Tuesday, September 08, 2009

House Expected to Approve NRRA on Wednesday

The House of Representatives is scheduled to vote on the NonAdmitted and Reinsurance Reform Act of 2009 on Wednesday and NAPSLO officials are hopeful the Senate will take positive action following the House's expected approval.

The House version of the NRRA (HR 2571) is one of 15 bills listed on the House of Representatives Suspension Calendar, which is generally used to quickly pass non-controversial bills. The vote is expected to be carried live on C-Span on cable and on its website at http://www.c-span.org/.

The NRRA (S 1363 in the Senate) is aimed at streamlining and reducing barriers in state regulation of surplus lines insurance and reinsurance. It would create a uniform regulatory system, while preserving the role of the state regulator. In May, Reps. Dennis Moore (D-KS) and Scott Garrett (R-NJ), members of the House Financial Services Committee, introduced the bill, which has more than 20 cosponsors.

The House overwhelmingly passed similar versions of the NRRA in the last two sessions of Congress. The Senate considered a similar bill in 2008 but it took no action prior to the end of the 110th Congress, requiring that the bill be reintroduced in the 111th Congress.

Senator Evan Bayh (D-IN) and Senator Mel Martinez (R-FL) introduced the Senate companion to the House bill in June. NAPSLO representatives have been working closely with Senate leaders and other members of the Senate Banking, Housing and Urban Affairs Committee to encourage Senate action on the bill.

No comments: