Wednesday, March 21, 2007

Nonadmitted bill introduced in Senate

Senators Mel Martinez (R-FL) and Bill Nelson (D-FL) have introduced a version of the Nonadmitted and Reinsurance Act of 2007 (H.R. 1065 in the House) on Tuesday as part of six pieces of legislation they introduced to comprehensively address hurricane and other natural disaster issues in the near and long term for Florida and the nation.

The six bills introduced by the Florida Senators would address ways to improve preparedness and response, reinsurance reform, tax credits for mitigation, and the potential for the development of a national catastrophe fund. The Nonadmitted and Reinsurance Act measure is aimed specifically at streamlining and reducing barriers in state regulation of the nonadmitted insurance and reinsurance. It would create a uniform system, while preserving the role of the state regulator.

In February, Rep. Dennis Moore (D-Kan.) and Rep. Ginny Brown-Waite (R-Fla.) submitted H.R. 1065 in the House. The bill is similar to H.R. 5637, which was approved 417-0 by the House in September 2006 but was not taken up by the Senate in the last legislative session.

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