Members of the House today voted unanimously to pass a bill that could change regulation of the surplus lines and reinsurance markets.
Implementation of the bill, H.R. 1065, the Nonadmitted and Reinsurance Reform Act of 2007, could make regulation of the surplus lines and reinsurance markets more uniform from state to state, supporters say.
The American Council of Life Insurers, Washington, is welcoming passage of the bill.
“We applaud Congress for starting to recognize the importance of uniformity in insurance regulation,” ACLI spokesman Jack Dolan says.
In addition to helping to move H.R. 1065 forward, the ACLI would like to support broader legislation that would give insurers the option of choosing to a federal charter, Dolan says.