Without a single dissenting vote, the U.S. House of Representatives passed legislation last week providing a blueprint for streamlined regulation of the surplus lines and reinsurance industries. The roll-call vote was 417-0.
Rep. Michael Oxley, R-Ohio, chairman of the House Financial Services Committee, called the result "an historic moment in the evolution of insurance regulatory reform efforts." Passage came as the House pulled out all the stops to finish necessary work as lawmakers prepare to recess to return home and campaign for reelection.
The bill, however, faces an uncertain future in the Senate, which has not held hearings on either the legislation or the issue of regulating those lines.
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