Insurers need to watch for new state regulations
As the popularity of travel insurance has expanded, the insurance industry over the past 10 years has promoted the development of a regulatory framework for travel insurance products.
Many states are adopting travel insurance rules based on the Travel Insurance Model Law created in 2018 by the National Association of Insurance Commissioners.
Insurers should be aware of new state regulations to make sure they are complying with tax requirements that states are adopting.
For more information on the emerging regulatory framework for the travel insurance industry, how premium taxes are structured for state tax purposes, and how insurers can comply with these tax rules, read this article authored by Grant Thornton professionals in The Federal Lawyer.
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