Reference is to Printer's Date 4/12/12-S.
For the purposes of carrying out the Nonadmitted and
Reinsurance Reform Act of 2010, the director or his designee may
enter to in an agreement with a single state to facilitate the
collection, allocation, and disbursement of premium taxes
attributable to the placement of surplus lines insurance,
provide for uniform methods of allocation and reporting among
surplus lines insurance risk classifications, and share
information among states relating to surplus lines insurance
premium taxes. The General Assembly may approve, modify, or
rescind any such agreement.
(B) The director or his designee is authorized to participate in a clearing house established through a multistate agreement approved by the General Assembly for the purpose of collecting and disbursing to reciprocal states any funds collected pursuant to subsection (A) applicable to properties, risks, or exposures located or to be performed outside of this State. To the extent that other states where portions of the properties, risks, or exposures reside have failed to enter into an agreement or reciprocal allocation procedure with this State, the net premium tax collected shall be retained by this State. /
Renumber sections to conform.
Amend title to conform.