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Member, Beacon International Group, Ltd.
WASHINGTON--Rep. Dennis Moore, D-Kan., announced Friday that the full House of Representatives is likely to vote Monday on the Nonadmitted and Reinsurance Reform Act.
In a statement, Rep. Moore's office said the House leadership has announced that the bill "will likely be brought up for a vote by the full House next Monday."
The measure, which Rep. Moore introduced earlier this year, would streamline regulation of nonadmitted insurers and allow easier access to nonadmitted insurance markets by qualified risk managers. It also would ease reinsurers' regulatory burden by subjecting them only to the solvency laws of their state of domicile under most circumstances. The measure enjoys the backing of the Risk & Insurance Management Society Inc. and major insurance industry groups.
An earlier version of the bill won House approval on a 417-to-0 vote last year, but was not taken up by the Senate.
No Senate action has been scheduled on companion legislation to the current bill.