Thursday, July 03, 2008

NAPSLO meets with Illinois Commissioner on NRRA

As part of its efforts to get the NonAdmitted and Reinsurance Reform Act (NRRA) approved, NAPSLO recently met with the Illinois Insurance Commissioner, Michael T. McRaith, a member of the NAIC Surplus Lines Task Force.

NAPSLO, and representatives of the CIAB, met with Commissioner McRaith in late June to review the current status of NRRA and also concerns expressed by state insurance commissioners. The House version of NRRA (HR 1065) passed the House of Representatives in 2007 and the Senate version (S 929) is currently in the Senate Banking Committee.

NAPSLO is hopeful that the Banking Committee will hold hearings on the bill this summer and will be approved by the full Senate this year.

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