Legislation streamlining and reforming state regulation of surplus lines insurance and reinsurance was introduced Thursday in the Senate.
The legislation would create a uniform regulatory system while preserving the role of the state regulator.
It has broad, bipartisan support from both the industry and members of Congress. Companion legislation is likely to pass the House under expedited procedures within the next month.
The legislation, S. 1363, was co-sponsored by Florida senators Bill Nelson, D, and Mel Martinez, R, as well as Sen. Evan Bayh, D-Ind., and Sen. Mike Crapo, R-Idaho.
The Risk and Insurance Management Society voiced strong support for the measure, the Non-Admitted and Reinsurance Reform Act of 2009, to the U.S. Senate.
Read the full story here on the National Underwriter website.