NAPSLO is contacting members of House Financial Services Committee and Senate Committee on Banking, Housing and Urban Affairs to urge Congress to enact the surplus lines and reinsurance reform bill introduced in the last Congress. The bill was passed 417-0 last September by the House, but died in the Senate.
In an open letter to members of both Committees, NAPSLO Executive Director Richard Bouhan said NAPSLO’s “top legislative priority in this Congress is the enactment of the ‘Nonadmitted and Reinsurance Reform Act of 2006’" (H.R. 5637 in the last session) and that “NAPSLO stands ready to do whatever is necessary to pass that legislation, again, in the House and, hopefully, in the Senate as well.”
Over the past two months, NAPSLO representatives, including Maria Berthoud of B&D Consulting, have met with top staff for House Financial Services Committee Chairman Barney Frank (D-Mass.), Ranking Member Rep. Spencer Bachus (R-Ala.), Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises Chairman Paul Kanjorski (D-Penn.), and most Democratic and Republican members of the Subcommittee to urge the bill’s reintroduction and passage.
Last year H.R. 5637 was introduced by Rep. Dennis Moore (D-Kan.) and Rep. Ginny Brown-Waite (R-Fla.) and, if approved, would have improved and streamlined the regulation of surplus lines insurance and reinsurance. NAPSLO believes such legislation would simplify the regulation of the excess and surplus lines industry and assist consumers, particularly in the storm ravaged sections of the nation, by making property/casualty insurance coverage more plentiful, Ms. Berthoud said.
The complete press release is available on the NAPSLO website.