Washington--Legislation to create a federal licensing process enabling insurers and producers to conduct business nationwide free of state rules was introduced today in the Senate.
The "National Insurance Act of 2006" would also bar states from preventing or restricting producers with a state license from selling, soliciting or negotiating insurance on behalf of national insurers.
Although state insurance laws would be preempted generally, certain statutes would still apply, including laws related to participation in an assigned risk plan, mandatory joint underwriting association, or any other mandatory residual market mechanism.
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