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WASHINGTON--The House of Representatives approved the Nonadmitted and Reinsurance Reform Act of 2007 on a voice vote Monday.
The bill, co-sponsored by Reps. Dennis Moore, D-Kan., and Ginny Brown-Waite, R-Fla., would streamline the regulation of reinsurers and surplus lines insurers, and enjoys broad support among risk managers, underwriters and producers.
"With such broad, bipartisan support, I'm hopeful that this legislation, which is long overdue, will be approved by the Senate soon and signed into law," said Rep. Moore in a statement released after Monday's vote.
A similar measure was approved by the House last year on a 417-to-0 vote but failed to move in the Senate. The Senate has yet to act on companion legislation introduced earlier this year in that chamber.