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Texas Takes Steps to Protect Share of Surplus Lines Tax

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The Nonadmitted and Reinsurance Reform Act, or NRRA, was supported by the surplus lines insurance industry. When it goes into effect in July 2011 it will require surplus lines premiums to be paid only to the insured's home state. States such as Texas with a large surplus lines marketplace will seek to protect their portion of the revenues. Phil Ballinger, executive director of the Surplus Lines Stamping Office of Texas, explains that Texas already has taken steps to do that in the event a method of distributing the tax dollars has not been worked out by next July.

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