The “Non-Admitted and Reinsurance Reform Act of 2006″ has passed the House of Representatives. A Senate vote is unlikely to occur before Congress adjourns for yet another vacation.
As for why this bill is worth noting, Specialty Insurance Blog offers these observations:
- The bill will make the placement of surplus lines business more efficient, particularly the payment of taxes on multi-state risks.
- The bill is one more step the feds are taking to either take over the regulation of insurance or force the states to regulate more effectively. Gramm-Leach-Bliley was the first.