NU Online News Service, Nov. 24, 11:53 p.m. EST
WASHINGTON–Industry groups reiterated their support for a National Conference of Insurance Legislators' proposal to implement a new surplus lines law, rather than a competing National Association of Insurance Commissioners' proposal.
The surplus lines law, the Non-admitted & Reinsurance Reform Act (NRRA), is part of the Dodd-Frank financial services reform legislation enacted in August. NRRA is designed to streamline multistate taxation and regulation of business placed in the excess and surplus lines market.
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