of surplus lines brokers and renewal of such licenses.

Missouri

Home State of the Insured NRRA definition + principal place of business

Premium Tax 100% to MO at 5% rate

Exempt Commercial Purchaser MO Industrial Insured + NRRA approach

Eligible Insurer NRRA approach (Greater of $15MM minimum

capital / surplus or amount required by MO; no licensure requirement)

Producer Licensing License required only for placements for MO

insureds; requires participation in the NAIC database before July 1, 2012

Effective Date July 7, 2011

MO S 132

• Defining “Home State of the Insured”

The home state is where an insured maintains its principal place of business or if the insured is an individual, the individual’s principal residence. Principal place of business is the state where the insured maintains its headquarters and where the insured’s high-level officers direct, control and coordinate the business activities of the insured. However, if 100% of the insured risk is located outside of the state of the principal place of business or principal residence, the home state is the state that collects the greatest percentage of the insured’s taxable premium. If more than one insured from an affiliate group are named insureds on a single nonadmitted insurance contract, the home state is the home state of the member of the affiliated group that has the largest percentage of premium attributed to it under the insurance contract. § 384.015(7).

• Multi-State Risk Surplus Lines Premium Taxes

The statute does not authorize a multi-state agreement for tax allocation purposes. Beginning July 7, 2011, where Missouri is the home state of the insured, Missouri will tax 100% of net premiums (gross amount of charges for surplus lines insurance, exclusive of sums collected for taxes, less returned premiums) at a rate of 5%. § 384.061(1).

• Exempt Commercial Purchasers

Missouri currently has an industrial insured exemption. That exemption will remain effective. The NRRA commercial purchaser exemption (incorporated into Missouri law) will also be in effect as of July 7, 2011.

The statute adopts the NRRA definition of exempt commercial purchaser. § 384.015(5). An exempt commercial purchaser is a purchaser that procures insurance coverage through a qualified risk manager, paid at least $100,000 in property and casualty insurance premiums in the last year, and meets one of the following criteria:

o Had a net worth of over $20 million at the end of the preceding fiscal year;

o Had net revenues or sales over $50 million at the end of the preceding fiscal year;

o Has more than 500 full-time employees per individual company, or is a member of an affiliated group employing more than 1,000 employees in the aggregate;

o Is a municipality with a population of more than 50,000 people; or

o Is a nonprofit organization or public entity generating annual budgeted expenditures of at least $30 million

o The exempt commercial purchaser has subsequently requested in writing the broker to procure or place such insurance for a nonadmitted insurer.

§ 384.021.

• Surplus Line Insurer Eligibility Criteria

Under § 384.021, a surplus lines licensee shall not place coverage with a nonadmitted insurer, unless, at the time of placement, the licensee determines that the nonadmitted insurer possesses capital and surplus – or its equivalent under the laws of its domiciliary jurisdiction – that equals the greater of the minimum capital and surplus requirements under the laws of Missouri or $15 million (note: this requirement is consistent with the NRRA minimum capital and surplus requirement, but Missouri does not adopt the other allowable NRRA requirement, which is licensure in the domiciliary jurisdiction).

The director may waive the minimum capital and surplus requirement for a nonadmitted insurer if he makes an affirmative finding of acceptability after considering: quality of management, capital and surplus of a parent company, company underwriting profit and investment trends, market availability, and company record and reputation within the industry. The director may not make a finding of acceptability if the insurer’s capital and surplus is under $4.5 million. § 384.021.

Surplus lines licensees may place insurance with alien insurers that appear on the most recent quarterly listing of alien insurers maintained by the NAIC. § 384.021.

• National Producer Database

The statute instructs the director to participate in the NAIC producer database, or an equivalent nationwide database, by July 1, 2012. § 384.043(4).

Montana

Home State of the Insured NRRA definition + principal place of business definition + principal residence definition

Premium Tax Multistate allocation agreement authorized; taxation on a pro

rata basis for policies effective before July 1; 100% taxation for policies effective after July 1 at a rate of 2.75%until agreement is implemented

Exempt Commercial Purchaser NRRA approach

Eligible Insurer NRRA approach: licensure in domiciliary jurisdiction + greater of $15MM capital / surplus or minimum required by MT

Producer Licensing License required only for placements for MT insureds; allows participation in NAIC or similar database by July 21, 2012

Effective Date May 6, 2011 / July 1, 2011 (tax provisions)

2011 MT S 331

• Defining “Home State of the Insured”

The home state is where an insured maintains its principal place of business or, if the insured is an individual, the individual’s principal residence. § 33-2-301(3)(j)(i). Principal place of business is the state where the insured’s high- level officers direct, control and coordinate the business activities of the insured. § 33-2-301(3)(m). Principal residence is the state where an individual insured resides for the greatest number of days during a calendar year or, if the insured’s principal residence is located outside of any state, the state to which the greatest percentage of the insured’s taxable premium for that insurance contract is located. § 33-2-301(3)(n). However, if 100% of the insured risk is located outside of the state of the principal place of business or principal residence, the home state is the state that collects the greatest percentage of the insured’s taxable premium. § 33-2-301(3)(j)(ii). If more than one insured from an affiliated group are named insureds on a single nonadmitted insurance contract, the home state is the home state of the member of the affiliated group that has the largest percentage of premium attributed to it under the insurance contract. § 33-2- 301(3)(j)(iii).

