Rep. Bachmann Seeks Repeal of Dodd-Frank Bill

Rep. Michele Bachmann, R-Minn., has announced plans to introduce legislation repealing the Dodd-Frank financial services reform law, passed last July.

The Dodd-Frank bill includes the NonAdmitted and Reinsurance Reform Act (NRRA), which was viewed as a non-controversial portion of the overall financial reform legislation. As a House bill Rep. Bachmann was a co-sponsor of the NRRA.

While Republicans are the majority party in the House of Representatives, Democrats retained control of the Senate and are not viewed as supporting repeal.

Texas Insurance Commissioner Steps Down; New Wisconsin Commissioner Named

Texas Insurance Commissioner Mike Geeslin, who has overseen regulation of the insurance industry for more than five years, announced he was stepping down. In Wisconsin, Gov. Scott Walker appointed Ted Nickel as commissioner of insurance.

In a letter to the Texas Governor, Geeslin asked that he was stepping down when his term ends Feb. 1.

In Wisconsin, prior to being named Commissioner, Mr. Nickel formally worked as director of governmental and regulatory affairs for Merrill, Wisc.-based Church Mutual. Prior to Church Mutual, Mr. Nickel worked in former Gov. Tommy Thompson's administration.

NAPSLO Monitoring States' Efforts to Comply with NRRA

With the NonAdmitted and Reinsurance Reform Act (NRRA) set to go into effect in July 2011, NAPSLO has been monitoring state legislators and regulators on changes to laws and codes as part of implementation of the new federal law.

NAPSLO has joined other industry trade groups to help educate legislators and regulators about the issues; is securing additional resources to monitor potential changes to laws on a state-by-state basis; and working with legal experts to obtain opinions on states’ ability to take action against members if laws are non-compliant.

In addition, NAPSLO is working to keep members informed of changes and they can follow changes through a new section added to the NAPSLO website, which reviews the NRRA and also legislative activity.

Members are encouraged to regulary review the section for information on changes in their states and efforts by industry regulatory groups to develop tax allocation systems.