NAPSLO will testify on Tuesday, July 29 before the Senate Committee on Banking, Housing and Urban Affairs as part of a hearing on “State of the Insurance Industry: Examining the Current Regulatory and Oversight Structure.”
Richard Bouhan, Executive Director, will be a part of a panel with George A. Steadman, President and Chief Operating Officer, Rutherfoord Inc., on behalf of the Council of Insurance Agents & Brokers; Thomas Minkler, President, Clark-Mortenson Agency, Inc., on behalf of the Independent Insurance Agents & Brokers of America; and Franklin W. Nutter, President, Reinsurance Association of America.
Also testifying will be the Honorable Steven M. Goldman, Commissioner, New Jersey Department of Banking and Insurance, on behalf of the National Association of Insurance Commissioners; Travis B. Plunkett, Legislative Director, Consumer Federation of America; Alessandro Iuppa, Senior Vice President, Zurich North America, on behalf of the American Insurance Association; and L. John Pearson, Chairman, President, and Chief Executive Officer, The Baltimore Life Insurance Company, on behalf of the American Council of Life Insurers.
The Banking Committee is reviewing S. 929, the Nonadmitted and Reinsurance Act of 2007 . While Tuesday’s testimony centered on the currently regulatory and oversight structure, NAPSLO has stated its support for S. 929 because it is aimed specifically at streamlining and reducing barriers in state regulation of surplus lines insurance and reinsurance. The bill would create a uniform system, while preserving the role of the state regulator. The House passed a similar version of the bill (HR 1065) in 2006.