A Congressional committee is scheduled to vote next week on legislation that would create federal standards for the surplus lines industry, a committee spokeswoman said.

The House's Capital Markets Subcommittee is scheduled to vote Wednesday on whether it will send to the full House the Non-Admitted & Reinsurance Reform Act (HR 5637), a committee spokeswoman confirmed today.

The bill would establish a home state system where the policyholder's domicile would serve as the authority for a multistate transaction. Premiums would be paid to that state, which would then distribute the taxes.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.