Page:United States Statutes at Large Volume 124.djvu/1615

124 STAT. 1589 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘Sec. 314. Covered agreements. ‘‘Sec. 315. Continuing in office.’’. Subtitle B—State-Based Insurance Reform SEC. 511. SHORT TITLE. This subtitle may be cited as the ‘‘Nonadmitted and Reinsur- ance Reform Act of 2010’’. SEC. 512. EFFECTIVE DATE. Except as otherwise specifically provided in this subtitle, this subtitle shall take effect upon the expiration of the 12-month period beginning on the date of the enactment of this subtitle. PART I—NONADMITTED INSURANCE SEC. 521. REPORTING, PAYMENT, AND ALLOCATION OF PREMIUM TAXES. (a) HOME STATE’S EXCLUSIVE AUTHORITY.—No State other than the home State of an insured may require any premium tax pay- ment for nonadmitted insurance. (b) ALLOCATION OF NONADMITTED PREMIUM TAXES.— (1) IN GENERAL.—The States may enter into a compact or otherwise establish procedures to allocate among the States the premium taxes paid to an insured’s home State described in subsection (a). (2) EFFECTIVE DATE.—Except as expressly otherwise pro- vided in such compact or other procedures, any such compact or other procedures— (A) if adopted on or before the expiration of the 330- day period that begins on the date of the enactment of this subtitle, shall apply to any premium taxes that, on or after such date of enactment, are required to be paid to any State that is subject to such compact or procedures; and (B) if adopted after the expiration of such 330-day period, shall apply to any premium taxes that, on or after January 1 of the first calendar year that begins after the expiration of such 330-day period, are required to be paid to any State that is subject to such compact or proce- dures. (3) REPORT.—Upon the expiration of the 330-day period referred to in paragraph (2), the NAIC may submit a report to the Committee on Financial Services and the Committee on the Judiciary of the House of Representatives and the Com- mittee on Banking, Housing, and Urban Affairs of the Senate identifying and describing any compact or other procedures for allocation among the States of premium taxes that have been adopted during such period by any States. (4) NATIONWIDE SYSTEM.—The Congress intends that each State adopt nationwide uniform requirements, forms, and proce- dures, such as an interstate compact, that provide for the reporting, payment, collection, and allocation of premium taxes for nonadmitted insurance consistent with this section. (c) ALLOCATION BASED ON TAX ALLOCATION REPORT.—To facili- tate the payment of premium taxes among the States, an insured’s home State may require surplus lines brokers and insureds who Applicability. 15 USC 8201. 15 USC 8201 note. Nonadmitted and Reinsurance Reform Act of 2010. 15 USC 8201 note.