Last Wednesday, the House Financial Services Committee made its first move toward modernizing the insurance regulatory system by approving legislation designed to ease regulatory burdens on surplus lines insurance market participants and reinsurers.
As the committee debated the bill, Rep. Mike Oxley, R-Ohio, the chairman, said it represented "the first step in this committee's journey toward insurance regulatory modernization."
The bill, HR 5637, which is known as the Nonadmitted and Reinsurance Reform Act, was passed by voice vote.
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