The Tennessee Captive Insurance Association has joined the Clarity for Captive Insurers Coalition.
The coalition has been formed to support efforts to pass federal legislation amending the Nonadmitted and Reinsurance Reform Act (NRRA) to clarify that it does not apply to captive insurance companies for purposes of direct placement tax assessments.
Coalition efforts include, educational efforts, public relations and focused advocacy efforts at the federal level designed to result in a clarifying amendment to the NRRA.
Recently a number of prominent US politicians have officially declared that the NRRA does not apply to captive insurance.
Earlier this month US Congressman and co-author of the NRRA, Scott Garrett, addressed the speaker of the US House of Representatives to state that the legislation was never intended to apply to the industry.
In January of this year the departing chairman of the subcommittee of insurance in the House of Representatives, Judy Biggert, also reaffirmed the notion in a letter to the chairman and ranking member of the committee.
