NAPSLO applauds the adoption by the National Conference of Insurance Legislators (NCOIL) of a revised version of the Surplus Lines Multi-State Insurance Compact (SLIMPACT) and also the adoption of a resolution urging the states to amend their insurance laws to have them conform to the recently passed surplus lines law reforms. NCOIL took both actions at its recent 2010 annual meeting in Austin, TX.
The new compact is a smaller version of SLIMPACT, which NCOIL adopted in 2007. The new compact is designed to fulfill the compact provisions of the Nonadmitted and Reinsurance Reform Act (NRRA) which Congress passed and the President signed last July as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“NAPSLO supports NCOIL’s action in approving what is known as SLIMPACT-lite and NCOIL should be commended for responding to the concerns the NAIC expressed about SLIMPACT and creating a revised version that addresses the problems the NAIC had with SLIMPACT,” said Richard Bouhan, Executive Director of NAPSLO.
“SLIMPACT-lite is a workable compact that meets the requirements of the NRRA in ways that the NAIC compact proposal does not. NAPSLO believes it will be well received by state legislatures,” stated Steven Stephan, Government Relations Director of NAPSLO.
Also at its annual meeting, NCOIL adopted the resolution urging the states to amend their insurance laws to have them conform to the NRRA by the law’s effective date of July 21, 2011.
NAPSLO is most appreciative of NCOIL’s effort of encourage the state’s to act quickly to have their laws amended and conform to the NRRA requirements, Mr. Bouhan said.