The insurance industry was getting mixed signals at week's end as to whether the U.S. House of Representatives will act on a bill to reform regulation of the surplus lines and reinsurance markets before it leaves for an extended recess into November.
The comments early last week of Rep. Chris Cannon, R-Utah, threw cold water on industry hopes that the proposed Nonadmitted and Reinsurance Reform Act would be acted on in the House under an expedited procedure this coming week, setting the stage for Senate action as well if Congress, as expected, returns for a lame duck session in mid-November.
Rep. Cannon--who chairs the Judiciary Committee's Subcommittee on Commercial and Administrative Law--had said that House action, even through an expedited procedure, is unlikely before Congress recesses later this month so members can go home to campaign in what promises to be a tough re-election season.
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