Sen. John Sununu is preparing to introduce a new version of a bill that would affect reinsurers as well as nonadmitted property-casualty insurers.
Sununu, R-N.H., who has introduced similar legislation in the past, hinted Wednesday at a meeting sponsored by the American Council of Life Insurers, Washington, that he intends to introduce the bill in the Senate in the next two weeks.
Sununu said he would like to see the bill build momentum for adoption of a bill that would give insurers the option of choosing between state and federal regulation.
The Sununu bill would be different from the House nonadmitted insurer and reinsurance bill, H.R. 1065.
Meanwhile, Rep. Paul Kanjorski, D-Pa., chairman of the Capital Markets Subcommittee of the House Financial Services Committee, said he will hold a second hearing on insurance regulatory reform next Tuesday. No list of witnesses was provided.
Nonadmitted insurers, reinsurers and, ultimately, all insurers need a new federal insurance regulatory structure because the “fragmented regulatory structure for insurance” now hurts the insurance industry’s efficiency, Sununu said.