Florida Exit from NIMA Effective Next Week
Florida’s exit from the Nonadmitted Insurance Multi-State Agreement (NIMA) takes effect June 1. Florida becomes the second state to leave NIMA after Louisiana exited the agreement last year. Representatives of the Florida Office of Insurance Regulation (OIR) commented that while NIMA achieved its intended benefits for the participating states, they are disappointed that participation did not increase beyond current levels, particularly among large states.
Multistate policies issued on or after June 1 with Florida as the home state will be filed through the Florida Surplus Lines Service Office.