More than 20 NAPSLO representatives visited with members of the Senate Committee on Banking, Housing and Urban Affairs Tuesday regarding surplus lines issues and urged members to approve S. 929 (the Nonadmitted and Reinsurance Reform Act of 2007) and forward it to the full Senate.
The visits were part of NAPSLO’s annual “Day on the Hill” and members representing NAPSLO brokers and insurers met with Senators or staff from virtually all members of the Senate Banking Committee regarding surplus lines issues.
“Our meetings were very beneficial to NAPSLO and the Senators in reviewing current issues and we are hopeful that the discussions will lead to the approval of S. 929,” said NAPSLO Executive Director Richard Bouhan. “Passage of the bill would lead to improving the operation, efficiency, and regulation of the surplus lines market and also benefit consumers by making property/liability insurance more readily available and reduce the cost of compliance.”
Senators Mel Martinez (R-FL) and Bill Nelson (D-FL) introduced S. 929, the Nonadmitted and Reinsurance Act of 2007 in March 2007 and the bill was assigned to the Banking Committee. S. 929 is cosponsored by Sen. Mike Crapo (R-ID) of the Banking Committee and Sen. David Vitter (R-LA). The House of Representatives passed a similar bill (H.R. 1065) in 2007.
“Based on our discussions, we are hopeful that the Senate will hold hearings on surplus lines regulatory reform in the very near future,” said Mr. Bouhan.
The Nonadmitted and Reinsurance Act measure is aimed specifically at streamlining and reducing barriers in state regulation of surplus lines insurance and reinsurance. It would create a uniform system, while preserving the role of the state regulator.