NAPSLO representatives applauded the inclusion of surplus lines regulatory reform language in the version of financial services reform legislation passed by the House of Representatives on Wednesday.
"NAPSLO is pleased that the surplus lines regulatory reform language was included in the financial services reform legislation approved by the House and NAPSLO believes that the Senate will adopt these reforms, shortly,” said NAPSLO Executive Director Richard Bouhan. “We believe we are now close to meaningful surplus lines regulatory reform legislation becoming a reality and then the work of implementing this legislation in the states will begin."
The House vote follows negotiations to reconcile the House and Senate versions of financial services reform legislation previously approved. The Senate is expected to take up the bill approved by the House and Senate conference committee following the July 4 recess and it could be signed into law shortly afterward.