Masters Presents on behalf of CSG at NCSL
Rick Masters, representing CSG’s Compact Center, delivered a presentation about SLIMPACT at last week’s NCSL Legislative Summit. The session provided state legislators and staff members an opportunity to learn about the Surplus Lines Insurance Multi-state Compliance Compact, along with the competing NIMA proposal offered up by the National Association of Insurance Commissioners. SLIMPACT enjoys the endorsement of multiple state legislative associations, including CSG, NSCL and the National Conference of Insurance Legislators (NCOIL).
Nine states have already joined SLIMPACT during the 2011 legislative session. With ten states necessary to activate the compact and allow commission business to officially begin, it remains possible that SLIMPACT will reach critical mass in just one legislative session. This represents a significant accomplishment for any interstate compact and rivals the Interstate Compact on Educational Opportunity for Military Children in terms of reaching critical mass in just one legislative session.
SLIMPACT was a joint effort, drafted with guidance from state legislators, industry personnel, NCOIL staff and experts from CSG’s Compact Center. It aims to bring the surplus lines insurance industry in compliance with the NRRA provisions of the Dodd Frank Wall Street Reform and Consumer Protection Act. Work has already begun to draft rules, bylaws, and an allocation formula to ensure a quick transition once the tenth state joins. To learn more about the compact please click here. To view Rick Masters' slides from last week’s presentation please click on the attached document.