Brokers have spent millions of dollars trying to be in compliance with the fractured surplus lines regulations among the states. It’s great to see the ill prepared insurance commissioners on the hot seat for a change. The only reason I hope they come to an agreement on remitting and allocating taxes is to keep the feds out later on based on the inability of the states to adapt to change.
All insurance premiums are taxed; we just don’t generally see it broken out of the admitted premium. States are not going to go up this tax revenue anytime soon!
Brokers have spent millions of dollars trying to be in compliance with the fractured surplus lines regulations among the states. It’s great to see the ill prepared insurance commissioners on the hot seat for a change. The only reason I hope they come to an agreement on remitting and allocating taxes is to keep the feds out later on based on the inability of the states to adapt to change.
I dont understand why they need a surplus lines tax at all. Its ridiculous, insurance is not a tangible product.
All insurance premiums are taxed; we just don’t generally see it broken out of the admitted premium. States are not going to go up this tax revenue anytime soon!