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Member, Beacon International Group, Ltd.
WASHINGTON--The House of Representatives is slated to vote Tuesday on a bill that would streamline the regulation of reinsurers and surplus lines insurers.
Among other things, the Nonadmitted and Reinsurance Reform Act would create a uniform system for regulating and taxing the surplus lines insurance industry by making nonadmitted insurance subject to regulation only in the policyholders' home states. It would also give a reinsurer's state of domicile sole authority for regulating the reinsurer's solvency under most circumstances.
The House Financial Services Committee approved the bill in late July, and the House Judiciary Committee's Subcommittee on Commercial and Administrative Law held a short hearing on the measure last week.
A key supporter of the bill said on Monday that he believes "its passage in the House is imminent."
Joel Wood, senior vp-government affairs for the Council of Insurance Agents & Brokers in Washington added that while the prospects are less certain in Senate, where no companion legislation has been introduced, he feels "bullish that ultimately we can enact this."