Contact: Jack McDermott or Amy Bogner
NIMA Elects New Officers
TALLAHASSEE, Fla. – On Tuesday, October 22nd, NIMA member state representatives met via conference call and elected a slate of officers for its Governing Committee. The NIMA Officers for next year will be:
Chairman: Director Merle Scheiber (South Dakota)
Vice-Chairman: Commissioner Neal Gooch (Utah)
Secretary: Commissioner Kevin McCarty (Florida)
The Governing Committee will serve for one year in these capacities, and is the second set of officers to be elected since NIMA was incorporated. There are currently six member jurisdictions of NIMA including Florida, Louisiana, Puerto Rico, South Dakota, Utah and Wyoming.
The Florida Surplus Lines Service Office has been operating as the NIMA Clearinghouse since July 1, 2012. During the first quarter of operations (through October 1), 225 entities reported 509 multi-state transactions involving $31.7 million in premium and $1.43 million in taxes. Roughly 51% of these taxes were distributed to NIMA participating states.
About NIMA, Inc.
NIMA, Inc., is a non-profit corporation established by NIMA states that will provide a mechanism to report, collect, allocate and distribute surplus lines tax revenues consistent with the Non-Admitted and Reinsurance Reform Act (NRRA). The NRRA became part of the Dodd-Frank Wall Street Reform legislation passed in 2010 that allows only the home state to require premium tax payments for non-admitted insurance absent an agreement. Through the NIMA document, participating states will be able to collect premium taxes owed to their state when they are not the home state of the policy, thus protecting each participating state’s tax revenue on surplus lines policies.