NC H299

Authorizes the Insurance Commissioner to enter into cooperative agreements or interstate compacts to establish uniform eligibility requirements for nonadmitted insurers and facilitate collection and allocation of premium taxes under the Nonadmitted and Reinsurance Reform Act of 2010.

Creates a streamlined application process for exempt commercial purchasers that waives the due diligence search requirement for surplus lines insurance if the licensee discloses that insurance may be available in the admitted market and the purchaser requests nonadmitted coverage in writing.

Defines "exempt commercial purchaser" based on employment of a qualified risk manager, paid aggregate premiums exceeding $100,000 in the prior 12 months, and meeting financial thresholds such as net worth over $20 million, annual revenues over $50 million, or 500+ employees.

Permits surplus lines licensees to place insurance with nonadmitted insurers domiciled outside the United States if listed on the NAIC's Quarterly Listing of Alien Insurers and revises capital and surplus requirements for eligible insurers.

Directs the Revenue Laws Study Committee to study the impact of multistate agreements on surplus lines tax revenue and report findings to the 2012 General Assembly by July 21, 2011; effective June 1, 2011.