WASHINGTON–The House took an important step toward reforming financial services industry regulation last night, passing legislation that would for the first time establish a federal office designed to deal with insurance activities.
The legislation also contains a provision that climaxes an eight-year insurance industry effort to modernize and substantially streamline the surplus lines and non-admitted market.
The bill, H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed by the House of Representatives by a vote of 237-192 along party lines, sets the stage for Senate passage of the legislation when it returns from an Independence Day recess July 12.
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