The National Association of Professional Surplus Lines Offices, Ltd. (NAPSLO) the nation's leading trade association for surplus lines brokers and companies, praised the introduction of the Non-Admitted and Reinsurance Reform Act of 2006 (H.R. 5637), during a congressional hearing on June 21.
In testimony before the House Financial Services Committee, Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, Richard Bouhan, Executive Director and General Counsel for NAPSLO, praised Subcommittee Richard Baker and Representatives Ginny Brown-Waite (R-FL) and Dennis Moore (D-KS) for introducing this important regulatory reform legislation.
Many of the bill's provisions, including the creation of a uniform system of premium tax allocation and remittance, uniform standards for producer licenses, one-state compliance on multi-state surplus lines risks, and direct access to the surplus lines market for sophisticated purchasers are concepts long endorsed by NAPSLO.
For more information, read NAPSLO's press release.