• Multi-State Risk Surplus Lines Premium Taxes

The statute authorizes the commissioner, after a negotiated rule-making process, to enter into a cooperative or reciprocal agreement with other states, individually or collectively, for the purposes of collecting, allocating, and disbursing premium taxes and fees attributable to multistate risks. MT S 331, § 16.

Montana’s statute is not clear on how Montana will handle premium taxation prior to an agreement’s

implementation. However, according to guidance issued by the state’s Insurance Department, for policies with effective dates before July 1, 2011, Montana will tax only the portion of the premium covering risks properly allocable to Montana. For policies effective on or after July 1, 2011, Montana will tax 100% of the premium amount, regardless of where the risks or exposures are located, at Montana’s tax rate of 2.75%. § 33-2-311.

© 2011 The Council of Insurance Agents & Brokers and Steptoe & Johnson LLC 79 Under MT S 331, § 13(1), an exempt commercial purchaser is a purchaser that procures insurance coverage through a qualified risk manager, paid at least $100,000 in property and casualty insurance premiums in the last year, and meets one of the following criteria:

o Had a net worth of over $20 million at the end of the preceding fiscal year;

o Had net revenues or sales over $50 million at the end of the preceding fiscal year;

o Has more than 500 full-time employees per individual company, or is a member of an affiliated group employing more than 1,000 employees in the aggregate;

o Is a municipality with a population of more than 50,000 people; or

o Is a nonprofit organization or public entity generating annual budgeted expenditures of at least $30 million.

o The exempt commercial purchaser has subsequently requested in writing the broker to procure or place such insurance for a nonadmitted insurer.

§§ 33-2-302(2)(c)(i) – (ii).

• Surplus Line Insurer Eligibility Criteria

Under §§ 33-2-307(1)(a) – (b), surplus lines brokers shall not place coverage with a nonadmitted insurer unless, at the time of placement, the nonadmitted insurer:

o Is authorized to write such insurance in its domiciliary jurisdiction; and

o Possesses capital and surplus – or its equivalent under the laws of its domiciliary jurisdiction – that equals the greater of the minimum capital and surplus requirements under the laws of Montana or $15 million. The commissioner may waive the minimum capital and surplus requirement for a nonadmitted insurer if the

commissioner makes an affirmative finding of acceptability after considering: quality of management, capital and surplus of a parent company, company underwriting profit and investment trends, market availability, and company record and reputation within the industry. § 33-2-307(1)(b)(ii). The commissioner may not make a finding of acceptability if the insurer’s capital and surplus is under $4.5 million. § 33-2-307(1)(b)(ii).

Brokers may not place insurance with any alien insurer unless the alien insurer appears on the NAIC’s quarterly list of alien insurers. § 33-2-307(2).

• National Producer Database

Nebraska

Home State of the Insured NRRA definition + principal place of business definition

Premium Tax Signed NIMA; allows NE to keep 100% pending NIMA

operation to be taxed at the rate of the state where the risk is located; NE rate is 3%

Exempt Commercial Purchaser NRRA approach

Eligible Insurer NRRA approach: licensure in domiciliary jurisdiction + greater of $15MM capital / surplus or minimum required by NE

Producer Licensing License required only for placements for NE insureds; allows participation in NAIC or similar database by July 21, 2012.

Effective Date July 21, 2011

2011 NE L 70

• Defining “Home State of the Insured”

The home state is where an insured maintains its principal place of business or, if the insured is an individual, the individual’s principal residence. § 44-5502(7)(a)(i). Principal place of business is the state where the insured maintains its headquarters and where the insured’s high-level officers direct, control and coordinate the business activities of the insured. § 44-5502(7)(c). However, if 100% of the insured risk is located outside of the state of the principal place of business or principal residence, the home state is the state that collects the greatest percentage of the insured’s taxable premium. § 44-5502(7)(a)(ii). If more than one insured from an affiliated group are named insureds on a single

nonadmitted insurance contract, the home state is the home state of the member of the affiliated group that has the largest percentage of premium attributed to it under the insurance contract. § 44-5502(7)(b).

• Multi-State Risk Surplus Lines Premium Taxes

The statute authorizes the director, in order to carry out the NRRA, to enter into the Nonadmitted Insurance Multi- State Agreement (NIMA) in order to facilitate the collection, allocation, and disbursement of premium taxes attributable to the placement of nonadmitted insurance, provide for uniform methods of allocation and reporting among nonadmitted insurance risk classifications, and share information among states relating to nonadmitted insurance premium taxes. § 44- 5506(1). The director may participate in the clearinghouse established through NIMA for the purpose of collecting and disbursing to reciprocal states any funds collected applicable to properties, risks, or exposures located or to be performed outside of Nebraska. § 44-5506(2). The state has joined the NIMA agreement.

Unless and until NIMA is implemented, when the insurance covers properties, risks or exposures located or to be performed both in and out of this state, the sum payable shall be computed as follows:

• For the portion that is attributable to instate risks, 3% of premiums; PLUS

• For the portion attributable to out-of-state risks, an amount equal to the portion of the premiums allocated to each of the other states and at a rate as established by each state as being applicable to the properties, risks or exposures located or performed outside of this state.

• Exempt Commercial Purchasers

Under § 44-5502(5)(a), an exempt commercial purchaser is a purchaser that procures insurance coverage through a qualified risk manager, paid at least $100,000 in property and casualty insurance premiums in the last year, and meets one

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